ETC5252 Probability and statistical inference for economics and business
Faculty of Business and Economics
ETC5252 Probability and statistical inference for economics and business 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 needs ETC1000, ETM5900, STA1010, ETC5900, ETW1001, ETB1100, ETF1100, FIT1006, ETF5900 or SCI1020 and unlocks 4 units, leading on to 6 units in all.
- Credit points
- 6
- Offered in 2023
- Semester 2
- Clayton
- Assessment
- Exam 60%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2023 handbook entry. See the 2027 entry.
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Requisites
Before ETC5252
Prerequisites
Pass these before you enrol.
- ETC1000Business and economic statisticsNo reviews yet
- ETM5900Business statisticsNo reviews yet
- STA1010Statistical methods for scienceNo reviews yet
- ETC5900Business statisticsNo reviews yet
- ETW1001Introduction to statistical analysisNo reviews yet
- ETB1100Business statisticsNo reviews yet
- ETF1100Business statisticsNo reviews yet
- FIT1006Business information analysisNo reviews yet
- ETF5900Business statisticsNo reviews yet
- SCI1020Introduction to statistical reasoningNo reviews yet
Prohibitions
You can't enrol if you have passed any of these.
After ETC5252
4 units list ETC5252 as a prerequisite or corequisite.
Enrolment rules
If you are enrolled in course B6001, B6014 or B6022, there is no prerequisite to undertake 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 2023
| 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, presentational and group work skills through a series of assessed essays, assignments and tutorial work
- 6
describe the use of methods learnt during the course of this unit in business and economics.
Workload and teaching
- Tutorials18 hours
- Seminars24 hours
- 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 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.
Contacts
- Chief Examiners
- Professor Xueyan Zhao
Common questions
What are the prerequisites for ETC5252?
You need ETC1000, ETM5900, STA1010, ETC5900, ETW1001, ETB1100, ETF1100, FIT1006, ETF5900 or SCI1020 before you enrol. Enrolment rules also apply.
What can I take after ETC5252?
ETC5252 is a prerequisite or corequisite for 4 units, including ETC5342, ETC5343, ETC5410 and FIT5201. Those lead on to 6 units in all.
When is ETC5252 offered?
In 2023, ETC5252 runs in Semester 2 at Clayton.
How much work is ETC5252?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC5252 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 1 other task.