Online Microcredential in Business & Management

Forecasting in Business and Economics

Master the tools and methods of time series forecasting to predict and analyse trends in business and economic contexts.

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Deakin UniversityDeakin University

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Enrolment closes soon! Join by 10 Mar 2024 at 00:00

Take a deep dive into forecasting with Deakin University

Forecasting uses historical data to make informed predictions about the future. It can be used for an almost infinite number of purposes within business and economics: to study interest rates or unemployment, to determine supply and demand, for inventory or pricing – the list goes on.

On this six-week microcredential from Deakin University, you’ll take a deep dive into time series forecasting. Building on practical case studies while using state-of-the-art technology, you’ll learn how to spot opportunities for forecasting and deploy different methods, depending on the data.

Learn how to manipulate datasets using forecasting software

After an introduction to the fundamental principles of forecasting, you’ll get stuck into navigating data sets and time series. You’ll gain hands-on experience of data analysis using data drawn from the real world.

BigML is a user-friendly machine learning software with a time series function designed specifically for the purpose of forecasting. With the help of your course leaders – all experienced users of BigML – you’ll learn how to harness the software to simplify your analysis.

Understand forecasting models and exponential smoothing

In Weeks 3 and 4 of the course, you’ll explore a range of different forecasting models. You’ll learn to differentiate between additive and multiplicative models, while gaining an understanding of simple, double, and triple exponential smoothing.

You’ll also be trained to evaluate these different techniques, and determine the quality of the results they obtain.

Put forecasting into practice in business and economics

Once you’ve got to grips with the tools and methods of forecasting, you’ll learn how it can be applied in business and economic contexts. Drawing on a range of case studies from Australia and around the world, you’ll explore how different forecasting models have been used to derive specific insights.

By the end of the course, you’ll be an expert in time series analysis and an experienced user of BigML, with an understanding of how forecasting can be harnessed to make good business and economic decisions.

How will this microcredential help in my career?

This microcredential will equip you with specialist skills and knowledge that you can apply in a wide range of careers across all sectors of business, finance, or economics. You’ll also gain hands-on experience of analysing data sets, navigating a cloud-based technology platform, and selecting and applying forecasting models. These are all transferable skills that will help unlock positions in data analysis, government, or commercial leadership.

Whether you are interested in working in the public or the private sector, understanding the fundamentals of forecasting will enable you to make better and more informed decisions on behalf of your organisation.

How will I be assessed?

At the end of the course, you’ll need to submit a 2,000-word business report. This will involve carrying out a forecasting analysis using the BigML software, and drawing on that analysis to make a decision in a business or economics-related area of your choice.

Will I receive university credits?

Upon successful completion of the written assessment, you will be awarded 0.5 Postgraduate Level Credits from Deakin University.

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What skills will you learn?

  • Forecasting
  • Data analysis
  • Modelling
  • Exponential smoothing
  • Model selection
  • Performance evaluation
  • BigML
  • Manipulating data sets
  • Using machine learning technology

What you will achieve

By the end of the microcredential, you’ll be able to...

  • Recognise forecasting opportunities and potential benefits in various business and economics contexts.
  • Identify level, trend, seasonality, and error components of a time series and distinguish between additive and multiplicative forecasting models.
  • Differentiate popular forecasting models based on simple/ double/ triple exponential smoothing techniques and carry out their comparative performance evaluation.
  • Propose and evaluate practical solutions for a given business and economics forecasting problem using a state-of-the-art cloud-based technology platform.

Are you eligible for this microcredential?

No particular skills or experience are required to be eligible for this microcredential, although you should have an understanding of basic economic principles and an interest in using forecasting to derive data-driven insights.

Is this microcredential right for you?

This microcredential is designed for early to mid-career professionals with at least one year of experience in a business or economics-related role, as well as a keen interest in data analysis and forecasting.

The course will be relevant to a wide variety of occupations, including executives, economists, engineers, civil servants, data analysts, and researchers.

Syllabus

What happens before, during, and after your microcredential

  • Before learning

    You’ll be given access to the course welcome area so that you can introduce yourself, meet other learners, and familiarise yourself with the microcredential structure and course materials.

  • Course

    From 8 May 2023

    Forecasting in Business and Economics

    This microcredential introduces you to optimal forecasting models for common business problems and decisions.

    6 weeks

    10 hours per week

  • After learning

    You’ll receive a statement of completion from FutureLearn and a digital certificate from Deakin University.

What you will receive

0.5 Deakin Credit Points at Postgraduate level from Deakin University

You’ll receive a digital Credly badge worth 0.5 postgraduate level credits. With these credits, you can build towards a degree from Deakin University.

Find out how credits work and where you can use them in our FAQs.

A Digital Badge from Deakin University and Credly

image ⬅️ Click this image to see more information about the digital badge you will receive upon successful completion, validated by Credly.



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Additional benefits

Complete your course within 6 weeks, including the assessment, or take extra time and use the regular assessment submission windows to complete within 20–26 weeks of your enrolment.

What is a microcredential?

Microcredentials are designed to upskill you for work in rapidly-growing industries, without the time and cost commitment of a full degree. Your microcredential can stand alone as an independent credential, and some also offer academic credit to use towards a degree.

Learn online with expert instructors

Complete online courses led by experts over multiple weeks with a dedicated group of professionals.

Complete project-based assessments

Test your understanding with online tutor-marked assessments and exercises.

Earn a professional credential

Finish your learning and pass your assessments to gain an accredited credential.

Advance further in your career

Use your microcredential as evidence of your specialised skills and progress further in your industry.

Career-focused learning by Deakin University

Deakin University is one of Australia’s largest universities with more than 61,000 students and over 15,000 online.

  • Established

    1974
  • Location

    Melbourne, Australia
  • World ranking

    Top 280Source: QS World University Rankings 2021

Delivered by experts

Dr. David Akman has more than two decades of industrial, consulting, teaching, and research expertise across all areas of data science & analytics.

Mehmet Ulubasoglu is a Professor of Economics in the Department of Economics at Deakin Business School. Mehmet is currently the Head of the Department of Economics.

Hemant Pullabhotla is a Lecturer of Economics in the Department of Economics, Deakin Business School.

Dr. Shuddha is Senior Lecturer at Deakin Business School. He specialises in sustainability issues relevant to energy, environment & climate change.

Learning on FutureLearn

Your learning, your rules

  • Courses are split into weeks, activities, and steps to help you keep track of your learning
  • Learn through a mix of bite-sized videos, long- and short-form articles, audio, and practical activities
  • Stay motivated by using the Progress page to keep track of your step completion and assessment scores

Join a global classroom

  • Experience the power of social learning, and get inspired by an international network of learners
  • Share ideas with your peers and course educators on every step of the course
  • Join the conversation by reading, @ing, liking, bookmarking, and replying to comments from others

Map your progress

  • As you work through the course, use notifications and the Progress page to guide your learning
  • Whenever you’re ready, mark each step as complete, you’re in control
  • Complete 90% of course steps and all of the assessments to earn your certificate

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When would you like to start?

We aim to run our microcredentials every few months. Join on the date that suits you or register to hear about future runs and updates.

  • Join by 10 Mar 2024 at 00:00This microcredential started 8 May 2023

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FAQ

We can accept payments made by card (Visa, Mastercard and American Express) or PayPal via our online system.

You will have 14 days from the day the course starts to apply for a refund. If this Microcredential has any non-refundable costs they will be stated in the ‘Overview’ section above. You can find more information in our cancellation and refund policy.

Microcredentials are designed to fit around your life and timezone.

There may be live events as part of your studies, but these will be recorded and can be watched afterwards if you aren’t online for the live broadcast.

No, microcredentials are designed to be taken anywhere in the world. You won’t need the right to study in the country where the university offering the microcredential is based.

You can use your credits from this course to build towards one of a range of degrees from Deakin University.

As there is no standard for credit in Australia, this credential equates to half a point of academic credit, equal to half a unit of postgraduate study.

Want to know more? Read the microcredential FAQs, or contact us.