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ENT807Management Sciences2 Unitsintermediate

Entreprenuerial Business Forecasting

This course introduces the concept of business forecasting and its importance in entrepreneurial ventures. It covers various forecasting methods, including quantitative and qualitative approaches, time series analysis, and exponential smoothing. The course also explores the limitations of forecasting, the factors affecting forecasting systems, and the steps involved in creating effective forecasts. Students will learn how to monitor and control forecasts, forecast profits and materials, and apply computer applications to business forecasting.

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48h
Study Time
13
Weeks
4h
Per Week
intermediate
Math Level
Course Keywords
Business ForecastingDemand ForecastingProfit ForecastingMaterial ForecastingForecasting Methods

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

Business Forecasting

2

Demand Forecasting

3

Forecasting Methods

4

Time Series Analysis

5

Exponential Smoothing

6

Profit Forecasting

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

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

Supply Chain Manager

Apply your skills in this growing field

Operations Manager

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

RetailManufacturingFinanceSupply ChainMarketing

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Introduction to Business Forecasting

4h

Unit 1: Definition of Business Forecasting

2 study hours
  • •Define business forecasting and its components
  • •Differentiate between forecasting and budgeting
  • •Identify factors affecting forecasting accuracy

Unit 2: Determinant of Business Forecast

2 study hours
  • •Discuss the relationship between forecasting, planning, and goals
  • •Identify internal and external factors influencing business forecasts
  • •Analyze factors influencing demand for goods and services
Week
2

Module 2: Demand and Importance of Forecasting

4h

Unit 3: Demand Forecast for New Products

2 study hours
  • •Explain the significance of demand forecasting for new products
  • •Discuss types of demand forecasting
  • •Analyze factors influencing the customer demand life cycle

Unit 4: Importance of Business Forecasting

2 study hours
  • •Discuss the importance of business forecasting in resource allocation
  • •Explain the elements of business forecasting
  • •Identify criteria for a good forecasting method
Week
3

Module 3: Principles and Limitations

4h

Unit 5: Limitations to Business Forecasting

2 study hours
  • •Identify limitations to business forecasting
  • •Analyze factors affecting forecasting systems
  • •Suggest ways to make forecasting more effective

Unit 6: Principles of Forecasting

2 study hours
  • •Discuss the principles of forecasting
  • •Explain guiding principles on market demand forecasting
  • •Select suitable business forecasting techniques
Week
4

Module 4: Forecasting Process

4h

Unit 7: Assumptions of Forecasting

2 study hours
  • •Discuss the assumptions of forecasting
  • •Explain the features of business forecasting

Unit 8: Steps in Forecasting

2 study hours
  • •Describe the steps involved in forecasting
Week
5

Module 5: Types and Classification

3h

Unit 9: Classification and Purposes of Forecast

3 study hours
  • •Classify different types of forecasts
  • •Explain the purposes of forecasting
Week
6

Module 5: Types and Classification

3h

Unit 10: Types of Forecasts

3 study hours
  • •Differentiate between quantitative and qualitative forecasting methods
Week
7

Module 6: Forecasting Methods

3h

Unit 11: Methods of Forecasting

3 study hours
  • •Describe the methods of forecasting
  • •Explain the time series forecasting method
  • •Apply the moving average method
Week
8

Module 6: Forecasting Methods

3h

Unit 12: Methods of Smoothing / Weighted Moving Average

3 study hours
  • •Apply exponential smoothing and weighted moving average methods
  • •Analyze trend lines
  • •Apply the least-squares method
Week
9

Module 7: Computer Applications

3h

Unit 13: Computer applications to Business Forecasting

3 study hours
  • •Discuss computer applications in business forecasting
  • •Explain the needs and uses of forecasts
Week
10

Module 8: Monitoring and Control

3h

Unit 14: Monitoring and Controlling Forecast

3 study hours
  • •Explain how to monitor and control forecasts
Week
11

Module 9: Profit Forecasting

3h

Unit 15: Profit Forecasting

3 study hours
  • •Define profit forecasting
  • •Explain methods of profit forecasting
Week
12

Module 10: Material Forecasting

3h

Unit 16: Material Forecasting

3 study hours
  • •Define material forecasting
  • •Discuss approaches to material forecasting
  • •Compare non-statistical and statistical approaches
Week
13

Final Revision

6h

Final Revision

6 study hours
  • •Review all units and prepare for assignments and tutor-marked assessments

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.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create a study schedule allocating specific time slots for each unit

2

Practice applying different forecasting methods to sample datasets

3

Review key formulas and concepts from Units 7-12

4

Focus on understanding the assumptions and limitations of each forecasting technique

5

Work through past TMA questions and assignments to identify areas for improvement

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