Forecasting Models
Course Name:
Forecasting Models (SM855)
Programme:
MBA
Semester:
Third
Fourth
Category:
Elective Courses (Ele)
Elective Courses (Ele) Group 5: Analytics
Credits (L-T-P):
(3-0-0) 3
Content:
Elements/properties of a good forecast; Steps in the forecasting process; Approaches to forecasting - qualitative and quantitative; Judgemental forecasting- Executive opinions, sales force opinions, consumer surveys, Delphi method; Time series forecasting- identifying trends, seasonality and cycles; Moving averages and exponential smoothing; Specific techniques for long trends; Techniques for seasonality- seasonal relatives; Associative forecasting techniques- bivariate and multivariate regression models; Forecast accuracy- MAD, MSE, MAPE.
References:
1. Hanke, J.E. and Wichern, D., Business Forecasting, Ninth Edition, Pearson, 2015.
2. Chase Jr., C. W., Demand-Driven Forecasting: A Structured Approach to Forecasting, John Wiley and Sons, Second Edition, 2013.
3. Stevenson, W. J., Operations Management, Ninth Edition, Tata McGraw Hill, New Delhi, 2009.
4. Makridakis, S., Hyndman, R.J. and Wheelwright, S.C., Forecasting Methods and Applications, Third Edition, Wiley, 2008.
5. Chatfield, C. Time Series Forecasting, CRC, 2000.
Department:
Humanities, Social Sciences and Management
