OPIM-574 Business Forecasting
Spring for 2016-2017
The reason that businesses forecast is to aid the process of planning. Why plan? Planning enables you to
modify your actions in response to potential challenges and opportunities. If a forecast does not have the potential to change your actions, it is useless. If you do not respond to change your business probably will not survive very long. If we accept the premise that forecasting is vital to a business, how should we carry out the task? We must first recognize that there is no such thing as a universal best method, although many researchers have attempted to find this philosopher’s stone.
Forecasting, can be defined as, is estimating how the sequence of observations will continue into the
future and Time series is all about predicting future values of Y given past values of Y and predictors.
The course will focus primarily upon quantitative methods for forecasting, ranging from purely
extrapolative approaches to causal modeling.
Prerequisites: MBA 2nd Years/EP 3rd Years Only
Other academic years
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