Programme/Approved Electives for 2020/21
Available as a Free Standing Elective
Completion of ECO-20042, Introduction to Econometrics
The ability to analyse quantitative information and produce and evaluatate forecasts is a highly prized skill in business and industry. This module is designed to familiarize you with a variety of methods and techniques used for forecasting economic and business data and their use in economic and business decision-making. The module will consider, in turn, applications and merits of various smoothing methods, time series decomposition, univariate time series and structural modelling forecasting methods. Methods of forecast evaluation will also be examined. The module is hands-on and students will learn how to apply the various forecasting techniques using real data. The module will develop further IT skills associated with the use of Stata and other software packages.
Aim of this module is to familiarize students with a variety of techniques in economic and business forecasting and to undertake independent study leading to the production, interpretation and evaluation of forecasts.
Intended Learning Outcomes
work independently, deploying judgement in the appropriate choice of forecasting technique and data analysis: 1critically appraise and evaluate economic and business forecasts: 1communicate and explain for a variety of audiences the key features of various forecasting techniques and their associated predictions: 1produce a forecast and draw inference in relation to economic and business decisions: 1collate and constructively integrate quantitative and qualitative information about real world economic and business activities in a report: 1analyse data and produce forecasts for economic and business data using a variety of time series techniques: 1
16 hours lectures8 hours supervised computer lab sessions126 hours project-based independent study
1: Report weighted 100%
Description of Module Assessment
3000-word forecasting reportA 3000-word report detailing three forecasts and forecast evaluations.