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Probability: The Science of Uncertainty with Applications to Investments, Insurance, and Engineering
Probability: The Science of Uncertainty with Applications to Investments, Insurance, and Engineering
By Michael A. Bean
Publisher: Brooks Cole
Number Of Pages: 464
Publication Date: 2000-12-20
ISBN-10 / ASIN: 0534366031
ISBN-13 / EAN: 9780534366032
Binding: Hardcover
Bean's PROBABILITY: THE SCIENCE OF UNCERTAINTY WITH APPLICATIONS TO INVESTMENTS, INSURANCE, AND ENGINEERING is an 'applied' book that will be of interest to instructors teaching probability in mathematics departments of operations research, statistics, actuarial science, management science, and decision science. Comprehensive, easy to read and comprehend, and current, the book uses investment, insurance, and engineering applications throughout as a unifying theme.
Summary: Good for self-study
Rating: 5
I used this textbook as my main study material for the SOA/CAS P/1 exam. I found it to be well-written and understandable. I have some background in calculus and probability (long-forgotten college courses). I'm hanging on to it for future reference. It's actually possible to learn the material from the book all on your own. All in all, one of the better textbooks out there.
Summary: I use this book almost every day
Rating: 4
I appreciate that many people will be buying this because it has been endorsed by the Society of Actuaries. My review is for those who aren't being compelled to use the book in exam prep. I find "The Science of Uncertainty" to be the most consistently useful of the statistics texts in my office. The examples are clear, it has the right equations, and it's well organized.
Some people here are complaining of inaccuracies but they provide no examples and, frankly, I've never noticed a problem.
I like that authors provided an appendix explaining how to manipulate the distributions they discuss in the book using Mathematica. This was not new to me, but I can imagine it would save others some headaches.
Summary: Excellent for SOA exam P
Rating: 5
I used this book to study for SOA exam P and loved it! If you already have some background in statistics and probability, this is the book to go. It will fill in the blanks left by your average school textbook and give you the nesessary coverage of the exam material.
Summary: A hard book to digest
Rating: 3
As a statistics graduate, I found it hard to understand this book. There are not many friendly examples to help the readers to understand the concepts, even with the help of solution manual. There are some mistakes too.
Summary: Not a good learning book
Rating: 1
Some gaffes in this book, I don't think the author has any real understanding. He even messes up the definition of expectation, and it doesn't get more elementary than that. There are many better probability books out there, don't choose this one.
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