Lala Lajpatrai Institute of Management

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A Master Class on Data Science and Statistics

A Master Class on Data Science and Statistics was organised at Lala Lajpatrai Institute of Management (LLIM) for the Second Year MMS students of the Operations and Finance specialisations. The session was conducted by Prof. Jon Forster, Professor at the University of Warwick, United Kingdom, on 11 September 2026, from 11:15 a.m. to 12:15 p.m. in Room No. 610. A total of 103 students attended the session.

The Master Class focused on the practical applications of statistics and data science in finance, insurance, and demographic analysis. Prof. Forster explained the various uses of statistical techniques in the financial sector and demonstrated how statistical concepts can be applied to real-world financial and insurance-related problems.

He explained the calculation of annuities for life insurance and highlighted the importance of statistical and actuarial calculations in determining insurance benefits and financial obligations. The session also introduced students to mortality tables and their application in calculating survival probabilities and estimating life expectancy.

Prof. Forster explained how mortality data can be classified according to gender and how differences in mortality patterns influence calculations of survival and life expectancy. He further discussed the changes in mortality rates observed during the COVID-19 pandemic, helping students understand how major events can influence demographic and statistical data.

The session also covered changes in life expectancy and the factors that contribute to variations in mortality and longevity over time. The role of vaccination programmes for adults above the age of 55 and their potential impact on mortality rates and life expectancy was also discussed.

Through practical examples and statistical applications, students gained an understanding of how demographic data can be analysed to assess mortality trends, survival rates, and life expectancy. The session effectively connected theoretical concepts of statistics with practical applications in finance, insurance, risk assessment, and demographic studies.

It provided students with valuable exposure to the real-world use of statistical analysis and demonstrated how data-driven approaches can support financial and business decision-making.

Overall, the Master Class was an insightful and academically enriching session that helped students appreciate the relevance of data science and statistics across different professional and industry domains.

 

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A Master Class on Data Science and Statistics was organised at Lala Lajpatrai Institute of Management (LLIM) for the Second Year MMS students of the Operations and Finance specialisations. The session was conducted by Prof. Jon Forster, Professor at the University of Warwick, United Kingdom, on 11 September 2026, from 11:15 a.m. to 12:15 p.m. in Room No. 610. A total of 103 students attended the session.

The Master Class focused on the practical applications of statistics and data science in finance, insurance, and demographic analysis. Prof. Forster explained the various uses of statistical techniques in the financial sector and demonstrated how statistical concepts can be applied to real-world financial and insurance-related problems.

He explained the calculation of annuities for life insurance and highlighted the importance of statistical and actuarial calculations in determining insurance benefits and financial obligations. The session also introduced students to mortality tables and their application in calculating survival probabilities and estimating life expectancy.

Prof. Forster explained how mortality data can be classified according to gender and how differences in mortality patterns influence calculations of survival and life expectancy. He further discussed the changes in mortality rates observed during the COVID-19 pandemic, helping students understand how major events can influence demographic and statistical data.

The session also covered changes in life expectancy and the factors that contribute to variations in mortality and longevity over time. The role of vaccination programmes for adults above the age of 55 and their potential impact on mortality rates and life expectancy was also discussed.

Through practical examples and statistical applications, students gained an understanding of how demographic data can be analysed to assess mortality trends, survival rates, and life expectancy. The session effectively connected theoretical concepts of statistics with practical applications in finance, insurance, risk assessment, and demographic studies.

It provided students with valuable exposure to the real-world use of statistical analysis and demonstrated how data-driven approaches can support financial and business decision-making.

Overall, the Master Class was an insightful and academically enriching session that helped students appreciate the relevance of data science and statistics across different professional and industry domains.

 

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