Online Microcredential

Predictive Modelling in Business and Economics

Discover optimal predictive models to help you solve common business problems and make better day-to-day business decisions.

Created by

Deakin UniversityDeakin University

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Gain critical decision-making skills to use in business and economics

There is a rising demand for evidence-based decision-making in business and economics using newly available data and modern quantitative methods, including predictive modelling.

On this six-week microcredential, you’ll uplift your skills to draw data-driven business and economic insights in your decision-making.

No matter what type of decision-maker you are in your organisation – from manager and consultant to public servant and research analyst – this microcredential will enable you to develop optimal predictive models for common business problems. You’ll then learn how to translate these models into informed day-to-day business decisions.

The focus will be on consumer purchase and subscription decisions, credit scoring and loan approvals, back-order prediction for inventory management, and price predictions.

Learn how to identify and evaluate predictive models

Declining market shares or frequent inaccurate predictions impose challenges on firms and organisations in a routine business context. Predictive modelling can help you with making economic projections on key parameters such as demand, price, and inventory and then translate those models to meaningful day-to-day decisions.

You’ll learn how to identify and evaluate optimal predictive models to improve your economic and business decision-making and achieve your organisation’s outcomes.

Discover the importance of data preparation

You’ll understand why it is important to prepare data for predictive modelling in economics.

You’ll be guided through the initial steps of preparing data and then gain an introduction to software to help you effectively prepare data for predictive modelling.

You’ll also explore what could potentially go wrong with predictive modelling to understand how to overcome these challenges within your organisation.

Unpack the decision tree model

You’ll delve into decision trees to help you aid group discussions and explore every potential output for a specific input.

You’ll also start to evaluate models including binary prediction models and multinomial prediction models to understand how to choose a model for your needs.

Learn from the experts at Deakin University

Throughout the microcredential, you’ll be guided by the specialists at Deakin University. With their expertise, you’ll finish with the skills and knowledge to thrive as a decision-maker in your organisation.

How will I be assessed on this microcredential?

This assessment requires you to produce a 2000-word business report for decision-making to be submitted to a CEO.

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What you will achieve

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

  • Recognise predictive modelling opportunities and potential benefits in various business and economics domains
  • Pose an appropriate business and economics problem for predictive modelling and pre-process raw business data into a modelling-friendly format
  • Identify popular tree and ensemble-based predictive models and their comparative performance evaluation
  • Propose and evaluate practical predictive modelling-based solutions for a given business and economics problem using a state-of-the-art cloud-based technology platform

Are you eligible for this microcredential?

This microcredential is for learners with some economics background as well as those interested in predictive modelling without an economics background.

Is this microcredential right for you?

This microcredential aims to assist professionals, managers, consultants, public servants, research analysts, and other decision-makers with uplifting their skills to draw data-driven business and economic insights in their decision-making.

Syllabus

What happens before, during, and after your microcredential

  • Before learning

    Before starting the microcredential, you’ll have access to the welcome area to introduce yourself to other learners. This will also give you an opportunity to familiarise yourself with the microcredential structure and course materials.

  • Course

    From 23 Jan 2023

    Predictive Modelling in Business and Economics

    This microcredential introduces you to optimal predictive models for common business problems and day-to-day business decisions.

    6 weeks

    10 hours per week

  • After learning

    Upon successful completion, you’ll receive a statement of completion from FutureLearn and a digital certificate from Deakin University.

What you will receive

0.5 Deakin Credits AQF at Postgraduate level from Deakin University

This microcredential has been developed by Deakin University at an AQF9 (Masters level) standard and provides Credit into a range of degrees. This credential is worth half a point of academic credit, equal to half a unit of postgraduate study.

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

A Digital Certificate and a Deakin badge through Credly from Deakin University

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



Learn more about this organisation

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.

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

Want to know more about learning on FutureLearn? Using FutureLearn

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They bring the classroom right to you

"FutureLearn courses are always interesting and informative. They bring the classroom right to you and send you on a journey to explore new ideas and offer interesting topics."

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 9 Mar 2023 at 23:59This microcredential started 23 Jan 2023

Not ready to join yet? Register to find out more

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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.

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