Technology Zone

[Ken]

Actuaries

An actuary is a business professional who deals with the financial impact of risk and uncertainty.

Actuaries are those with a deep understanding of financial security systems, their reasons for being, their complexity, their mathematics, and the way they work (Trowbridge 1989, p. 7). They evaluate the likelihood of events and quantify the contingent outcomes in order to minimize losses, both emotional and financial, associated with uncertain undesirable events. Since many events, such as death, cannot be totally avoided, it is helpful to take measures to minimize their financial impact when they occur. These risks can impact both sides of the balance sheet, and require asset management, liability management, and valuation skills. Analytical skills, business knowledge and understanding of human behavior and the vagaries of information systems are required to design and manage programs that control risk (Be An Actuary 2005).

Actuaries' insurance disciplines may be classified as life; health; pensions, annuities, and asset management; social welfare programs; property; casualty; liability; general insurance; and reinsurance. Life, health, and pension actuaries deal with mortality risk, morbidity, and consumer choice regarding the ongoing utilization of drugs and medical services risk, and investment risk. Products prominent in their work include life insurance, annuities, pensions, mortgage and credit insurance, short and long term disability, and medical, dental, health savings accounts and long term care insurance. In addition to these risks, social insurance programs are greatly influenced by public opinion, politics, budget constraints, changing demographics and other factors such as medical technology, inflation and cost of living considerations (Bureau of Labor Statistics 2006).

Casualty actuaries, also known as non-life or general insurance actuaries, deal with catastrophic, unnatural risks that can occur to people or property. Products prominent in their work include auto insurance, homeowners insurance, commercial property insurance, workers’ compensation, title insurance, malpractice insurance, products liability insurance, directors and officers liability insurance, environmental and marine insurance, terrorism insurance and other types of liability insurance. Reinsurance products have to accommodate all of the previously mentioned products, and in addition have to properly reflect the increasing long term risks associated with climate change, cultural litigiousness, acts of war, terrorism and politics (Bureau of Labor Statistics 2006).

In 2002, a Wall Street Journal survey on the best jobs in the United States listed actuary as the second best job, while in previous editions of the list, actuaries had been the top rated job (Lee 2002). The survey used six key criteria to rank jobs: environment, income, employment outlook, physical demands, security and stress. A similar survey by U.S. News & World Report in 2006 included actuaries among the 25 "Best Professions" that it expects will be in great demand in the future (Nemko 2006).


Computer programmers

A programmer or software developer is someone who programs computers, that is, one who writes computer software. The term computer programmer can refer to a specialist in one area of computer programming or to a generalist who writes code for many kinds of software. One who practices or professes a formal approach to programming may also be known as a programmer analyst, software engineer, computer scientist, or software analyst. A programmer's primary computer language (Java, C++, etc.) is often prefixed to the above titles, and those who work in a web environment often prefix their titles with web.


Computer scientists and database administrators

Computer scientists work as theorists, researchers, or inventors. Their jobs are distinguished by the higher level of theoretical expertise and innovation they apply to complex problems and the creation or application of new technology. Those employed by academic institutions work in areas ranging from complexity theory to hardware to programming-language design. Some work on multidisciplinary projects, such as developing and advancing uses of virtual reality, extending human-computer interaction, or designing robots. Their counterparts in private industry work in areas such as applying theory; developing specialized languages or information technologies; or designing programming tools, knowledge-based systems, or even computer games.

With the Internet and electronic business generating large volumes of data, there is a growing need to be able to store, manage, and extract data effectively. Database administrators work with database management systems software and determine ways to organize and store data. They identify user requirements, set up computer databases, and test and coordinate modifications to the computer database systems. An organization’s database administrator ensures the performance of the system, understands the platform on which the database runs, and adds new users to the system. Because they also may design and implement system security, database administrators often plan and coordinate security measures. With the volume of sensitive data generated every second growing rapidly, data integrity, backup systems, and database security have become increasingly important aspects of the job of database administrators.

Because networks are configured in many ways, network systems and data communications analysts are needed to design, test, and evaluate systems such as local area networks (LANs), wide area networks (WANs), the Internet, intranets, and other data communications systems. Systems can range from a connection between two offices in the same building to globally distributed networks, voice mail, and e-mail systems of a multinational organization. Network systems and data communications analysts perform network modeling, analysis, and planning; they also may research related products and make necessary hardware and software recommendations. Telecommunications specialists focus on the interaction between computer and communications equipment. These workers design voice and data communication systems, supervise the installation of the systems, and provide maintenance and other services to clients after the systems are installed.


Computer software engineers

Typical formal definitions of software engineering are the application of a systematic, disciplined, quantifiable approach to the development, operation, and maintenance of software.
An engineering discipline that is concerned with all aspects of software production.
The establishment and use of sound engineering principles in order to economically obtain software that is reliable and works efficiently on real machines


Computer support specialists and systems administrators

A system administrator, or sysadmin, is a person employed to maintain, and operate a computer system or network. System administrators may be members of an information technology department.

The duties of a system administrator are wide-ranging, and vary widely from one organization to another. Sysadmins are usually charged with installing, supporting, and maintaining servers or other computer systems, and planning for and responding to service outages and other problems. Other duties may include scripting or light programming, project management for systems-related projects, supervising or training computer operators, and being the equivalent of a handyman for computer problems beyond the knowledge of technical support staff. A System Administrator is a blend of technical skills and responsibility.



Computer systems analysts

Systems analysts are responsible for designing computer information systems, modifying systems to improve production or work flow, or expanding systems to serve new purposes. The information they deal with relates to all aspects of an employer's operations planning, monitoring, testing, accounting, forecasting, coordination, scheduling, etc. They must understand the capabilities of a firm's equipment and software, and may be asked to provide recommendations about selection of new equipment or software packages. They may be responsible for a firm's entire system or part of it, or work from project to project. They also may analyze systems for their employer or for client firms.


Mathematicians

Mathematics is one of the oldest and most fundamental sciences. Mathematicians use mathematical theory, computational techniques, algorithms, and the latest computer technology to solve economic, scientific, engineering, physics, and business problems. The work of mathematicians falls into two broad classes—theoretical (pure) mathematics and applied mathematics. These classes, however, are not sharply defined and often overlap.

Theoretical mathematicians advance mathematical knowledge by developing new principles and recognizing previously unknown relationships between existing principles of mathematics. Although these workers seek to increase basic knowledge without necessarily considering its practical use, such pure and abstract knowledge has been instrumental in producing or furthering many scientific and engineering achievements. Many theoretical mathematicians are employed as university faculty, dividing their time between teaching and conducting research. (See the statement on teachers—postsecondary elsewhere in the Handbook.)

Applied mathematicians, on the other hand, use theories and techniques, such as mathematical modeling and computational methods, to formulate and solve practical problems in business, government, and engineering and in the physical, life, and social sciences. For example, they may analyze the most efficient way to schedule airline routes between cities, the effects and safety of new drugs, the aerodynamic characteristics of an experimental automobile, or the cost-effectiveness of alternative manufacturing processes. Applied mathematicians working in industrial research and development may develop or enhance mathematical methods when solving a difficult problem. Some mathematicians, called cryptanalysts, analyze and decipher encryption systems designed to transmit military, political, financial, or law enforcement-related information in code.

Applied mathematicians start with a practical problem, envision the separate elements of the process under consideration, and then reduce the elements to mathematical variables. They often use computers to analyze relationships among the variables and solve complex problems by developing models with alternative solutions.

Much of the work in applied mathematics is done by individuals with titles other than mathematician. In fact, because mathematics is the foundation on which so many other academic disciplines are built, the number of workers using mathematical techniques is much greater than the number formally designated as mathematicians. For example, engineers, computer scientists, physicists, and economists are among those who use mathematics extensively. Some professionals, including statisticians, actuaries, and operations research analysts, actually are specialists in a particular branch of mathematics. Frequently, applied mathematicians are required to collaborate with other workers in their organizations to achieve common solutions to problems.

Operations research analysts

Operations Research, Operational Research, or simply OR is an interdisciplinary science which deploys scientific methods like mathematical modeling, statistics, and algorithms to decision making in complex real-world problems which are concerned with coordination and execution of the operations within an organization. The nature of organization is essentially immaterial. The eventual intention behind using this science is to elicit a best possible solution to a problem scientifically, which improves or optimizes the performance of the organization.


Statisticians

Statisticians work with theoretical and applied statistics in both the private and public sectors. The core of that work is to measure, interpret, and describe the world and human activity patterns within it.