Entreprenuerial Business Forecasting

1. Understand the principles of business forecasting
2. Apply various forecasting methods to real-world scenarios
3. Analyze the limitations of forecasting techniques
4. Monitor and control forecast accuracy
5. Forecast profits and materials for entrepreneurial ventures

13 weeks, about 46 hours in total. Yours will differ.

1. Week 1Module 1: Introduction to Business Forecasting

   • Unit 1: Definition of Business Forecasting · 2 hours

     Define business forecasting and its components. Differentiate between forecasting and budgeting. Identify factors affecting forecasting accuracy.

   • Unit 2: Determinant of Business Forecast · 2 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.

2. Week 2Module 2: Demand and Importance of Forecasting

   • Unit 3: Demand Forecast for New Products · 2 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 hours

     Discuss the importance of business forecasting in resource allocation. Explain the elements of business forecasting. Identify criteria for a good forecasting method.

3. Week 3Module 3: Principles and Limitations

   • Unit 5: Limitations to Business Forecasting · 2 hours

     Identify limitations to business forecasting. Analyze factors affecting forecasting systems. Suggest ways to make forecasting more effective.

   • Unit 6: Principles of Forecasting · 2 hours

     Discuss the principles of forecasting. Explain guiding principles on market demand forecasting. Select suitable business forecasting techniques.

4. Week 4Module 4: Forecasting Process

   • Unit 7: Assumptions of Forecasting · 2 hours

     Discuss the assumptions of forecasting. Explain the features of business forecasting.

   • Unit 8: Steps in Forecasting · 2 hours

     Describe the steps involved in forecasting.

5. Week 5Module 5: Types and Classification

   • Unit 9: Classification and Purposes of Forecast · 3 hours

     Classify different types of forecasts. Explain the purposes of forecasting.

6. Week 6Module 5: Types and Classification

   • Unit 10: Types of Forecasts · 3 hours

     Differentiate between quantitative and qualitative forecasting methods.

7. Week 7Module 6: Forecasting Methods

   • Unit 11: Methods of Forecasting · 3 hours

     Describe the methods of forecasting. Explain the time series forecasting method. Apply the moving average method.

8. Week 8Module 6: Forecasting Methods

   • Unit 12: Methods of Smoothing / Weighted Moving Average · 3 hours

     Apply exponential smoothing and weighted moving average methods. Analyze trend lines. Apply the least-squares method.

9. Week 9Module 7: Computer Applications

   • Unit 13: Computer applications to Business Forecasting · 3 hours

     Discuss computer applications in business forecasting. Explain the needs and uses of forecasts.

10. Week 10Module 8: Monitoring and Control

    • Unit 14: Monitoring and Controlling Forecast · 3 hours

      Explain how to monitor and control forecasts.

11. Week 11Module 9: Profit Forecasting

    • Unit 15: Profit Forecasting · 3 hours

      Define profit forecasting. Explain methods of profit forecasting.

12. Week 12Module 10: Material Forecasting

    • Unit 16: Material Forecasting · 3 hours

      Define material forecasting. Discuss approaches to material forecasting. Compare non-statistical and statistical approaches.

13. Week 13Final Revision

    • Final Revision · 6 hours

      Review all units and prepare for assignments and tutor-marked assessments.