Was skeptical that a video could explain it well but this one actually does, and it says pretty much what my understanding of the system is. Will probably steal this the next time someone asks regarding this. Which will probably be within the next day... >_>
Hmm, from the discussion here
Re: Guide to how Study Scores and ATARs are calculated! From what I can gather so far, I think the explanation in the video works for the students that are rank 1, the upper quartile position, the median position and the lower quartile position, but other than at those positions that your raw marks do matter since they try to keep the intervals between raw scores and moderated scores the same.
But yeah the video does get the ideas across very well. What he says about cohorts having to collaborate and help each other out is very true.
Mainly going by these two quotes from
http://www.vcaa.vic.edu.au/Documents/statmod2010.pdf "the intervals between students on the moderated assessment scale reflect the intervals between them on the raw School-assessed Coursework scale" and "the highest achievement, the upper quartile, the median and the lower quartile. These scores are used as fixed points for aligning the two scales"
Looks like he has another video for explaining how VTAC scales study scores.
http://www.youtube.com/watch?v=EMkwzGyGpv8 I didn't watch the whole thing, but I also agree with the conclusion that you should just pick subjects you enjoy.
edit:
Just as a suggestion, if he is able to access the information, I wonder if he could make a video that explains the calculation of the External Score more in depth, like how and when the GAT contributes statistically, in respect to the examination score
There's some information on how they use the GAT for statistical moderation here:
http://www.vcaa.vic.edu.au/Pages/vce/exams/gat/relates.aspx