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MN20023: Business forecasting

Follow this link for further information on academic years Academic Year: 2018/9
Further information on owning departmentsOwning Department/School: School of Management
Further information on credits Credits: 6      [equivalent to 12 CATS credits]
Further information on notional study hours Notional Study Hours: 120
Further information on unit levels Level: Intermediate (FHEQ level 5)
Further information on teaching periods Period:
Semester 1
Further information on unit assessment Assessment Summary: CW 40%, EX 60%
Further information on unit assessment Assessment Detail:
  • Coursework (CW 40% - Qualifying Mark: 35)
  • Examination (EX 60% - Qualifying Mark: 35)
Further information on supplementary assessment Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Further information on requisites Requisites: Before taking this module you must take MA20228 OR ( take MN10004 AND take ES10003 ) OR take MN10564
Further information on descriptions Description: Aims:
Almost all organisations use forecasts as necessary ingredients for decision making. The main objective of this course is to introduce students to the various forecasting techniques most commonly used in a business context and methods by which these techniques can be evaluated.

Learning Outcomes:
At the end of the course students will be able to:
* understand the role of forecasting in organisations;
* identify appropriate forecasting methods for particular problems;
* apply, and evaluate the performance of, these forecasting methods;
* evaluate the role of management judgment in forecasting processes and apply methods to improve its effectiveness.

Skills:
Key
* an openness and capacity to continue learning with the ability to reflect on earlier knowledge and practice and integrate the new with past experience and effectively apply it to the present situations. F
Intellectual
* evaluate forecasting processes and methods T, A
Practical
* use information technology effectively for applying forecasting methods T,A
Professional
* deal with complex issues and make sound judgements in the absence of complete information, and to communicate their conclusions clearly and competently to a range of audiences. F

Content:

* The role of forecasting in organisations,
* Stages in the forecasting task
* Measuring bias and accuracy
* Time series analysis
* Univariate methods, including exponential smoothing, Holt's and the Holt Winter's method;
* Explanatory methods: bivariate and multiple regression;
* The role of management judgment in forecasting: heuristics, biases and improvement strategies, The Delphi method.
Further information on programme availabilityProgramme availability:

MN20023 is Optional on the following programmes:

School of Management
  • UMMN-AFB02 : BSc(Hons) Accounting and Finance (Year 2)
  • UMMN-AKB02 : BSc(Hons) Accounting and Finance with Year long work placement (Year 2)
  • UMMN-ANB01 : BSc(Hons) Business Administration with Thin sandwich placement(s) (Year 3)
  • UMMN-AYB06 : BSc(Hons) International Management with Year Abroad (Year 2)
  • UMMN-AFB04 : BSc(Hons) Management (Year 2)
  • UMMN-AKB04 : BSc(Hons) Management with Year long work placement (Year 2)
  • UMMN-AKB05 : BSc(Hons) Management with Marketing with Year long work placement (Year 2)

Notes: