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

Prerequisites
MTH30001 Stochastic Modelling

Rule

MTH20002 Engineering Mathematics 4B *
OR
MTH20004 Engineering Mathematics 3A
OR
MTH20006 Engineering Mathematics 3C *
OR
MTH20007 Engineering Mathematics 3A *
OR
MTH20010 Statistics and Computation for Engineering
OR
MTH20014 Matrices, Vector Calculus and Complex Analysis
OR
MTH20017 Mathematical Methods and Statistics for Engineering

Assumed Knowledge
Some familiarity with probability and statistics 

Teaching periods
Location
Start and end dates
Last self-enrolment date
Census date
Last withdraw without fail date
Results released date
Semester 2
Location
Hawthorn
Start and end dates
29-July-2024
27-October-2024
Last self-enrolment date
11-August-2024
Census date
31-August-2024
Last withdraw without fail date
13-September-2024
Results released date
03-December-2024

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
7.50 12 weeks 90
TOTAL150

Assessment

Type Task Weighting ULO's
AssignmentIndividual 5 - 20% 1,2,3 
TestIndividual 20 - 40% 1,2 
TestIndividual 20 - 40% 1,2 
TestIndividual 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.