ETF5202 - Statistical foundations of business analytics

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

S2-01-CAULFIELD-BLENDED

Requisites

Prerequisite

Business and economic statistics

Introduction to statistical analysis

Business information analysis

SCI1020

6 CP

Introduction to statistical reasoning

STA1010

6 CP

Statistical methods for science

Prohibition

Contacts

Chief Examiner(s)

Associate Professor Bin Peng

Teaching approach

Problem-based learning

Active learning

Assessment

1 - Within semester assessment

2 - Examination

Scheduled and non-scheduled teaching activities

Seminars

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. 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.

Learning resources

Technology resources

Other unit costs

Costs are indicative and subject to change.
Electronics, calculators and tools: $100