ETC5256 Statistical modelling for actuarial studies
Faculty of Business and Economics
ETC5256 Statistical modelling for actuarial studies is a level 5, 6-credit-point, postgraduate unit from the Faculty of Business and Economics, offered in 2024 in Semester 2 at Clayton. It needs ETC1000, FIT1006, ETX5900, SCI1020, ETM5900, ETB1100, STA1010, ETW1001, ETX1100 or ETF1100 and unlocks 5 units, leading on to 11 units in all.
- Credit points
- 6
- Offered in 2024
- Semester 2
- Clayton
- Assessment
- Exam 60%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2024 handbook entry. See the 2027 entry.
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Requisites
Before ETC5256
Prerequisites
Pass these before you enrol.
- ETC1000Business and economic statisticsNo reviews yet
- FIT1006Business information analysisNo reviews yet
- ETX5900Business statisticsNo reviews yet
- SCI1020Introduction to statistical reasoningNo reviews yet
- ETM5900Business statisticsNo reviews yet
- ETB1100Business statisticsNo reviews yet
- STA1010Statistical methods for scienceNo reviews yet
- ETW1001Introduction to statistical analysisNo reviews yet
- ETX1100Business statisticsNo reviews yet
- ETF1100Business statisticsNo reviews yet
After ETC5256
5 units list ETC5256 as a prerequisite or corequisite.
Enrolment rules
You must be enrolled in course B6014 to undertake this unit.
Overview
This unit aims to provide a grounding in several important statistical and mathematical methods that are of particular relevance to actuarial work. It covers the areas of exploratory data analysis, linear regression, generalised linear models, Bayesian modelling, and credibility theory, with a focus on dealing with actuarial and insurance issues in the industry.
Offerings in 2024
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Clayton | On campus |
Assessment
- ExaminationExam60%
- Within semester assessmentAssignment40%
Learning outcomes
When you finish this unit, you should be able to:
- 1
apply various statistical tools to conduct exploratory data analysis
- 2
employ linear regression models for modelling insurance and financial data
- 3
adopt generalised linear models for handling complex data
- 4
exploit Bayesian methods and credibility theory to tackle insurance problems
- 5
have a critical evaluation of real-world actuarial problems and propose feasible statistical solution.
Workload and teaching
- Tutorials18 hours
- Seminars24 hours
- 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. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
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 Jackie Li
Common questions
What are the prerequisites for ETC5256?
You need ETC1000, FIT1006, ETX5900, SCI1020, ETM5900, ETB1100, STA1010, ETW1001, ETX1100 or ETF1100 before you enrol. Enrolment rules also apply.
What can I take after ETC5256?
ETC5256 is a prerequisite or corequisite for 5 units, including ETC5250, ETC5342, ETC5346, ETC5550 and ETC5580. Those lead on to 11 units in all.
When is ETC5256 offered?
In 2024, ETC5256 runs in Semester 2 at Clayton.
How much work is ETC5256?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC5256 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 1 other task.