ETC2520 / ETC5252 Probability and Statistical Inference for Economics and Business
Difficulty:
Year Completed: Semester 2, 2025
Prerequisite: ETC1000
(or ETF1100, or FIT1006, or ETS1102, or SCI1020, or ETB1100, or ETW1000, or ETW1100, or STA1010)
Exemption:
CS1 Actuarial Statistics
ETC2560 (50%), ETC2520 (50%)
Weighted average of 70% required. Minimum of 60% required for each unit.
Mean Setu Score: 82.67%
Clarity of Learning Outcomes: 85.6%
Clarity of Assessments: 82.4%
Feedback: 82.4%
Resources: 80%
Engagement: 84.8%
Satisfaction: 80.8%
Subject Content:
Lecture(s) and Tutorial(s):
Textbook(s):
Assessments:
Topics included naïve probability, conditional probability, random variables, discrete and continuous probability, moment generating functions, joint distributions, statistical inference and hypothesis testing.
1 x 2 hour lecture
1 x 1 hour tutorial
Introduction to Probability - Joseph K. Blitzstein, Jessica Hwang
The prescribed textbook acted as supplementary reading to the lecture slides. Additional notes were provided for later topics.
Mini Quizzes - 10%
Mid-Semester Test - 30%
Final Exam - 60%
Comments
This unit had a strong mathematics focus. The lecture content is taught well and tutorials cover the types of questions that are relevant for the assessments. It’s important to have a strong basis at the end of this unit, especially because its concepts are utilised in future units.
Calculus and some other mathematical concepts such as limits were considered to be prior knowledge, so make sure to revise these topics beforehand.
The lectures were very theoretical and occasionally covered worked examples. A lot of content is covered in these lectures, so it’s important to not fall behind. However, due to the theoretical nature of these lectures, there can be some difficulties initially in applying the concepts learnt to questions.
The lecture slides are made available and the textbook also helps with understanding where needed.
Tutorials were not necessary to attend. However, tutorials are also the most important part of this unit as questions that are similar to the in semester test and final exam questions. Tutorial questions were able to be discussed in small groups which was a more fun way to answer questions.
The mini quizzes allowed unlimited attempts, enabling students to achieve full marks while reinforcing their understanding of the material through repeated practice. The mid-semester test was reasonably manageable in terms of content; however, the requirement to complete it online posed challenges. In particular, entering mathematical notation digitally was somewhat time consuming as it required significantly more effort than writing solutions by hand in a traditional pen-and-paper format.
Similar to the mid-semester test, the final exam was conducted online, and the same difficulties with typing mathematical notation persisted. Entering expressions such as integrals using digital tools was considerably more time-consuming than writing them by hand. Although the use of a calculator on a laptop was permitted, it was less flexible than a standard scientific calculator, which would have been preferable.
The exam was closed-book, and the questions were generally manageable. Students who had a partial understanding of the material were still able to obtain some marks by demonstrating their knowledge where possible.
It is important to become familiar with typing mathematical notation in an online format, as proficiency in this area can significantly reduce time spent during assessments such as the mid-semester test and final exam. Additionally, it is advisable to review high school algebra and calculus as these foundational topics are not revisited in great detail during the course.
General Overview:
Lectures:
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Assessments/Other Assessments
Exam
Concluding Remarks
