units

ETF5952

Faculty of Business and Economics

Postgraduate - Unit

This unit entry is for students who completed this unit in 2015 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.

LevelPostgraduate
FacultyFaculty of Business and Economics
Organisational UnitDepartment of Econometrics and Business Statistics
OfferedCaulfield First semester 2015 (Day)
Caulfield Second semester 2015 (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%

Workload requirements

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.

See also Unit timetable information

Chief examiner(s)

Prohibitions

ETX2011, ETF2011, ETX3011, ETX9520