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​What is STAT2371?

STAT2371 is a unit that builds on the concepts learnt in STAT2372. In Probability, you learnt about continuous and discrete random variables and their distributions, generating functions and transformations. In Statistics, you will view these concepts through a more practical lens. For example, how to use sample data to estimate parameters in a distribution function, use hypothesis testing to determine whether assumptions about population parameters are valid and apply methods like ANOVA to test whether multiple population means are equal using distribution properties derived in Probability. In short, you will learn how to apply probability theory to real world data. 

What is the most challenging part of the unit?​

The first half of the unit focuses on more theoretical concepts like mathematical derivations of estimators while the second half looks at numerical methods and sample data that can be tested to gain understanding about the population. Depending on your strengths, you may find one or the other easier, however since each half has one written assessment and assignment each, I would recommend prioritising both. Going from 2372 to 2371, the biggest jump is in the workload having to balance study with two assignments. I would recommend going to as many consultations as possible as this is often the most effective and quick way to get guidance for assessments which is important when you’re juggling so much. 

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How did you balance this subject with other commitments?

I was doing ACST2055 and MATH2110 (elective) alongside this unit, out of which I would say ACST2055 required a lot of my time as well. I found that the assessment timing for both these units worked well for me, with the mid semester exam being a few weeks apart - if that is still the case, I would recommend spreading out your study across the break so that you focus on the first exam initially, then start working through past papers for the second exam during the gap. 

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General Study Tips/Techniques for Content

• Mid semester exam: 

  • Utilise the past class tests provided on iLearn and try doing at least a few under timed conditions and with friends to get used to the exam nerves. The question styles and content will often be similar so this is a great way to also understand your weak areas. 

  • Use the formula sheet! As the first half of the unit is very similar to 2372, you will often find yourself needing to refer to a distribution or generating function in which case the formula sheet can be very handy. Another tip is to also spend some prep time going through and memorising where certain formulas are located on the sheet to save time in the test. 

• Assignment: 

  • I would say the two assignments are quite different in nature as the first one relies a lot more on mathematical derivations while the second relies on R. I found that I struggled remembering how to code certain parts in R so it could be worthwhile brushing up on some coding ahead of the second assignment. As for the first, it is very important that you have a good understanding of the proofs shown in the lectures so make sure you ask any questions you may have about those ahead of the first assignment. 

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Final Exam study 

• While it can be daunting to revise an entire semester’s worth of content in a few weeks, what worked well for me was to start with tutorial questions, then moving on to past papers as a way of easing into the exam prep. During this time, attending consultations would be a great idea to ask any conceptual questions before diving into doing questions yourself. 

• Again, I would recommend utilising the past papers provided either on the iLearn page or library website. This unit’s final exam has a lot of R code and graphs which is worthwhile practicing by going through an actual paper to familiarise yourself with the format and new style of questions. Timing yourself is also important as there are some interpretation questions that require some writing and may be time consuming. 

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Finally, don’t forget to have fun while studying this unit as it will unfortunately be the last statistics unit for many actuarial students however you will continue to use these concepts throughout your third and fourth year units!