3.00 Credits
This course is designed to prepare business professionals to utilize advanced forecasting tools that are commonly used in industry and in the process to deepen their understanding of the role that such forecasting can play in business decision making. Firms continually need to make predictions about future events, including costs, sales, price movements, cash flows, asset values, and even general macroeconomic outcomes that can affect the business environment. Such predictions are regularly used to plan production, allocate resources, set budgets, determine staffing needs, and address many other things of concern to the firm. Making use of a variety of statistical modeling techniques, this course will enable the proper examination of relationships among various pieces of information that a firm has access to and make use of those relationships to project future outcomes for variables of interest. This will include developing the ability to evaluate forecast accuracy through the use of confidence ranges and a variety of statistical tests, as well as learning additional procedures to help increase that accuracy.
Prerequisite:
ECO 371 requires prerequisites of ECO 351 and a minimum 2.50 cumulative GPA.