ETC2420 Statistical thinking
Faculty of Business and Economics
ETC2420 Statistical thinking is a level 2, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2020 in Semester 2 at Clayton. It needs ETW1000, STA1010, ETW1100, ETB1100, ETC1000, FIT1006, ETF1100 or SCI1020 and unlocks 6 units, leading on to 8 units in all.
- Credit points
- 6
- Offered in 2020
- Semester 2
- Clayton
- Assessment
- Exam 45%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2020 handbook entry. See the 2027 entry.
Reviews
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Requisites
Before ETC2420
Prerequisites
Pass these before you enrol.
- ETW1000Business and economic statisticsNo reviews yet
- STA1010Statistical methods for scienceNo reviews yet
- ETW1100Introduction to business analyticsNo reviews yet
- ETB1100Business statisticsNo reviews yet
- ETC1000Business and economic statisticsNo reviews yet
- FIT1006Business information analysisNo reviews yet
- ETF1100Business statisticsNo reviews yet
- SCI1020Introduction to statistical reasoningRated 5.0 out of 5 from 1 review
After ETC2420
6 units list ETC2420 as a prerequisite or corequisite.
- ETC3250Introduction to machine learningNo reviews yet
- ETC3420Applied insurance methodsNo reviews yet
- ETC5250Introduction to machine learningNo reviews yet
- ETC5342Applied insurance methodsNo reviews yet
- ETF3500High dimensional data analysisNo reviews yet
- ETF5500High dimensional data analysisNo reviews yet
Equivalent units
The same content under another code. Only one of them counts.
Overview
This unit focuses on the tools for a large, digital data world, including the building blocks for business analytics, modern insurance and risk assessment. A computational approach is employed to teach the concepts of statistics, and decision making in the presence of uncertainty. Topics covered will include exploratory data analysis, simulation and randomisation methods, Bayesian analysis, decision and credibility theory, and model assessment.
Offerings in 2020
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Clayton | On campus |
Assessment
- Within semester assessment55%
- ExaminationThreshold hurdle45%
Learning outcomes
When you finish this unit, you should be able to:
- 1
characterise the variability in data
- 2
build statistical models to support decision-making and risk assessment
- 3
use randomisation methods to assess uncertainty in relation to parameter estimates, hypothesis testing, predictions and model assessments
- 4
explain the basic concepts of Bayesian analysis and credibility theory, and be able to implement them in conjugate settings
- 5
explain the differences between the frequentist and Bayesian frameworks
- 6
develop computing and communication skills, using reproducible reporting.
Workload and teaching
- Laboratories18 hours
- Lectures24 hours
- Teaching approachProblem-based learning
- Teaching approachActive learning
- Teaching approachOnline learning
- Teaching approachPeer assisted learning
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
Learning resources
Required resources
Software: R ( https://cran.r-project.org ), RStudio ( https://www.rstudio.com/products/RStudio/#Desktop )
Where it fits
ETC2420 is part of 5 areas of study in the 2020 handbook.
Contacts
- Chief Examiners
- Associate Professor Catherine Forbes
Common questions
What are the prerequisites for ETC2420?
You need ETW1000, STA1010, ETW1100, ETB1100, ETC1000, FIT1006, ETF1100 or SCI1020 before you enrol.
What can I take after ETC2420?
ETC2420 is a prerequisite or corequisite for 6 units, including ETC3250, ETC3420, ETC5250, ETC5342, ETF3500 and ETF5500. Those lead on to 8 units in all.
When is ETC2420 offered?
In 2020, ETC2420 runs in Semester 2 at Clayton.
How much work is ETC2420?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC2420 have an exam?
Yes. The exam is worth 45% of the final mark, alongside 1 other task.
Which majors and minors include ETC2420?
ETC2420 is part of Actuarial studies, Business analytics and Econometrics.