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MN20023: Business forecasting

[Page last updated: 23 August 2022]

Academic Year: 2022/23
Owning Department/School: School of Management
Credits: 6 [equivalent to 12 CATS credits]
Notional Study Hours: 120
Level: Intermediate (FHEQ level 5)
Period:
Semester 1
Assessment Summary: EX 100%
Assessment Detail:
  • Examination (EX 100% - Qualifying Mark: 35)
Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Requisites: Before taking this module you must take MA20228 OR ( take MN10004 AND take ES10003 ) OR take MN10564
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.

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.

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.

Programme 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-ANB07 : BSc(Hons) Business 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:

  • This unit catalogue is applicable for the 2022/23 academic year only. Students continuing their studies into 2023/24 and beyond should not assume that this unit will be available in future years in the format displayed here for 2022/23.
  • Programmes and units are subject to change in accordance with normal University procedures.
  • Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.
  • Find out more about these and other important University terms and conditions here.