Forecasting for Economic Decision-Making
UndergraduateTAS-BEA3422024
Course information for 2024 intake View information for 2025 course intake
Enrolments for this course are closed, but you may have other options to start studying now. Book a consultation to learn more.
- Study method
- 100% online
- Assessments
- 100% online
- Entry requirements
- No ATAR needed, No prior study
- Duration
- 14 weeks
- Loan available
- HECS-HELP and FEE-HELP available
Forecasting for Economic Decision-Making
About this subject
Upon completion of this subject, the student should be able to:
- Demonstrate concepts in forecasting and how forecasting is used in economics and business.
- Select data and apply appropriate methods to forecast economic and business variables.
- Evaluate forecasting models in the context of their economic or business application and statistical properties.
- Use statistical software, interpret output from statistical software and effectively communicate results.
- Introduction to Forecasting
- Basic Forecasting Tools
- Measuring Forecast Accuracy
- Time-series Decomposition and Seasonal Adjustment
- Exponential Smoothing I
- Exponential Smoothing II
- Forecasting with Autoregressive Models I
- Forecasting with Autoregressive Models II
- Regression-based Forecasting I
- Regression-based Forecasting II
- Regression-based Forecasting III
- Forecast Combination
In today's rapidly changing world, the ability to make informed decisions about the future is more important than ever, and this subject offers students the essential knowledge and techniques to make informative forecasts and to succeed in decision-making activities in economics, business, government, and many other fields. Throughout the subject, students will learn various reliable forecasting techniques, including the decomposition of time series, exponential smoothing methods, ARIMA modelling and forecast combinations. These methods will be applied to real-world economic data, providing students with practical experience in analysing and interpreting economic trends. In addition to technical skills, the subject will also cover key theoretical concepts and principles that underlie forecasting. These include an understanding of successful forecasts, and the limitations and uncertainties of forecasting. This subject is particularly relevant for students in economics, finance, business, and related fields who are interested in pursuing careers in analysing data, forecasting, consulting, strategic planning, or policy making.
- Examination - Take Home (40%)
- Project Part C: Complete Project (30%)
- Project Part A: Proposal (10%)
- Project Part B: Selecting Forecasting Methods (20%)
For textbook details check your university's handbook, website or learning management system (LMS).
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Entry requirements
No entry requirements
Study load
- 0.125 EFTSL
- This is in the range of 10 to 12 hours of study each week.
Equivalent full time study load (EFTSL) is one way to calculate your study load. One (1.0) EFTSL is equivalent to a full-time study load for one year.
Find out more information on Commonwealth Loans to understand what this means to your eligibility for financial support.
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What to study next?
Once you’ve completed this subject it can be credited towards one of the following courses
Bachelor of Business (Business Analytics)
UndergraduateTAS-BBA-DEG
Bachelor of Business and Bachelor of Psychological Science
UndergraduateTAS-BPS-DEG
Bachelor of Psychological Science and Bachelor of Economics
UndergraduateTAS-PEC-DEG
Bachelor of Business and Bachelor of Economics
UndergraduateTAS-BEC-DEG
Bachelor of Business and Bachelor of Science
UndergraduateTAS-BBS-DEG
UndergraduateTAS-ECO-DEG
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