ETC2520 - Probability and statistical inference for economics and business

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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

S2-01-CLAYTON-ON-CAMPUS

Requisites

Prerequisite

STA1010

6 CP

Statistical methods for science

Business and economic statistics

Introduction to statistical analysis

FIT1006

6 CP

Business information analysis

SCI1020

6 CP

Introduction to statistical reasoning

Prohibition

Rules

Enrolment Rule

If you are enrolled in course B6001, B6003 or B6014, there is no prerequisite.

To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 Higher 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.

Contacts

Chief Examiner(s)

Professor Farshid Vahid-Araghi

Learning outcomes

On successful completion of this unit, you should be able to:

understand concepts of probability, statistical inference, generating functions and cumulants

derive and use generating functions to evaluate moments and establish the distribution of linear combinations of independent random variables

understand and apply the main methods of estimation and the main properties of estimators

construct confidence intervals for unknown parameters and test hypotheses

develop written, presentation and group work skills through a series of assessed essays, assignments and tutorial work.

Teaching approach

Problem-based learning

Peer assisted learning

Assessment

1 - Within semester assessment

2 - Examination

Scheduled and non-scheduled teaching activities

Lectures

Tutorials

Workload requirements

Workload

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.

Other unit costs

Costs are indicative and subject to change.
Electronics, calculators and tools: $40