units

ETF2011

Faculty of Business and Economics

Undergraduate - Unit

This unit entry is for students who completed this unit in 2014 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

print version

6 points, SCA Band 2, 0.125 EFTSL

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered, or view unit timetables.

LevelUndergraduate
FacultyFaculty of Business and Economics
Organisational UnitDepartment of Econometrics and Business Statistics
OfferedCaulfield First semester 2014 (Day)
Caulfield Second semester 2014 (Day)
Coordinator(s)Mr Bruce Stephens

Synopsis

This unit presents the basis techniques of quantitative risk analysis. Risk identification and measurement techniques most commonly used in industry are discussed, including descriptive statistics. The basic rules of probability are presented in practical contexts and as the foundation for the study of probability distributions - themselves the foundations of risk analysis models. Finally, spreadsheet models of practical situations are developed and evaluated, using simulation methods.

Outcomes

The learning goals associated with this unit are 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, using @Risk software
  4. evaluate decision-making strategies, including use of PrecisionTree software
  5. describe and analyse the quality of production in an industrial process, using statistical control charts.

Assessment

Within semester assessment: 30%
Examination: 70%

Chief examiner(s)

Workload requirements

Minimum total expected workload equals 144 hours per semester

Prerequisites

Prohibitions

ETX9520, ETF5952, ETX2011