Variability, randomness, risk, and related attributes characterise most measurable phenomena in the real world. Probability and Stochastic Processes are concerned with random phenomena occurring dynamically in time or space, or both. They play a critical role in the theory and methods of a wide range of physical, medical, engineering and social sciences, and many others. A good understanding of probability is essential for the study of Statistics. Probability theory is both mathematically elegant and remarkably practical, and the distinction it makes between deterministic and stochastic modelling is fundamental to real-world applications especially in the areas of insurance risk, genetics and evolutionary biology, climatology, epidemiology, criminology, time series modelling and forecasting, signal processing and detection, and derivatives pricing and financial mathematics.
Relevant Degrees
Requirements
This major requires the completion of 48 units, which much include:
12 units from completion of the following compulsory courses:
STAT3004 Stochastic Modelling
STAT3006 Advanced Stochastic Processes
12 units from completion of further courses from the subject area STAT Statistics or from the following list:
MATH3015 Mathematics of Finance
MATH3029 Probability Modelling with Applications
Either:
24 units from completion of the following mathematical statistics courses:
MATH2305 Applied Mathematics I
MATH2306 Applied Mathematics II
STAT3013 Statistical Inference
STAT3056 Advanced Mathematical Statistics
Or:
18 units from completion of the following mathematical analysis courses:
MATH2320 Advanced Analysis 1: Metric Spaces and Applications
MATH3320 Advanced Analysis 2: Topology, Lebesgue Integration and Hilbert Spaces
STAT3017 Big Data Statistics
6 units from completion of further courses from the subject area STAT Statistics
This major is available only to students undertaking the Bachelor of Statistics degree program.
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