Notice
As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group learning activities on campus for the second half-year, while keeping an online version available for those students unable to return or those who choose to continue their studies online.
To check the availability of face to face activities for your unit, please go to timetable viewer. To check detailed information on unit assessments visit your unit's iLearn space or consult your unit convenor.
Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor | Lecturer
Dr. Prashan Karunaratne
Contact via "Contact the Unit Convenor" link on iLearn.
4ER 243
Advertised on iLearn
Tutor
Abhay Kulkarni
Tutor
Brenton Price
Tutor
Joe Pitt
Angela Chow
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Credit points |
Credit points
10
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Prerequisites |
Prerequisites
130cp at 1000 level or above including (STAT150 or STAT1250 or STAT170 or STAT1170 or MKTG216 or MGMT2016)
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
This unit explores business forecasting by considering the planning process of the organisation, the environment in which business forecasts are made, prediction of key variables using qualitative and quantitative information, and the practical considerations of forecast implementation. Quantitative predictions will generally make use of spreadsheets and simple statistical procedures that can be easily applied in the business environment.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
It is the responsibility of students to view their marks for each within session assessment on iLearn within 20 working days of posting. If there are any discrepancies, students must contact the unit convenor immediately. Failure to do so will mean that queries received after the release of final results regarding assessment marks (not including the final exam mark) will not be addressed.
Name | Weighting | Hurdle | Due |
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Critical Thinking - Applying forecasting to problems - Two Reports | 40% | No | 28th Sep & 26th Oct |
Final Examination | 50% | No | University Exam Period |
Online quizzes | 10% | No | Week 7 & 10 |
Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 30 hours
Due: 28th Sep & 26th Oct
Weighting: 40%
Students will submit two reports, of between 500-750 words each, as well as numerical answers submitted through iLearn, addressing the presented problem/s and/or issues. Your ability to think critically will be assessed.
Assessment Type 1: Examination
Indicative Time on Task 2: 15 hours
Due: University Exam Period
Weighting: 50%
An online open book exam of 2 hours duration (plus 10 minutes reading time) will be undertaken during the University Examination period.
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: Week 7 & 10
Weighting: 10%
There will be two online quizzes that involve a range of multiple choice and/or short answer style questions. You will be making calculations and recommendations.
1 If you need help with your assignment, please contact:
2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation
Number and length of classes: 3 hoursteaching per week, consisting of 1 x 2 hour lecture and 1 x 1 hour tutorial.
Classes may be face-to-face or online depending on your choice of timetable and the prevailing public health advise due to the COVID-19 pandemic.
The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/
You do not need to buy these books. Handouts of readings that cover similar material will be distributed via iLearn.
Hanke, John E & Wichern, Dean W, (2013), Business Forecasting, (International Edition) Pearson, (9th Edition) ISBN: 9781292023007, ISBN 10: 1292023007
Also available as a Kindle book.
The library has an electronic copies where a certain number of users can access the book at the same time.
Additional readings
Hyndman, Rob J and Athanasopoulos, George (2014), Forecasting: principles and practice, OTexts Online: https://www.otexts.org/fpp/
Students will learn to use spreadsheets (MS-Excel) and MINITAB.
Time permitting, students will be given an introduction to Power BI.
The web page for this unit can be found at: iLearn http://ilearn.mq.edu.au
This unit is lecture- and tutorial-based. Typically, the class-time structure will be like this:
Lecture notes will be posted before each lecture on iLearn
Students must obtain a mark of 50 % to pass the unit.
There are no other hurdle requirements for passing the unit.
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Week/s |
Lecture Topics Covered |
Chapter(s) |
Other Information |
Week 1 |
Introduction to Forecasting in Management
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Hanke & Wichern (H & W) Ch. 1
Hyndman & Athanasopoulos (H & A) Ch. 1 |
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Week 2 |
The Forecasting Environment
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H & W Ch. 2, 3, 5 H & A Ch. 2 |
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Weeks 3 - 6 |
Introduction to Quantitative Forecasting Techniques
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H & W Ch. 4, 5 H & A Ch. 2, 7
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Incorporating Steps and Trends
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H & W Ch. 4, 5 H & A Ch. 7 |
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Exploring Seasonality
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H & W Ch. 4, 5 H & A Ch. 6, 7 |
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Weeks 7 - 9 |
Regression Models (I)
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H & W Ch. 6, 7 H & A Ch. 4, 5 |
Quiz 1 in Week 7 - see iLearn for day and time Case Study Report 1 due Monday, 28th Sepember, 11:59pm Sydney time |
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Regression Models (II)
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H & W Ch. 7, 8 H & A Ch. 4, 5, 9 |
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Week 10 |
Business Indicators
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Quiz 2 in Week 10 - see iLearn for day and time |
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Week 11 |
Judgmental Forecasting (I)
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H & W Ch. 10 H & A Ch. 3 |
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Judgmental Forecasting (II)
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H & W Ch. 10 H & A Ch. 3 |
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Week 12 |
Judgmental Forecasting and Forecast Adjustments (I)
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H & W Ch. 10 H & A Ch. 3 |
Case Study Report 2 due Monday, 26th October, 11:59pm Sydney time) |
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Judgmental Forecasting and Forecast Adjustments (II)
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H & W Ch. 10, 11 H & A Ch. 3 |
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Week 13 |
Revision
Exam Preparation
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