ETF5952 Quantitative methods for risk analysis
Faculty of Business and Economics
ETF5952 Quantitative methods for risk analysis is a level 5, 6-credit-point, postgraduate unit from the Faculty of Business and Economics, offered in 2023 in Semester 1 at Caulfield. It has no prerequisites and unlocks 1 unit, leading on to 3 units in all.
- Credit points
- 6
- Offered in 2023
- Semester 1
- Caulfield
- Assessment
- Exam 55%
- 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 ETF5952
No prerequisites or corequisites.
After ETF5952
1 unit list ETF5952 as a prerequisite or corequisite.
Overview
Operations in business and government inevitably entail risk which, of course, must be incorporated into decision making. This unit presents basic quantitative methods for identifying and analysing risk - with broad applicability to areas such as finance, quality control, occupational health and safety, disaster prevention and environmental management.
Offerings in 2023
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Caulfield | On campus |
Assessment
- Within semester assessment45%
- Examination55%
Learning outcomes
When you finish this unit, you should be able to:
- 1
analyse risk statistically by summarising and interpreting data using techniques of descriptive statistics including the use of associated spreadsheet functions
- 2
analyse and evaluate risk by applying concepts of probability and of probability distributions
- 3
analyse and evaluate risk via Monte Carlo simulation
- 4
evaluate decision-making strategies
- 5
describe and analyse the quality of production in an industrial process, using statistical control charts.
Workload and teaching
- Lectures24 hours
- Tutorials18 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
All teaching material is oriented towards PCs. It does not cater to Apple, OS/2 Linux or Unix. (Mac users, please see some notes in the “EXCEL”.)
Palisade DecisionTools Suite
We use three software packages ( StatTools , @Risk and PrecisionTree ) from Palisade Corporation’s DecisionTools Suite 7 . Each is an “add-in” to Microsoft Excel. The DecisionTools Suite is compatible with all 32-bit and 64-bit versions of Microsoft Windows from Windows XP to Windows 10, and from Excel 2007 to Excel 2016. Palisade software is not compatible with Mac OS or Office for Mac, though it is compatible with Windows Excel and Project running on Windows emulators.
All students need access to Microsoft Excel with Excel’s “Data Analysis” add-in facility activated. (If this is already activated, it will appear on the Data tab in Excel.)
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.
R is a free software for data analysis. For regression analysis, we will use R and RStudio.
Where it fits
ETF5952 is part of 1 area of study in the 2023 handbook.
Contacts
- Chief Examiners
- Professor George Athanasopoulos
Common questions
What are the prerequisites for ETF5952?
ETF5952 has no prerequisites.
What can I take after ETF5952?
ETF5952 is a prerequisite or corequisite for 1 unit, including ETF5231. Those lead on to 3 units in all.
When is ETF5952 offered?
In 2023, ETF5952 runs in Semester 1 at Caulfield.
How much work is ETF5952?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETF5952 have an exam?
Yes. The exam is worth 55% of the final mark, alongside 1 other task.
Which majors and minors include ETF5952?
ETF5952 is part of Financial and risk management.