Skip to main content
NounStudy
Back to Course Catalog
ENT330Management Sciences2 Unitsintermediate

Business Forecasting

This course introduces the principles and techniques of business forecasting. It covers various forecasting methods, including quantitative and qualitative approaches, time series analysis, and regression models. Students will learn to apply these methods to predict future business trends, monitor forecast accuracy, and make informed decisions. The course also explores the use of computer applications in forecasting and profit forecasting.

Take a Practice TestGenerate AI Study Notes

Take a practice test or generate AI study notes to help you excel in this course.

48h
Study Time
13
Weeks
4h
Per Week
intermediate
Math Level
Course Keywords
Business ForecastingTime Series AnalysisRegression ModelsQualitative ForecastingProfit Forecasting

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📊
Math Level
Moderate Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Definition of Forecasting

2

Determinants of Business Forecasts

3

Importance of Business Forecasting

4

Principles of Forecasting

5

Types of Forecasts

6

Methods of Forecasting

7

Computer Applications in Forecasting

8

Profit Forecasting

9

Material Forecasting

Total Topics9 topics

Requirements

Knowledge and skills recommended for success

Basic Statistics

Principles of Management

💡 Don't have all requirements? Don't worry! Many students successfully complete this course with basic preparation and dedication.

Assessment Methods

How your progress will be evaluated (3 methods)

Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Tutor-Marked Assessments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Business Analyst

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Market Research Analyst

Apply your skills in this growing field

Operations Manager

Apply your skills in this growing field

Supply Chain Manager

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

FinanceMarketingOperationsSupply ChainRetail

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Introduction

1.5h

Unit 1: Definition of Forecasting

1.5 study hours
  • •Read Unit 1: Definition of Business, Forecasting, and Business Forecasting.
  • •Understand the relationship between business and forecasting.
  • •Complete Tutor-Marked Assignment 1.
Week
2

Module 1: Introduction

1.5h

Unit 2: Determinant of Business Forecasts

1.5 study hours
  • •Study Unit 2: Determinants of business forecasts (internal factors).
  • •Understand the three basic factors influencing demand forecast.
  • •Complete Tutor-Marked Assignment 2.
Week
3

Module 1: Introduction

2h

Unit 3: Determinants of Forecast (External Factors)

2 study hours
  • •Read Unit 3: Determinants of Forecasting (External Factors).
  • •Understand external factors affecting forecasting.
  • •Study forecasting demand for new products.
  • •Complete Tutor-Marked Assignment 3.
Week
4

Module 1: Introduction

1.5h

Unit 4: Importance of Business Forecasting

1.5 study hours
  • •Study Unit 4: Importance of Business Forecasting.
  • •Understand the criteria of a good forecasting method.
  • •Complete Tutor-Marked Assignment 4.
Week
5

Module 1: Introduction

1.5h

Unit 5: Limitations to Business Forecasting

1.5 study hours
  • •Read Unit 5: Limitations to Business Forecasting.
  • •Understand factors affecting the forecasting system.
  • •Complete Tutor-Marked Assignment 5.
Week
6

Module 2:

1.5h

Unit 6: Principles of Forecasting

1.5 study hours
  • •Study Unit 6: Principles of Forecasting.
  • •Understand guiding principles on market demand forecasting.
  • •Complete Tutor-Marked Assignment 6.
Week
7

Module 2:

1.5h

Unit 7: Assumptions of Forecasting

1.5 study hours
  • •Read Unit 7: Assumptions of Forecasting.
  • •Understand the basic tools and techniques of forecasting.
  • •Complete Tutor-Marked Assignment 7.
Week
8

Module 2:

1.5h

Unit 8: Steps in Forecasting

1.5 study hours
  • •Study Unit 8: Steps in Forecasting.
  • •Understand the logical steps in initiating and implementing a forecasting system.
  • •Complete Tutor-Marked Assignment 8.
Week
9

Module 2:

1.5h

Unit 9: Classification and Purposes of Forecast

1.5 study hours
  • •Read Unit 9: Classification and Purposes of Forecast.
  • •Distinguish the major classifications of business forecasting.
  • •Understand varying purposes of business forecasting.
  • •Complete Tutor-Marked Assignment 9.
Week
10

Module 3:

1.5h

Unit 10: Types of Forecasts

1.5 study hours
  • •Study Unit 10: Types of Forecasts.
  • •Understand quantitative and qualitative forecasting methods.
  • •Complete Tutor-Marked Assignment 10.
Week
11

Module 3:

4h

Unit 11: Methods of Forecasting

2 study hours
  • •Read Unit 11: Methods of Forecasting.
  • •Understand Time Series Forecasting Method and Moving Average Method.
  • •Complete Tutor-Marked Assignment 11.

Unit 12: Methods of Forecasting-Exponential Smoothing / Weighted Moving Average

2 study hours
  • •Study Unit 12: Methods of Forecasting - Exponential Smoothing / Weighted Moving Average.
  • •Understand Trend Lines and Least-squares method.
  • •Complete Tutor-Marked Assignment 12.
Week
12

Module 4:

3h

Unit 13: Computer applications to Business Forecasting

1.5 study hours
  • •Study Unit 13: Computer applications to Business Forecasting.
  • •Understand the needs and uses of forecast.
  • •Complete Tutor-Marked Assignment 13.

Unit 14: Monitoring and Controlling Forecast

1.5 study hours
  • •Read Unit 14: Monitoring and Controlling Forecast.
  • •Understand the tracking signal of forecast.
  • •Complete Tutor-Marked Assignment 14.
Week
13

Module 4:

3h

Unit 15: Profit Forecasting

1.5 study hours
  • •Study Unit 15: Profit Forecasting.
  • •Understand the three approaches of profit forecast.
  • •Complete Tutor-Marked Assignment 15.

Unit 16: Material Forecasting

1.5 study hours
  • •Read Unit 16: Material Forecasting.
  • •Understand the methodology of material forecasting.
  • •Define the key advantages and disadvantages of material forecasting.
  • •Complete Tutor-Marked Assignment 16.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

Access PDF Material

Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all Tutor-Marked Assignments (TMAs) and their solutions.

2

Focus on understanding the different forecasting methods and their applications.

3

Practice numerical problems related to time series analysis and regression models.

4

Create concept maps linking Units 1-5 introduction concepts.

5

Pay special attention to Units 11 and 12 on forecasting methods, and practice applying the formulas.

6

Understand the advantages and disadvantages of each forecasting method.

7

Review the role of computer applications in forecasting (Unit 13).

8

Focus on the key variables in economic environment that affect profit (Unit 15).

9

Understand the importance of monitoring and controlling forecasts (Unit 14).

10

Allocate time to understand the advantages and disadvantages of material forecasting (Unit 16).

Related Courses

Other courses in Management Sciences that complement your learning

ACC312

Intermediate Financial Accounting Ii

3 Units
ENT313

Corporate Planning

2 Units
CRD332

Micro-Credit Policy & Institutions

2 Units
View All Management Sciences Courses