ETC2520 / ETC5252 Probability and Statistical Inference for Economics and Business


Difficulty:

Year Completed: Semester 2, 2020

Prerequisite: ETC1000

(or ETF1100, or FIT1006, or ETS1102, or SCI1020, or ETB1100, or ETW1000, or ETW1100, or STA1010)

 

Exemption:

CS1 Actuarial Statistics 

ETC1000 (25%), ETC2420 (25%), ETC2520 (35%), ETC3580 (15%)

Weighted average of 70% required. Minimum of 60% required for each unit.

 


Mean Setu Score: 81.6%

 

Clarity of Learning Outcomes: 82.2%

Clarity of Assessments: 84.4%

Feedback: 78%

Resources: 79.6%

Engagement: 83.8%

Satisfaction: 81.6%


Subject Content:

Lecture(s) and Tutorial(s):

Textbook(s):

Assessments:

 

Topics included discrete and continuous probability, the moment

generating function, joint distributions, statistical inference and

hypothesis testing.

2 x 1 hour lectures

1 x 1.5 hour tutorial

A textbook was provided that the lecture notes were based off,

this provided a good follow up on the lectures.

4 short in-semester quizzes

Mid-Semester Test

Attendance marks

Final Exam  60%


Comments

The unit had a mathematics focus, and the varying types of

worded questions kept the content interesting. The unit gives very

good theoretical foundations to statistical concepts that will be

used frequently in later units. The lecture content is taught well

and lectures were clear and concise. The early content has

medium difficulty while later content is much more mathematical

and difficult to understand. It is advised to review the hard

content during consultation.

The lectures were very informative. The one-hour lectures made

it easier to switch on and engage for the full class. Lectures are in

the form of multiple videos. Lectures were delivered well with

easy to understand examples. The explanation for theory is often

not enough for a good understanding of it however, but tutorials

and consultations will help. The lectures must be watched, except

for the first few weeks if you know the basic statistical concepts.

The tutorials are necessary as attendance is marked. Tutorials are

delivered well with examples of questions based on the week's

content. Often tutorials will give alternative solutions or the best

approaches to questions and therefore are very beneficial. In

saying so, tutorials do not cover extra content and are not

necessary for a full understanding of the theory.

 

In-semester quizzes and midsem are multiple choice and

therefore quite easy. The questions are not overly difficult but is

harder than tutorial questions. They are very good for revision

and consolidating knowledge. Final exam is fair and mostly

standard. The questions are harder than tutorial questions and

require sound understanding of the unit. As the unit was

revamped recently, past and practice exams are limited.

The unit is very important for doing well in units after. The core

theories of this unit, distributions, MGF, maximum likelihood and

statistical inference, is repeated in different 3rd year units. Some

concepts are difficult to understand, such as moment generation

and statistical inferences, so it is essential that you read and

understand every line of the solutions in the lecture.

General Overview:

Lectures:

Tutorials:

Assessments/Other Assessments

Concluding Remarks