MSIM3103 - Business Forecasting
|Year of Study:||3|
|Prerequisites:||AMS1303 Probability and Statistics|
This module is designed to introduce students to a variety of statistical forecasting methods for the analysis and interpretation of time series data in different functional areas of business. It also develops students’ competence in using these forecasting methods and software packages to perform empirical data analysis and computer modelling as well as to report results to aid business decision making. Students learn how to use appropriate techniques in real world forecasting applications.
Upon completion of this module, students should be able to:
- use a variety of time-series techniques including various smoothing methods, moving averages, regression analysis, classical time-series decomposition methods, and Box-Jenkins (ARIMA) models;
- build forecasting models, produce forecasts, and evaluate the reliability of the forecasts generated;
- interpret and report forecast findings to aid business decision making; and
- use software packages such as SPSS and Excel for empirical analysis.