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Stochastic Modelling (MAST30001)
Undergraduate level 3Points: 12.5On Campus (Parkville)
For information about the University’s phased return to campus and in-person activity in Winter and Semester 2, please refer to the on-campus subjects page.
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 2
Please refer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
Overview
Availability | Semester 2 |
---|---|
Fees | Look up fees |
Stochastic processes occur in finance as models for asset prices, in telecommunications as models for data traffic, in computational biology as hidden Markov models for gene structure, in chemistry as models for reactions, in manufacturing as models for assembly and inventory processes, in biology as models for the growth and dispersion of plant and animal populations, in speech pathology and speech recognition and many other areas.
This course introduces the theory of stochastic processes including Poisson processes, Markov chains in discrete and continuous time, and renewal processes. These processes are illustrated using examples from real-life situations. It then considers in more detail important applications in areas such as queues and networks (the foundation of telecommunication models), finance, and genetics.
Intended learning outcomes
After completing this subject students should:
- understand the basic concepts of random processes in discrete and continuous time;
- acquire an appreciation of how randomness and variability in time can be mathematically described using probability theory;
- be able to build, analyze and simulate basic stochastic models for simple real-life random phenomena evolving in time.
Generic skills
In addition to learning specific skills that will assist students in their future careers in science, they will have the opportunity to develop generic skills that will assist them in any future career path. These include:
- problem-solving skills: the ability to engage with unfamiliar problems and identify relevant solution strategies;
- analytical skills: the ability to construct and express logical arguments and to work in abstract or general terms to increase the clarity and efficiency of analysis;
- collaborative skills: the ability to work in a team;
- time-management skills: the ability to meet regular deadlines while balancing competing commitments.
Last updated: 11 April 2024
Eligibility and requirements
Prerequisites
One of
Code | Name | Teaching period | Credit Points |
---|---|---|---|
MAST20026 | Real Analysis |
Semester 2 (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
|
12.5 |
MAST10009 | Accelerated Mathematics 2 | Semester 2 (On Campus - Parkville) |
12.5 |
and one of
Code | Name | Teaching period | Credit Points |
---|---|---|---|
MAST20004 | Probability |
Semester 2 (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
|
12.5 |
MAST20006 | Probability for Statistics | Semester 1 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
None
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: 11 April 2024
Assessment
Due to the impact of COVID-19, assessment may differ from that published in the Handbook. Students are reminded to check the subject assessment requirements published in the subject outline on the LMS
Description | Timing | Percentage |
---|---|---|
Two written assignments due mid-semester and at the end of semester amounting to a total of up to 50 pages
| During the teaching period | 20% |
A written examination
| During the examination period | 80% |
Additional details
Last updated: 11 April 2024
Dates & times
- Semester 2
Principal coordinator Nathan Ross Mode of delivery On Campus (Parkville) Contact hours 3 x one hour lectures per week, 1 x one hour practice class per week Total time commitment 170 hours Teaching period 3 August 2020 to 1 November 2020 Last self-enrol date 14 August 2020 Census date 21 September 2020 Last date to withdraw without fail 16 October 2020 Assessment period ends 27 November 2020 Semester 2 contact information
Time commitment details
Estimated total time commitment of 170 hours
Last updated: 11 April 2024
Further information
- Texts
Prescribed texts
K. Borovkov, Elements of Stochastic Modelling. World Scientific, Singapore, 2003.
- Subject notes
This subject is available for science credit to students enrolled in the BSc (both pre-2008 and new degrees), BASc or a combined BSc course.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Master of Commerce (Finance) Informal specialisation Science-credited subjects - new generation B-SCI Informal specialisation Statistics / Stochastic Processes Informal specialisation Selective subjects for B-BMED Informal specialisation Statistics / Stochastic Processes Informal specialisation Applied Mathematics Informal specialisation Applied Mathematics Informal specialisation Statistics / Stochastic Processes specialisation Major Statistics / Stochastic Processes Major Applied Mathematics Informal specialisation Operations Research / Discrete Mathematics specialisation Informal specialisation Applied Mathematics specialisation - Breadth options
This subject is available as breadth in the following courses:
- Bachelor of Arts
- Bachelor of Commerce
- Bachelor of Design
- Bachelor of Environments
- Bachelor of Fine Arts (Acting)
- Bachelor of Fine Arts (Animation)
- Bachelor of Fine Arts (Dance)
- Bachelor of Fine Arts (Film and Television)
- Bachelor of Fine Arts (Music Theatre)
- Bachelor of Fine Arts (Screenwriting)
- Bachelor of Fine Arts (Theatre)
- Bachelor of Fine Arts (Visual Art)
- Bachelor of Music
- 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.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 11 April 2024