ETF2020 Statistical foundations of business analytics
Faculty of Business and Economics
ETF2020 Statistical foundations of business analytics is a level 2, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2021 in Semester 2 at Caulfield. It needs FIT1006, ETC1000, SCI1020, ETF1100, STA1010, ETB1100, ETW1001 or ETX1100.
- Credit points
- 6
- Offered in 2021
- Semester 2
- Caulfield
- 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 ETF2020
Prerequisites
Pass these before you enrol.
- FIT1006Business information analysisNo 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
- ETB1100Business statisticsNo reviews yet
- ETW1001Introduction to statistical analysisNo reviews yet
- ETX1100Business statisticsNo reviews yet
After ETF2020
No unit lists ETF2020 as a prerequisite in the 2021 handbook.
Enrolment rules
To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 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.
Overview
The business world is characterised by decision making in an environment of risk. To gain a deeper understanding of the tools and models used in business analytics, a strong foundation in probability and statistics is required. Probability provides a "language" for thinking about risk, while statistics provides a framework for making data-driven inferences and predictions. This unit provides a strong grounding in these fundamentals. Some of the topics covered may include risk v uncertainty v probability, famous statistical paradoxes, decision theory, frameworks for statistical inference (frequentist, Bayesian, etc.) and simulation and re-sampling. Examples from real world business problems will be used to motivate each topic.
Offerings in 2021
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Caulfield | On campus |
Assessment
- Within semester assessment40%
- Examination60%
Learning outcomes
When you finish this unit, you should be able to:
- 1
think and communicate about risk in a probabilistic way and apply this thinking to a business problem
- 2
understand random variables, statistical distributions and conditional probability
- 3
appreciate how conditional probabilities can be misinterpreted in business settings and how this is overcome with Bayes’ Rule
- 4
frame a business problem using probability and statistics and make data-driven decision in the presence of risk
- 5
apply the main methods of statistical estimation, prediction and inference and evaluate their properties
- 6
evaluate and choose between different statistical models.
Workload and teaching
- Lectures24 hours
- Tutorials12 hours
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
ETF2020 is part of 2 areas of study in the 2021 handbook.
Contacts
- Chief Examiners
- Dr Bin Peng
Common questions
What are the prerequisites for ETF2020?
You need FIT1006, ETC1000, SCI1020, ETF1100, STA1010, ETB1100, ETW1001 or ETX1100 before you enrol. Enrolment rules also apply.
When is ETF2020 offered?
In 2021, ETF2020 runs in Semester 2 at Caulfield.
How much work is ETF2020?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETF2020 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 1 other task.
Which majors and minors include ETF2020?
ETF2020 is part of Business analytics and statistics.