ETF5202 Statistical foundations of business analytics
Faculty of Business and Economics
ETF5202 Statistical foundations of business analytics is a level 5, 6-credit-point, postgraduate unit from the Faculty of Business and Economics, offered in 2023 in Semester 2 at Caulfield. It needs ETF1100, ETX1100, ETC5900, ETC1000, FIT1006, ETB1100, SCI1020, ETW1001, STA1010, ETF5900, ETX5900 or ETM5900 and unlocks 2 units.
- Credit points
- 6
- Offered in 2023
- Semester 2
- Caulfield
- Assessment
- Exam 60%
- 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 ETF5202
Prerequisites
Pass these before you enrol.
- ETF1100Business statisticsNo reviews yet
- ETX1100Business statisticsNo reviews yet
- ETC5900Business statisticsNo reviews yet
- ETC1000Business and economic statisticsNo reviews yet
- FIT1006Business information analysisNo reviews yet
- ETB1100Business statisticsNo reviews yet
- SCI1020Introduction to statistical reasoningRated 5.0 out of 5 from 1 review
- ETW1001Introduction to statistical analysisNo reviews yet
- STA1010Statistical methods for scienceNo reviews yet
- ETF5900Business statisticsNo reviews yet
- ETX5900Business statisticsNo reviews yet
- ETM5900Business statisticsNo reviews yet
Prohibitions
You can't enrol if you have passed any of these.
After ETF5202
2 units list ETF5202 as a prerequisite or corequisite.
Equivalent units
The same content under another code. Only one of them counts.
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 2023
| 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
- Seminars24 hours
- Tutorials18 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. 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 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.
Where it fits
ETF5202 is part of 1 area of study in the 2023 handbook.
Contacts
- Chief Examiners
- Associate Professor Bin Peng
Common questions
What are the prerequisites for ETF5202?
You need ETF1100, ETX1100, ETC5900, ETC1000, FIT1006, ETB1100, SCI1020, ETW1001, STA1010, ETF5900, ETX5900 or ETM5900 before you enrol.
What can I take after ETF5202?
ETF5202 is a prerequisite or corequisite for 2 units, including ETF5321 and ETF5500.
When is ETF5202 offered?
In 2023, ETF5202 runs in Semester 2 at Caulfield.
How much work is ETF5202?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETF5202 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 1 other task.
Which majors and minors include ETF5202?
ETF5202 is part of Financial and risk management.