Statistical Decision Making
Duration
- One study period
Contact hours
- 36
On-campus unit delivery combines face-to-face and digital learning. For Online unit delivery, learning is conducted exclusively online.
Prerequisites
STA70002 Multivariate StatisticsAims and objectives
Students who successfully complete this unit will be able to:
1. Identify appropriate probability distributions for modelling chance occurrences.
2. Simulate such distributions and obtain estimates of distribution parameters using the method of moments and maximum likelihood estimation.
3. Navigate probabilistic methods for working with uncertainty.
4. Formulate probabilistic models for risk in real world contexts.
5. Use probabilistic models to design statistical systems for the management of risk and uncertainty.
Courses with unit
This unit will no be offered after Semester 1 2022
Unit information in detail
- Teaching methods, assessment, general skills outcomes and content.
Teaching methods
This unit involves up to 150 hours of work including:
Hawthorn On Campus
| Type | Hours per week | Number of Weeks | Total |
| Face to Face Contact Lectures | 3 | 12 | 36 |
| Online Contact
|
|
| N / A |
| Specified Learning Activities Discussion boards, watching lecture recording, readings, quizzes. | 2 | 12 | 24 |
| Unspecified Learning Activities (includes independent study, assignment preparation, revision) | Recommended |
| 90 |
| TOTAL |
|
| 150 hours/12.5cp |
Hawthorn Online
| Type | Hours per week | Number of Weeks | Total |
| Face to Face Contact
| 0 | 0 | 0 |
| Online Contact
| 0 | 0 | 0 |
| Specified Learning Activities Discussion boards, watching lecture recording, readings, quizzes. | 4 | 12 | 48 |
| Unspecified Learning Activities (includes independent study, assignment preparation, revision) | Recommended |
| 102 |
| TOTAL |
|
| 150 hours/12.5cp |
Assessment
| Types | Individual or Group task | Weighting | Assesses attainment of these ULOs |
| Examination | Individual | 50% | 1,4,5 |
| Online Quizzes (10) | Individual | 10% | 1, 5 |
| *Assignments (2) | Individual | 40% (20% each) | 2,3,4 |
General skills outcomes
• Analysis Skills
• Problem Solving Skills
• Communication Skills
• Ability to tackle unfamiliar problems
• Ability to work independently
Content
• Introduction to Method of Moments and Maximum Likelihood Estimation (MLE) for estimation purposes
• Applications for discrete, continuous and mixture distributions
• Applications for univariate and multivariate distributions
• Development of statistical models for identifying risk factors
• Formulation of commonly used probabilistic models and systems for managing uncertainty (e.g. Acceptance • • Sampling, Process Control, Queuing Theory, Inventory Control, Reliability Theory, Markov Processes)
Study resources
- Reading materials and text books.