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 2025 in Semester 2 at Clayton. It needs ETW1001, ETX1100, ETB1100, FIT1006, ETC1000, SCI1020, ETF1100 or STA1010 and unlocks 14 units, leading on to 23 units in all.
- Credit points
- 6
- Offered in 2025
- Semester 2
- Clayton
- Assessment
- Exam 45%
- and 2 other tasks
- Workload
- 144 hours
- per semester
This is the 2025 handbook entry. See the 2027 entry.
Reviews
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Requisites
Before ETC2420
Prerequisites
Pass these before you enrol.
- ETW1001Introduction to statistical analysisNo reviews yet
- ETX1100Business statisticsNo reviews yet
- ETB1100Business statisticsNo reviews yet
- FIT1006Business information analysisNo reviews yet
- ETC1000Business and economic statisticsNo reviews yet
- SCI1020Introduction to statistical reasoningNo reviews yet
- ETF1100Business statisticsNo reviews yet
- STA1010Statistical methods for scienceNo reviews yet
After ETC2420
14 units list ETC2420 as a prerequisite or corequisite.
- ETC3250Introduction to machine learningNo reviews yet
- ETC3550Applied forecastingNo reviews yet
- ETC3580Advanced statistical modellingNo reviews yet
- ETC5250Introduction to machine learningNo reviews yet
- ETC5550Applied forecastingNo reviews yet
- ETC5580Advanced statistical modellingNo reviews yet
- ETF3210Econometrics and statistics of the environmentNo reviews yet
- ETF3231Business forecastingNo reviews yet
Show 6 more
- ETF3500High dimensional data analysisNo reviews yet
- ETF5231Business forecastingNo reviews yet
- ETF5321Econometrics and statistics of the environmentNo reviews yet
- ETF5500High dimensional data analysisNo reviews yet
- ETF5932Predictive analytics and machine learningNo reviews yet
- ETX3250Predictive analytics and machine learningNo reviews yet
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 presents data analysis, statistical modelling and decision-making in the presence of uncertainty, using a computational approach. You will use different frameworks of probability that are useful for analysing real world problems. Topics covered will include exploratory data analysis, simulation, permutation and randomisation methods, Bayesian analysis, decision theory, and model assessment and diagnosis.
Offerings in 2025
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Clayton | On campus |
Assessment
- Quiz / Test30%
- Written25%
- Examination45%
Learning outcomes
When you finish this unit, you should be able to:
- 1
characterise and understand uncertainty using data
- 2
build statistical models to support decision-making, hypothesis testing and risk assessment
- 3
use randomisation methods in data collection and to assess causality and uncertainty
- 4
learn about and use concepts from probability
- 5
understand Bayesian and frequentist approaches to statistical modelling
- 6
further develop computational skills for statistical analysis.
Workload and teaching
- Tutorials12 hours
- Seminars24 hours
- Workshops12 hours
- Teaching approachCase-based teaching
- Teaching approachActive learning
- Teaching approachProblem-based 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. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.
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.
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.
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 4 areas of study in the 2025 handbook.
Contacts
- Chief Examiners
- Professor Damjan Vukcevic
Common questions
What are the prerequisites for ETC2420?
You need ETW1001, ETX1100, ETB1100, FIT1006, ETC1000, SCI1020, ETF1100 or STA1010 before you enrol. Enrolment rules also apply.
What can I take after ETC2420?
ETC2420 is a prerequisite or corequisite for 14 units, including ETC3250, ETC3550, ETC3580, ETC5250, ETC5550 and ETC5580. Those lead on to 23 units in all.
When is ETC2420 offered?
In 2025, 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 2 other tasks.
Which majors and minors include ETC2420?
ETC2420 is part of Business analytics and Econometrics.