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 2023 in Semester 2 at Clayton. It has no prerequisites and unlocks 8 units, leading on to 11 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.
Reviews
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Requisites
Before ETC5242
Prohibitions
You can't enrol if you have passed any of these.
After ETC5242
8 units list ETC5242 as a prerequisite or corequisite.
- ETC5250Introduction to machine learningNo reviews yet
- ETC5342Applied insurance methodsNo reviews yet
- ETC5550Applied forecastingNo reviews yet
- ETC5580Advanced statistical modellingNo reviews yet
- ETF5231Business forecastingNo reviews yet
- ETF5321Econometrics and statistics for energy and climateNo reviews yet
- ETF5500High dimensional data analysisNo reviews yet
- ETF5932Predictive analytics and machine learningNo reviews yet
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 2023
| 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
- Seminars24 hours
- Tutorials24 hours
- Teaching approachCase-based teaching
- Teaching approachProblem-based learning
- Teaching approachActive 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 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 engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
Learning resources
Required resources
Software: R ( https://cran.r-project.org ), RStudio ( https://www.rstudio.com/products/RStudio/#Desktop )
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.
Contacts
- Chief Examiners
- Professor Damjan Vukcevic
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 8 units, including ETC5250, ETC5342, ETC5550, ETC5580, ETF5231 and ETF5321. Those lead on to 11 units in all.
When is ETC5242 offered?
In 2023, 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.