Quantitative Methods 1 (ECON10005)

Undergraduate level 1Points: 12.5On Campus (Parkville)

You’re viewing the 2017 Handbook:
Or view archived Handbooks
You’re currently viewing the 2017 version of this subject

Overview

Availability
Semester 1
Semester 2
FeesLook up fees

This subject covers the core concepts which underpin quantitative decision analysis in the various specialisations within the faculty. It provides a foundation for all second-year quantitative subjects in the commerce degree. The topics covered are drawn from financial mathematics; measures of location and dispersion; probability, random variables and expected values; sampling design; estimation and testing using the normal and t-distribution; and simple regression and correlation. Excel is used to illustrate applications in accounting, economics, finance, management and marketing.

Intended learning outcomes


  • Graph economic data using methods that facilitate analysis.
  • Explain concepts relevant for summarising and interpreting data.
  • Explain how the concepts of random variables and probability distributions are useful for drawing inferences.
  • Explain the concepts of population, samples and sampling distributions.
  • Estimate unknown population quantities and test hypotheses about them.
  • Conduct simple regression analysis to model the relationship between variables and draw inferences about relationships.
  • Apply common analytical techniques relevant for financial decision making.

Generic skills

  • High level of development: problem solving; statistical reasoning; application of theory to practice; interpretation and analysis; synthesis of data and other information; evaluation of data and other information; use of computer software; accessing data and other information from a range of sources.

  • Moderate level of development: oral communication; written communication; critical thinking; receptiveness to alternative ideas.

  • Some level of development: collaborative learning; team work.

Last updated: 9 April 2025

Eligibility and requirements

Prerequisites

A study score of at least 25 in English (any) or equivalent and Mathematical Methods in VCE Units 3 & 4 or equivalent.

OR

Entry into the Bachelor of Commerce.

OR

Successful completion of

Code Name Teaching period Credit Points
MAST10012 Introduction to Mathematics
Summer Term (Online)
Semester 1 (On Campus - Parkville)
 12.5

Corequisites

None

Non-allowed subjects

Students completing

Code Name Teaching period Credit Points
ECON10005 Quantitative Methods 1
Semester 2 (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
 12.5
may not gain credit for
Code Name Teaching period Credit Points
MAST10010 Data Analysis 1
Semester 2 (On Campus - Parkville)
 12.5
or
Code Name Teaching period Credit Points
MAST10011 Experimental Design and Data Analysis
Semester 1 (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
 12.5
.

Students who have completed MAST20005 Statistics will not be permitted to enrol in this subject.

Students intending to major in Actuarial Studies should not enrol in this subject.

Recommended background knowledge

Please refer to Prerequisites and Corequisites.

Inherent requirements (core participation requirements)

The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.

Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home

Last updated: 9 April 2025

Assessment

Additional details

  • A 45-minute online test, in week 5, (5%)
  • Assignment 1: Quantitative data analysis assignment, not exceeding 8 pages (inluding graphs, charts and equations), due in week 6, (7.5%)
  • Assignment 2: Quantitative data analysis assignment, not exceeding 8 pages (inluding graphs, charts and equations), due in week 10, (7.5%)
  • A 2-hour end-of-semester examination, end-of-semester, (70%)
  • Preparation work for and attendance of weekly tutorials, weeks 2 - 12, (10%)
  • To pass this subject students must pass the end of semester examination.

Last updated: 9 April 2025

Dates & times

  • Semester 1
    Principal coordinatorWasana Karunarathne
    Mode of deliveryOn Campus (Parkville)
    Contact hoursTwo 1-hour lectures and a 1-hour tutorial per week
    Total time commitment170 hours
    Teaching period27 February 2017 to 28 May 2017
    Last self-enrol date10 March 2017
    Census date31 March 2017
    Last date to withdraw without fail 5 May 2017
    Assessment period ends23 June 2017

    Semester 1 contact information

    Sem 1: harris.d@unimelb.edu.au, lakminik@unimelb.edu.au

    Sem 2: ljacobi@unimelb.edu.au

  • Semester 2
    Principal coordinatorLiana Jacobi
    Mode of deliveryOn Campus (Parkville)
    Contact hoursTwo 1-hour lectures and a 1-hour tutorial per week
    Total time commitment170 hours
    Teaching period24 July 2017 to 22 October 2017
    Last self-enrol date 4 August 2017
    Census date31 August 2017
    Last date to withdraw without fail22 September 2017
    Assessment period ends17 November 2017

    Semester 2 contact information

    Sem 1: harris.d@unimelb.edu.au, lakminik@unimelb.edu.au

    Sem 2: ljacobi@unimelb.edu.au

Time commitment details

170 hours per semester

Last updated: 9 April 2025

Further information

  • Texts

    Prescribed texts

    You will be advised of prescribed texts by your lecturer.

  • Related Handbook entries

    This subject contributes to the following:

    TypeName
    MajorEconomics
    Breadth TrackQuantitative Methods in Economics
  • Breadth options

    This subject is available as breadth in the following courses:

  • Available through the Community Access Program

    About the Community Access Program (CAP)

    This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.

    Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants

    Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.

Last updated: 9 April 2025