Profit, Loss and Gambling (Intermediate Level)

Unit Outline (Higher Education)

Level of Unit in Course

AQF Level(s) of Course

Level of Unit in Course

Introductory

Intermediate

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:

Placement Component: No

Supplementary Assessment:

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:

Learning Outcomes:

Knowledge:

K1.	describe the mathematical models which underpin games of chance;

K2.	explain concepts of probability with a discussion of historical and contemporary applications;

K3.	employ techniques for exploring the impact of gambling using descriptive statistics;

K4.	apply techniques for comparing alternative financial investment strategies.

Skills:

S1.	perform calculations of probabilities;

S2.	explain and calculate conditional probabilities and independent events;

S3.	discuss and use Bayes` rule;

S4.	use conventional mathematical notation associated with probability and combinatorics;

S5.	describe and do calculations involving discrete probability distributions;

S6.	discuss the probability of winning various games of chance;

S7.	apply the concepts of variance and standard deviation for discrete distributions;

S8.	use graphs, tables and formulas for financial calculations and modelling investment;

Application of knowledge and skills:

A1.	use technology to create simulations, explore mathematical models and perform calculations.

A2.	discuss the long term expected outcomes for both the player and the casino (or other gaming host);

A3.	compare different investments and choose the best one;

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:

	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%

Adopted Reference Style:

APA

Professional Standards / Competencies:

Standard / Competency

Threshold Learning Outcomes - Mathematics: Initial

Attribute			Assessed	Level
1 Understanding
	1.1 Demonstrate a coherent understanding of the mathematical sciences.
		1.1.2 Understanding of the breadth of the discipline, its role in other fields, and the way other fields contribute to development of the mathematical sciences.	Yes	Intermediate
2 Knowledge
	2.1 Exhibit depth and breadth of knowledge in the mathematical sciences.
		2.1.1 Knowledge of the principles and concepts of a broad range of fundamental areas in the mathematical sciences.	Yes	Intermediate
		2.1.2 Well-developed knowledge in at least one sub-discipline of the mathematical sciences.	Yes	Intermediate
3 Inquiry and Problem Solving
	3.1 Investigating and solving problems using mathematical and statistical methods.
		3.1.1 Ability to formulate and model practical and abstract problems in mathematical and / or statistical terms using a variety of methods.	Yes	Intermediate
		3.1.2 Ability to apply mathematical and / or statistical principles, concepts, techniques and technology to solve practical and abstract problems and interpret results critically.	Yes	Intermediate
4 Communication
	4.1 Communicate mathematical and statistical information, arguments, or results for a range of purposes using a variety of means.
		4.1.2 Appropriate presentation of information, reasoning and conclusions in a variety of modes, to diverse audiences (expert and non-expert).	Yes	Intermediate
5 Responsibility
	5.1 Demonstrate personal, professional and social responsibility.
		5.1.1 Ability to self direct learning to extend their existing knowledge and that of others.	No	Intermediate
		5.1.2 Ability to work effectively and responsibly in an individual or team context.	Yes	Intermediate
		5.1.3 Ethical application of mathematical and statistical approaches to solving problems.	Yes	Intermediate