Forecasting in Business and Economics

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.