ETC2520 Probability and statistical inference for economics and business
Faculty of Business and Economics
ETC2520 Probability and statistical inference for economics and business 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 ETF1100, FIT1006, ETS1102, SCI1020, ETB1100, ETW1000, ETC1000, ETW1100 or STA1010 and unlocks 7 units, leading on to 16 units in all.
- Credit points
- 6
- Offered in 2020
- Semester 2
- Clayton
- Assessment
- Exam 60%
- 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 ETC2520
Prerequisites
Pass these before you enrol.
- ETF1100Business statisticsNo reviews yet
- FIT1006Business information analysisNo reviews yet
- ETS1102Business statisticsNo reviews yet
- SCI1020Introduction to statistical reasoningRated 5.0 out of 5 from 1 review
- ETB1100Business statisticsNo reviews yet
- ETW1000Business and economic statisticsNo reviews yet
- ETC1000Business and economic statisticsNo reviews yet
- ETW1100Introduction to business analyticsNo reviews yet
- STA1010Statistical methods for scienceNo reviews yet
After ETC2520
7 units list ETC2520 as a prerequisite or corequisite.
- ETC3420Applied insurance methodsNo reviews yet
- ETC3510Modelling in finance and insuranceNo reviews yet
- ETC5342Applied insurance methodsNo reviews yet
- ETC5351Modelling in finance and insuranceNo reviews yet
- MTH3241Random processes in the sciences and engineeringNo reviews yet
- MTH3251Financial mathematicsNo reviews yet
- MTH3260Statistics of stochastic processesNo reviews yet
Enrolment rules
If students are enrolled in course B6001, B6003 or B6014, there is no prerequisite.
Equivalent units
The same content under another code. Only one of them counts.
Overview
An introduction to probability and statistical inference for use in economics and business. Topics covered include random variables, moments and cumulants generating function, discrete and continuous distributions, independence, jointly distributed random variables, conditional random variables, the central limit theorem, sampling distribution, properties of estimators, confidence intervals, tests of hypotheses.
Offerings in 2020
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Clayton | On campus |
Assessment
- Within semester assessment40%
- Examination60%
Learning outcomes
When you finish this unit, you should be able to:
- 1
understand concepts of probability, statistical inference, generating functions and cumulants
- 2
derive and use generating functions to evaluate moments and establish the distribution of linear combinations of independent random variables
- 3
understand and apply the main methods of estimation and the main properties of estimators
- 4
construct confidence intervals for unknown parameters and test hypotheses
- 5
develop written, presentation and group work skills through a series of assessed essays, assignments and tutorial work.
Workload and teaching
- Lectures24 hours
- Tutorials18 hours
- Teaching approachProblem-based 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.
Where it fits
ETC2520 is part of 3 areas of study in the 2020 handbook.
Contacts
- Chief Examiners
- Professor Farshid Vahid-Araghi
Common questions
What are the prerequisites for ETC2520?
You need ETF1100, FIT1006, ETS1102, SCI1020, ETB1100, ETW1000, ETC1000, ETW1100 or STA1010 before you enrol. Enrolment rules also apply.
What can I take after ETC2520?
ETC2520 is a prerequisite or corequisite for 7 units, including ETC3420, ETC3510, ETC5342, ETC5351, MTH3241 and MTH3251. Those lead on to 16 units in all.
When is ETC2520 offered?
In 2020, ETC2520 runs in Semester 2 at Clayton.
How much work is ETC2520?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC2520 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 1 other task.
Which majors and minors include ETC2520?
ETC2520 is part of Actuarial studies and Econometrics.