UnitLevel 2Undergraduate

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 2021 in Semester 2 at Clayton. It needs ETF1100, ETB1100, ETW1001, FIT1006, ETC1000, SCI1020, STA1010 or ETX1100 and unlocks 8 units, leading on to 11 units in all.

Credit points: 6
Offered in 2021: Semester 2; Clayton
Workload: 144 hours; per semester

This is the 2021 handbook entry. See the 2027 entry.

Reviews

No reviews yet. Be the first to review ETC2420.

Requisites

Before ETC2420

Prerequisites

Pass these before you enrol.

One of

After ETC2420

8 units list ETC2420 as a prerequisite or corequisite.

Enrolment rules

To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 Higher level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.

Equivalent units

The same content under another code. Only one of them counts.

ETC5242Statistical thinkingNo reviews yet

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 2021

Teaching period	Campus	Mode
Second semester	Clayton	On campus

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

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.

Where it fits

ETC2420 is part of 6 areas of study in the 2021 handbook.

Contacts

Chief Examiners: Associate Professor Dan Simpson

Common questions

What are the prerequisites for ETC2420?

You need ETF1100, ETB1100, ETW1001, FIT1006, ETC1000, SCI1020, STA1010 or ETX1100 before you enrol. Enrolment rules also apply.

What can I take after ETC2420?

ETC2420 is a prerequisite or corequisite for 8 units, including ETC3250, ETC3420, ETC3550, ETC3580, ETC5250 and ETC5342. Those lead on to 11 units in all.

When is ETC2420 offered?

In 2021, 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.

Which majors and minors include ETC2420?

ETC2420 is part of Actuarial studies, Business analytics and Econometrics.

More details

Credit points: 6
Level: 2
Study level: Undergraduate
Faculty: Faculty of Business and Economics
Organisational unit: Department of Econometrics and Business Statistics

Type: Coursework
EFTSL: 0.125
Student contribution: SCA Band 4
Study abroad: Available
Handbook years: 202020212022 2023 2024 2025 2026 2027