ETC5242 Statistical thinking
Faculty of Business and Economics
ETC5242 Statistical thinking is a level 5, 6-credit-point, postgraduate unit from the Faculty of Business and Economics, offered in 2022 in Semester 2 at Clayton. It has no prerequisites and unlocks 6 units, leading on to 8 units in all.
- Credit points
- 6
- Offered in 2022
- Semester 2
- Clayton
- Assessment
- Exam 45%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2022 handbook entry. See the 2027 entry.
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Requisites
Before ETC5242
Prohibitions
You can't enrol if you have passed any of these.
After ETC5242
6 units list ETC5242 as a prerequisite or corequisite.
Enrolment rules
You must be enrolled in course B6001, B6014 or B6022 to undertake 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 2022
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Clayton | On campus |
Assessment
- Within semester assessment55%
- Examination45%
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
- Lectures24 hours
- Tutorials24 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. 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 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
Required resources
Software: R ( https://cran.r-project.org ), RStudio ( https://www.rstudio.com/products/RStudio/#Desktop )
Contacts
- Chief Examiners
- Professor Brett Inder
Common questions
What are the prerequisites for ETC5242?
ETC5242 has no prerequisites, but enrolment rules apply.
What can I take after ETC5242?
ETC5242 is a prerequisite or corequisite for 6 units, including ETC5250, ETC5342, ETC5550, ETC5580, ETF5231 and ETF5500. Those lead on to 8 units in all.
When is ETC5242 offered?
In 2022, ETC5242 runs in Semester 2 at Clayton.
How much work is ETC5242?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC5242 have an exam?
Yes. The exam is worth 45% of the final mark, alongside 1 other task.