units

ETF5952

Faculty of Business and Economics

Postgraduate - 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.

LevelPostgraduate
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

Operations in business and government inevitably entail risk which, of course, must be incorporated into decision making. This unit, supported by software such as @Risk, 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.

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: 45%
Examination: 55%

Chief examiner(s)

Workload requirements

3 hours per week

Prohibitions

ETX2011, ETF2011, ETX3011, ETX9520