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UnitLevel 2Undergraduate

ETC2420 Statistical thinking

Faculty of Business and Economics

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ETC2420 Statistical thinking is a level 2, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2023 in Semester 2 at Clayton. It needs ETC1000, ETF1100, ETB1100, SCI1020, STA1010, ETW1001, ETX1100 or FIT1006 and unlocks 16 units, leading on to 23 units in all.

Credit points
6
Offered in 2023
Semester 2
Clayton
Assessment
Exam 45%
and 1 other task
Workload
144 hours
per semester

This is the 2023 handbook entry. See the 2027 entry.

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Requisites

Before ETC2420

Prerequisites

Pass these before you enrol.

One of

After ETC2420

16 units list ETC2420 as a prerequisite or corequisite.

Show 8 more

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.

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 2023

Teaching periodCampusMode
Second semesterClaytonOn campus

Assessment

  • Within semester assessment
    55%
  • Examination
    45%

Learning outcomes

When you finish this unit, you should be able to:

  1. 1

    characterise the variability in data

  2. 2

    build statistical models to support decision-making and risk assessment

  3. 3

    use randomisation methods to assess uncertainty in relation to parameter estimates, hypothesis testing, predictions and model assessments

  4. 4

    explain the basic concepts of Bayesian analysis and credibility theory, and be able to implement them in conjugate settings

  5. 5

    explain the differences between the frequentist and Bayesian frameworks

  6. 6

    develop computing and communication skills, using reproducible reporting.

Workload and teaching

  • Tutorials24 hours
  • Seminars24 hours
  • Teaching approachActive learning
  • Teaching approachProblem-based learning
  • Teaching approachCase-based 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.

This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.

This unit includes problem-based learning approaches, where you engage in research, integrate theory and practice and apply knowledge and skills to develop viable solutions in response to a problem or set of problems.

This unit includes case-based teaching, where you apply your knowledge and engage in analytical and reflective thinking to solve complex contextual scenarios. Activities are often designed so that there is not one clear answer, but you need to work together to examine, analyse and make decisions to resolve the situation.

Learning resources

Technology resources

There may be an additional cost associated with purchasing a physical and/or virtual calculator. Specific details will be provided in the Learning Management System by commencement of Orientation week.

Where it fits

ETC2420 is part of 5 areas of study in the 2023 handbook.

Contacts

Chief Examiners
Professor Damjan Vukcevic

Common questions

What are the prerequisites for ETC2420?

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

What can I take after ETC2420?

ETC2420 is a prerequisite or corequisite for 16 units, including ETC3250, ETC3420, ETC3550, ETC3580, ETC5250 and ETC5342. Those lead on to 23 units in all.

When is ETC2420 offered?

In 2023, 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.

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 1
Study abroad
Available
Handbook years
20202021202220232024202520262027