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Prerequisites include Math 251 and consideration for students with Math 250 (C or higher), with R used for work. Includes office details, grading rules, weekly schedule, and exam/final dates.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/math-stat-480-probability-stochastic-processes-and-applications-i-course-syllabus-fall-2026/399275/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/math-stat-480-probability-stochastic-processes-and-applications-i-course-syllabus-fall-2026/399275.png","ImageObject",300,407,{"name":92,"@type":93},"jayni","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-08","2026-09-27",true,{"@type":102,"interactionType":103,"userInteractionCount":44},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What topics are covered in MATH-STAT 480?","Question",{"text":112,"@type":113},"The course covers random variables, the central limit theorem, sums of independent random variables, moment generating functions, conditional probability, expectation and moments, Markov chains, Poisson processes, random walks, Brownian motion, renewal processes, and applications for random number generation and simulation.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What prerequisites are required and what is allowed for entry?",{"text":117,"@type":113},"The prerequisite is Math 251, and the instructor may allow students with a C or higher in Math 250. Math 221 (Linear Algebra) is useful for Markov chains.",{"name":119,"@type":110,"acceptedAnswer":120},"How is grading handled and what are the key late-work policies?",{"text":121,"@type":113},"1 HW and 1 Quiz will be dropped. Two HWs may be turned in one class period late with no penalty, and a third with a 25% penalty, except during the last week of classes. An INC may be given for reasons beyond a student’s control, and a WF may be assigned if a student stops attending class and fails.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},399275,1790687480,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":44,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":14,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":24,"preview_page_count":4},3985747859343,"https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c","MATH-STAT 480 = MATH-STAT 580A: Probability, Stochastic Processes and Applications I, Fall 2026, MWF 1-1:50, Neckers 156, Instructor: Dr. Olive  \nText: Ross, Sheldon, M. (2014), Introduction to Probability Models, 11th ed., Academic Press, San Diego, CA. ISBN: 978-0124079489  \n(You may also use 4th – 13th editions, 􀀙 $10 at www.addall.com and www.amazon.com. The book is available online from the library.)  \nCourse Webpage: [http://parker.ad.siu.edu/Olive/M480.html](http://parker.ad.siu.edu/Olive/M480.html)  \nThe prerequisite for this class is Math 251, but I will let in students who have a C or higher in Math 250 . Math 221–Linear Algebra, is useful for Markov chains. R software will be used.  \nO􀀎ce: (J.W.) Neckers 261 (wing A), Phone: (618)-453-6566 doesn’t work well email: [dolive@siu.edu](dolive@siu.edu) O􀀎ce hours: MWThF 11:30-12:30, 2:10-2:40 I usually reply to emails quickly except homework sent by email may not get a response until after it is graded.  \nI am also available by appointment and on a walkin basis, e.g. after class. The course webpage will make some things available on the internet for students with covid concerns. This course is an introduction to probability and stochastic processes. Topics include random variables, the central limit theorem, sums of independent random variables, moment generating functions, conditional probability, expectation, moments, Markov chains, Poisson processes, random walks, Brownian motion, renewal processes, and applications for random number generation and simulation. There is a overlap with the 􀀌rst 7 chapters of Math 483, Math 401-402 (probability for life contingencies (insurance))  \nand Math 403 (probability for loss models) .  \nActuaries put a price on risk, and this course is useful for the actuarial exam P (probability) as well as CAS Exam MAS-I (Modern Actuarial Statistics-I: section A Probability Models: Stochastic Processes and Survival Models uses sections 4.1-4.8, 5.2, 5.3, 5.4, 9.1-9.6, 11.1, 11.2) . The text has material useful for CAS Exam MFE (Models for Financial Economics) and SOA exam IFM (Investment & Financial Markets) .  \nBecoming an actuary is a potential option after you get your degree. You can be hired after receiving a Bachelor’s degree and passing (1 or more likely) 2 exams (SOA Exam P = CAS Exam 1P=Probability exam Math 483 or 480, and the FM Exam Math 400 are common). From ([https://www.dwsimpson.com/about/salary-survey/](https://www.dwsimpson.com/about/salary-survey/)), in 2020 salary was roughly $46000-$56000 for one exam, $34000-$72000 for two exams, $47000-$87000 for three exams, and $50000 - $84000 for 4 exams with less than 1 year of actuarial experience. An ASA (Associate of the Society of Actuaries) makes about $75000-$120000 with 1-3 years of experience while an FSA (Fellow of the Associate of Actuaries) makes about $104000-$165000 with 3-5 years of experience. See ([http://money.cnn.com/2013/04/25/news/economy/best-job-actuary/index.html](http://money.cnn.com/2013/04/25/news/economy/best-job-actuary/index.html)). This course provides some insight on what an actuary does. Useful links are ([www.soa.org](www.soa.org)),([www.casact.org](www.casact.org)), ([www.actexmadriver.com](www.actexmadriver.com)), ([https://www.coachingactuaries.com](https://www.coachingactuaries.com)), and  \n([www.beanactuary.org](www.beanactuary.org)).  \nProbability is useful for Statistics, Actuarial Mathematics, Financial Mathematics, and Stochastic Di􀀋erential Equations. Some other good books (also see Probability and Statistics texts): Ash, R.B. (2008), Basic Probability Theory, Dover, Mineola, NY. Seethe online books page ([https://onlinebooks.library.upenn.edu/](https://onlinebooks.library.upenn.edu/)) for author Robert Ash.  \nFinan, M.B. (2018), A Probability Course for the Actuaries: a Preparation for Exam P/1, at ([http://faculty.atu.edu/m](http://faculty.atu.edu/m)􀀌nan/actuarieshall/Pbook.pdf) (765 pages, 10 sample exams, also [see www.soa.org/Files/Edu/ed","cbCaijgv2q8xqCca","https://ap.wps.com/l/cbCaijgv2q8xqCca","pdf",34781,"English","# Course Overview\n## Prerequisites and Tools\n## Learning Topics\n# Assessment and Policies\n## Grading Scheme\n## Drops, INC, and Late Work Rules\n## Final and Important Dates\n# Weekly Schedule","[{\"question\":\"What topics are covered in MATH-STAT 480?\",\"answer\":\"The course covers random variables, the central limit theorem, sums of independent random variables, moment generating functions, conditional probability, expectation and moments, Markov chains, Poisson processes, random walks, Brownian motion, renewal processes, and applications for random number generation and simulation.\"},{\"question\":\"What prerequisites are required and what is allowed for entry?\",\"answer\":\"The prerequisite is Math 251, and the instructor may allow students with a C or higher in Math 250. Math 221 (Linear Algebra) is useful for Markov chains.\"},{\"question\":\"How is grading handled and what are the key late-work policies?\",\"answer\":\"1 HW and 1 Quiz will be dropped. Two HWs may be turned in one class period late with no penalty, and a third with a 25% penalty, except during the last week of classes. An INC may be given for reasons beyond a student’s control, and a WF may be assigned if a student stops attending class and fails.\"}]","MATH-STAT 480 - Probability, Stochastic Processes and Applications I - Course Syllabus - Fall 2026 | PDF",1790495732]