| Effective Term: | 2024/05 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Profit, Loss and Gambling (Intermediate Level) |
| Unit ID: | MATHS2003 |
| Credit Points: | 15.00 |
| Prerequisite(s): | (At least one introductory level maths unit or equivalent) |
| Co-requisite(s): | Nil |
| Exclusion(s): | (MA653) (MATHS1003) (MA553) |
| ASCED: | 010101 |
| Other Change: | |
| Brief description of the Unit |
This unit forms part of a general sequence of mathematics unitss, and will be taught at an intermediate level. Through the investigation of popular gambling games, such as Lotto, Keno, casino games, and gaming machines, students will be introduced to the concepts of probability. Common gambling fallacies and misconceptions will also be investigated. A wide variety of statistical distributions and simulations are used to examine important probability concepts. Financial mathematics will also be covered to deal with common problems encountered in everyday financial decisions. This unit will be valuable to both primary and high school teachers interested in teaching with real-life illustrations. |
| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| Placement Component: | |
| Supplementary Assessment:Yes |
| Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment |
| Course Level: |
| Level of Unit in Course | AQF Level(s) of Course | | 5 | 6 | 7 | 8 | 9 | 10 | | Introductory | | | | | | | | Intermediate | | |  | | | | | Advanced | | | | | | |
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| Learning Outcomes: |
| Knowledge: |
| K1. | describe the mathematical models which underpin games of chance; |
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| K2. | explain concepts of probability with a discussion of historical and contemporary applications; |
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| K3. | employ techniques for exploring the impact of gambling using descriptive statistics; |
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| K4. | apply techniques for comparing alternative financial investment strategies. |
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| Skills: |
| S1. | perform calculations of probabilities; |
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| S2. | explain and calculate conditional probabilities and independent events; |
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| S3. | discuss and use Bayes` rule; |
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| S4. | use conventional mathematical notation associated with probability and combinatorics; |
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| S5. | describe and do calculations involving discrete probability distributions; |
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| S6. | discuss the probability of winning various games of chance; |
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| S7. | apply the concepts of variance and standard deviation for discrete distributions; |
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| S8. | use graphs, tables and formulas for financial calculations and modelling investment; |
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| Application of knowledge and skills: |
| A1. | use technology to create simulations, explore mathematical models and perform calculations. |
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| A2. | discuss the long term expected outcomes for both the player and the casino (or other gaming host); |
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| A3. | compare different investments and choose the best one; |
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| Unit Content: |
•probability theory (including conditional probability and Bayes` rule);
•discrete probability distributions;
•games of chance;
•simple and compound interest;
•time value of money, annuities, present and future values. |
| Graduate Attributes: |
| Federation University recognises that students require key transferable employability skills to prepare them for their future workplace and society. FEDTASKS (Transferable Attributes Skills and Knowledge) provide a targeted focus on five key transferable Attributes, Skills, and Knowledge that are be embedded within curriculum, developed gradually towards successful measures and interlinked with cross-discipline and Co-operative Learning opportunities. One or more FEDTASK, transferable Attributes, Skills or Knowledge must be evident in the specified learning outcomes and assessment for each FedUni Unit, and all must be directly assessed in each Course.
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| FED TASK and descriptor | Development and acquisition of FEDTASKS in the Unit | Learning outcomes
(KSA) | Assessment task
(AT#) | FEDTASK 1
Interpersonal | Students will demonstrate the ability to effectively communicate, inter-act and work with others both individually and in groups. Students will be required to display skills in-person and/or online in: • Using effective verbal and non-verbal communication • Listening for meaning and influencing via active listening • Showing empathy for others • Negotiating and demonstrating conflict resolution skills • Working respectfully in cross-cultural and diverse teams. | Not applicable | Not applicable | FEDTASK 2
Leadership | Students will demonstrate the ability to apply professional skills and behaviours in leading others. Students will be required to display skills in: • Creating a collegial environment • Showing self -awareness and the ability to self-reflect • Inspiring and convincing others • Making informed decisions • Displaying initiative | Not applicable | Not applicable | FEDTASK 3
Critical Thinking and Creativity | Students will demonstrate an ability to work in complexity and ambiguity using the imagination to create new ideas. Students will be required to display skills in: • Reflecting critically • Evaluating ideas, concepts and information • Considering alternative perspectives to refine ideas • Challenging conventional thinking to clarify concepts • Forming creative solutions in problem solving. | Not applicable | Not applicable | FEDTASK 4
Digital Literacy | Students will demonstrate the ability to work fluently across a range of tools, platforms and applications to achieve a range of tasks. Students will be required to display skills in: • Finding, evaluating, managing, curating, organising and sharing digital information • Collating, managing, accessing and using digital data securely • Receiving and responding to messages in a range of digital media • Contributing actively to digital teams and working groups • Participating in and benefiting from digital learning opportunities. | Not applicable | Not applicable | FEDTASK 5
Sustainable and Ethical Mindset | Students will demonstrate the ability to consider and assess the consequences and impact of ideas and actions in enacting ethical and sustainable decisions. Students will be required to display skills in: • Making informed judgments that consider the impact of devising solutions in global economic environmental and societal contexts • Committing to social responsibility as a professional and a citizen • Evaluating ethical, socially responsible and/or sustainable challenges and generating and articulating responses • Embracing lifelong, life-wide and life-deep learning to be open to diverse others • Implementing required actions to foster sustainability in their professional and personal life. | Not applicable | Not applicable |
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| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1-K4, S1-S8 | Participate in class activities | Portfolio of completed work | 10 - 25% | | 2. | K1-K4, S1-S8, A1-A3 | Self-directed or group exploration | Projects, assignments, homework exercises | 25 - 50% | | 3. | K1-K4, S1-S8 | Review and skills practice | Tests/examination(s) | 30 - 60% |
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