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Profit, Loss and Gambling (Intermediate Level)
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MATHS2003 - Profit, Loss and Gambling (Intermediate Level)
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20260200
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Course
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2.1
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2026-09-10
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2026-09-10
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Engineering
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Institute of Innovation, Science & Sustainability
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Engineering
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Undergraduate
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15
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.125
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010101
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Mathematics
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010101 - Mathematics
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<a href="http://www.federation.edu.au/locate/unit/maths2003">View unit fees</a>
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Graded (e.g. HD, D, C, etc)
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7
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Bachelor Degree
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Intermediate
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1
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<p>This unit forms part of a general sequence of mathematics units, 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.</p>
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<p>•probability theory (including conditional probability and Bayes` rule);<br>
•discrete probability distributions;<br>
•games of chance;<br>
•simple and compound interest;<br>
•time value of money, annuities, present and future values.</p>
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<p>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.</p>
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2027
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2026
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MATHS2003 - Profit, Loss and Gambling (Intermediate Level)
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MATHS2003 - Profit, Loss and Gambling (Intermediate Level)
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Semester
Semester 1
Semester 2
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Year
2027
2026
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Overview
Key information
Requisites
Learning outcomes
Assessment
FedTASK
Parent Region
Overview
Unit description
<p>This unit forms part of a general sequence of mathematics units, 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.</p>
Unit content
<p>•probability theory (including conditional probability and Bayes` rule);<br> •discrete probability distributions;<br> •games of chance;<br> •simple and compound interest;<br> •time value of money, annuities, present and future values.</p>
Key information
Institute / school:
Institute of Innovation, Science & Sustainability
Discipline:
Engineering
Study level:
Undergraduate
Credit points:
15
EFTSL:
0.125
Field of education:
010101 - Mathematics
Offering:
<p><strong>Semester 1</strong><p>Berwick (On Campus)</p><p>On-line Learning</p></p>
Grade scheme:
Graded (e.g. HD, D, C, etc)
Placement component:
No
Fee information:
<a href="http://www.federation.edu.au/locate/unit/maths2003">View unit fees</a>
Requisites
Prerequisite
<p>must have completed 1 of <a href="/ords/r/curriculum/catalogue/course?p6_code=MATHS1000" target="_blank">MATHS1000</a>/MATHS1001/<a href="/ords/r/curriculum/catalogue/course?p6_code=MATHS1005" target="_blank">MATHS1005</a>/<a href="/ords/r/curriculum/catalogue/course?p6_code=MATHS1100" target="_blank">MATHS1100</a>/<a href="/ords/r/curriculum/catalogue/course?p6_code=MATHS1101" target="_blank">MATHS1101</a>/<a href="/ords/r/curriculum/catalogue/course?p6_code=MATHS1102" target="_blank">MATHS1102</a> OR must have completed <a href="/ords/r/curriculum/catalogue/course?p6_code=STATS1000" target="_blank">STATS1000</a> OR must have completed <a href="/ords/r/curriculum/catalogue/course?p6_code=EDMTH1000" target="_blank">EDMTH1000</a> OR must have completed <a href="/ords/r/curriculum/catalogue/course?p6_code=SCCOR1300" target="_blank">SCCOR1300</a></p>
Corequisite
None
Exclusion
<p>must not have completed MATHS1003 AND must not have completed MA553 AND must not have completed MA653</p>
Learning outcomes
Learning outcomes
<p>On successful completion of this unit, students are expected to gain the following [K]nowledge, [S]kills and [A]pplication of knowledge & skills</p>
Learning Outcomes
Ref
Outcome
K1
<p>explain and apply mathematical models and probability concepts that underpin games of chance, including their historical and contemporary applications;</p>
K2
<p>use statistical and analytical techniques to explore the impact of gambling and to compare alternative financial investment strategies;</p>
S1
<p>perform probability calculations using appropriate mathematical notation and combinatorial methods;</p>
S2
<p>explain and compute conditional probabilities, independent events, and apply Bayes’ rule to relevant problems; </p>
S3
<p>describe and analyse discrete probability distributions, including calculations of variance and standard deviation; </p>
S4
<p>evaluate and discuss the probabilities and expected outcomes of various games of chance; </p>
S5
<p>use graphs, tables and formulas to conduct financial calculations and model investment scenarios;</p>
A1
<p>use technology to create simulations, explore mathematical models and perform calculation;</p>
A2
<p>discuss the long term expected outcomes for both the player and the casino (or other gaming host);</p>
A3
<p>compare different investments and choose the best one.</p>
Assessment
Learning Tasks and Assessment
Ref
Learning task
Assessment type
Weighting
Learning outcomes assessed
1
<p>Participate in class activities</p>
<p>Portfolio of completed work</p>
<p>10 - 25%</p>
K1, K2, S1, S2, S3, S4, S5
2
<p>Self-directed or group exploration</p>
<p>Projects, assignments, homework exercises</p>
<p>25 - 50%</p>
K1, K2, S1, S2, S3, S4, S5, A1, A2, A3
3
<p>Review and skills practice</p>
<p>Test(s)/examination(s)/viva(s)</p>
<p>30 - 60%</p>
K1, K2, S1, S2, S3, S4, S5
Supplementary assessment available:
Yes
Supplementary assessment information:
<p>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.</p>
FedTASK
FedTASK
Description of FedTASK outcome
Level
FedTASK 1: Interpersonal
The ability to effectively communicate, interact and work with others both individually and in groups.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 2: Leadership
The ability to apply professional skills and behaviours in leading others.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 3: Critical Thinking and Creativity
The ability to work in complexity and ambiguity using imagination to create new ideas.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 4: Digital Literacy
The ability to work fluently across a range of tools and applications to achieve a range of skills.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 5: Sustainable and Ethical Mindset
The ability to consider and assess the consequences and impact of ideas and actions in enacting ethical and sustainable decisions.
FedTASK
<p>Federation University recognises that students require key transferable employability skills to prepare them for their future workplace and society. FedTASKs (<strong>T</strong>ransferable <strong>A</strong>ttributes <strong>S</strong>kills and <strong>K</strong>nowledge) provide a targeted focus on five key, transferable Attributes, Skills, and Knowledge that are embedded within curriculum, developed gradually towards successful measures and interlinked with cross-discipline and co-operative learning opportunities.</p>
Key information
Institute / school:
Institute of Innovation, Science & Sustainability
Discipline:
Engineering
Study level:
Undergraduate
Credit points:
15
EFTSL:
0.125
Field of education:
010101 - Mathematics
Offering:
<p><strong>Semester 1</strong><p>Berwick (On Campus)</p><p>On-line Learning</p></p>
Grade scheme:
Graded (e.g. HD, D, C, etc)
Placement component:
No
Fee information:
<a href="http://www.federation.edu.au/locate/unit/maths2003">View unit fees</a>
Additional information
Add Info Static Text
Internal reference: MATHS2003 - U2.1