Provide an understanding of common statistical methods used in business and economic forecasting

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Provide an understanding of common statistical methods used in business and economic forecasting

ETC2450 - Applied forecasting for business and economics

Synopsis

Reliable forecasts of business and economic variables must often be obtained against a backdrop of structural change in markets and the 

economy. This unit provides a practical introduction to methods suitable for forecasting in these circumstances including the classical 

decomposition of time series, exponential smoothing, Box-Jenkins ARIMA modelling, and regression with auto-correlated disturbances. 

It also provides an introduction to applied multiple regression analysis. Students can expect to enhance their computer skills with

exercises using advanced features of Microsoft Excel and an econometrics package.

Objectives

The learning goals associated with this unit are to:


• provide an understanding of common statistical methods used in business and economic forecasting



• develop computer skills for forecasting from business and economics time series data



• provide insights into the problems of implementing and operating large scale forecasting systems for use in production and

services management.