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 2021 in Semester 2 at Clayton. It needs ETX1100, ETC1000, SCI1020, ETF1100, STA1010, ETW1001, ETB1100 or FIT1006 and unlocks 8 units, leading on to 19 units in all.
- Credit points
- 6
- Offered in 2021
- Semester 2
- Clayton
- Assessment
- Exam 60%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2021 handbook entry. See the 2027 entry.
Reviews
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Requisites
Before ETC2520
Prohibitions
You can't enrol if you have passed any of these.
Prerequisites
Pass these before you enrol.
- ETX1100Business statisticsNo reviews yet
- ETC1000Business and economic statisticsNo reviews yet
- SCI1020Introduction to statistical reasoningRated 5.0 out of 5 from 1 review
- ETF1100Business statisticsNo reviews yet
- STA1010Statistical methods for scienceNo reviews yet
- ETW1001Introduction to statistical analysisNo reviews yet
- ETB1100Business statisticsNo reviews yet
- FIT1006Business information analysisNo reviews yet
After ETC2520
8 units list ETC2520 as a prerequisite or corequisite.
- ETC3400Principles of econometricsNo reviews yet
- 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 you are enrolled in course B6001, B6003 or B6014, there is no prerequisite.
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
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 2021
| 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 5 areas of study in the 2021 handbook.
Contacts
- Chief Examiners
- Professor Farshid Vahid-Araghi
Common questions
What are the prerequisites for ETC2520?
You need ETX1100, ETC1000, SCI1020, ETF1100, STA1010, ETW1001, ETB1100 or FIT1006 before you enrol. Enrolment rules also apply.
What can I take after ETC2520?
ETC2520 is a prerequisite or corequisite for 8 units, including ETC3400, ETC3420, ETC3510, ETC5342, ETC5351 and MTH3241. Those lead on to 19 units in all.
When is ETC2520 offered?
In 2021, 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, Econometrics and Mathematical foundations of econometrics.