ETC3550 Applied forecasting
Faculty of Business and Economics
ETC3550 Applied forecasting is a level 3, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2023 in Semester 1 at Clayton. It needs ETF2100, ETC2410, ETF2121, ETC2420, ETW2510, ETC3440 or ETC2560 and unlocks 4 units.
- Credit points
- 6
- Offered in 2023
- Semester 1
- Clayton
- Assessment
- Exam 60%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2023 handbook entry. See the 2027 entry.
Reviews
No reviews yetNo reviews yet. Be the first to review ETC3550.
Requisites
Before ETC3550
Prerequisites
Pass these before you enrol.
- ETF2100Introductory econometricsNo reviews yet
- ETC2410Introductory econometricsNo reviews yet
- ETF2121Data analysis in businessNo reviews yet
- ETC2420Statistical thinkingNo reviews yet
- ETW2510Introduction to econometricsNo reviews yet
- ETC3440Introductory econometricsNo reviews yet
- ETC2560Statistical modelling for actuarial studiesNo reviews yet
Prohibitions
You can't enrol if you have passed any of these.
After ETC3550
4 units list ETC3550 as a prerequisite or corequisite.
Enrolment rules
To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 Higher level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.
Equivalent units
The same content under another code. Only one of them counts.
Overview
Reliable forecasts of business and economic variables must often be obtained against a backdrop of structural change in markets and the economy. This unit introduces methods suitable for forecasting in these circumstances including the decomposition of time series, exponential smoothing methods, ARIMA modelling, and regression with auto-correlated disturbances. You can expect to enhance your computer skills with exercises using R.
Offerings in 2023
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Clayton | On campus |
Assessment
- Within semester assessment40%
- ExaminationThreshold hurdle60%
Learning outcomes
When you finish this unit, you should be able to:
- 1
understand common statistical methods used in business and economic forecasting
- 2
develop computer skills for forecasting business and economics time series data
- 3
provide insights into the problems of implementing and operating large scale forecasting systems.
Workload and teaching
- Lectures24 hours
- Tutorials18 hours
- Teaching approachActive learning
- Teaching approachProblem-based learning
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
This unit includes problem-based learning approaches, where you engage in research, integrate theory and practice and apply knowledge and skills to develop viable solutions in response to a problem or set of problems.
Learning resources
Technology resources
There may be an additional cost associated with purchasing a physical and/or virtual calculator. Specific details will be provided in the Learning Management System by commencement of Orientation week.
Where it fits
ETC3550 is part of 5 areas of study in the 2023 handbook.
- ACTRLSTD02Core unitsActuarial studiesNo reviews yet
- BUSANLMJ01Additional business analytics unitsBusiness analyticsNo reviews yet
- BUSANLYT05Additional business analytics unitsBusiness analyticsNo reviews yet
- ECONOMTR02Core unitsEconometricsNo reviews yet
- ECONOMTR05Additional econometrics unitsEconometricsNo reviews yet
Contacts
- Chief Examiners
- Professor Rob Hyndman
Common questions
What are the prerequisites for ETC3550?
You need ETF2100, ETC2410, ETF2121, ETC2420, ETW2510, ETC3440 or ETC2560 before you enrol. Enrolment rules also apply.
What can I take after ETC3550?
ETC3550 is a prerequisite or corequisite for 4 units, including ETC4410, ETC5441, ETF3500 and ETF5500.
When is ETC3550 offered?
In 2023, ETC3550 runs in Semester 1 at Clayton.
How much work is ETC3550?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC3550 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 1 other task.
Which majors and minors include ETC3550?
ETC3550 is part of Actuarial studies, Business analytics and Econometrics.