Stochastic Modelling
Overview
This unit of study aims to convey the fundamental probability concepts necessary for an understanding of stochastic processes, introduce stochastic processes and some important related concepts, illustrate the usefulness of stochastic modelling by considering various different types of stochastic processes and how they can be applied in a range of scientific, engineering and other contexts, and examine how probability distributions can be used to model system reliability and lifetimes.
Requisites
MTH10013 Linear Algebra and Applications
Assumed Knowledge
Some familiarity with probability and statistics
02-November-2025
Learning outcomes
Students who successfully complete this unit will be able to:
- Use and interpret the concepts of conditional and joint probability distribution, conditional expectation, covariance and correlation
- Recognise situations where different types of stochastic process arise, and apply a sound working knowledge of relevant concepts and methods to solve theoretical and practical problems
- Use simple survival analysis methods to model failure rates and investigate failure time distributions
Teaching methods
Hawthorn
| Type | Hours per week | Number of weeks | Total (number of hours) |
|---|---|---|---|
| On-campus Lecture |
3.00 | 12 weeks | 36 |
| On-campus Class |
1.00 | 12 weeks | 12 |
| On-campus Class |
1.00 | 12 weeks | 12 |
| Unspecified Activities Independent Learning |
6.50 | 12 weeks | 78 |
| Specified Activities Various |
1.00 | 12 weeks | 12 |
| TOTAL | 150 |
Assessment
| Type | Task | Weighting | ULO's |
|---|---|---|---|
| Assignment | Individual | 5 - 20% | 1,2,3 |
| Test | Individual | 20 - 40% | 1,2 |
| Test | Individual | 20 - 40% | 1,2 |
| Test | Individual | 20 - 40% | 1,2,3 |
Hurdle
As the minimum requirements of assessment to pass a unit and meet all ULOs to a minimum standard, an undergraduate student must have achieved:
An aggregate mark for the unit of 50% or more
Content
- Conditional and Joint Distributions
- Stochastic Processes: Concepts, Types and Applications
- Survival Analysis and Reliability
Study resources
Reading materials
A list of reading materials and/or required textbooks will be available in the Unit Outline on Canvas.