ETC5550 Applied forecasting
Faculty of Business and Economics
ETC5550 Applied forecasting is a level 5, 6-credit-point, postgraduate unit from the Faculty of Business and Economics, offered in 2024 in Semester 1 at Clayton. It needs ETC2410, ETC5242, ETF5912, EPM5003, ETF2100, FIT5197, ETC2420, ETF2121, ETC2560, ETC3440, ETF5910 or ETC5256 and unlocks 3 units.
- Credit points
- 6
- Offered in 2024
- Semester 1
- Clayton
- Assessment
- Exam 60%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2024 handbook entry. See the 2027 entry.
Reviews
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Requisites
Before ETC5550
Prerequisites
Pass these before you enrol.
- ETC2410Introductory econometricsNo reviews yet
- ETC5242Statistical thinkingNo reviews yet
- ETF5912Data analysis in businessNo reviews yet
- EPM5003Principles of statistical inferenceNo reviews yet
- ETF2100Introductory econometricsNo reviews yet
- FIT5197Statistical data modellingNo reviews yet
- ETC2420Statistical thinkingNo reviews yet
- ETF2121Data analysis in businessNo reviews yet
- ETC2560Statistical modelling for actuarial studiesNo reviews yet
- ETC3440Introductory econometricsNo reviews yet
- ETF5910Introductory applied econometricsNo reviews yet
- ETC5256Statistical modelling for actuarial studiesNo reviews yet
Prohibitions
You can't enrol if you have passed any of these.
After ETC5550
3 units list ETC5550 as a prerequisite or corequisite.
Enrolment rules
Where FIT5197 is the prerequisite unit completed, you must have achieved at least a 70% score to undertake 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 autocorrelated disturbances. You can expect to enhance their computer skills with exercises using R.
Offerings in 2024
| 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
provide an understanding of 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
- Tutorials18 hours
- Seminars12 hours
- Teaching approachProblem-based learning
- Teaching approachActive 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. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement 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.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
Learning resources
Required resources
Hyndman, R.J., & Athanasopoulos, G. (2019) Forecasting: principles and practice, 3rd edition, OTexts: Melbourne. Available online: OTexts.com/fpp3.
Technology resources
Open-source software: R, RStudio.
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.
Contacts
- Chief Examiners
- Professor Rob Hyndman
Common questions
What are the prerequisites for ETC5550?
You need ETC2410, ETC5242, ETF5912, EPM5003, ETF2100, FIT5197, ETC2420, ETF2121, ETC2560, ETC3440, ETF5910 or ETC5256 before you enrol. Enrolment rules also apply.
What can I take after ETC5550?
ETC5550 is a prerequisite or corequisite for 3 units, including ETC4500, ETC5450 and ETF5500.
When is ETC5550 offered?
In 2024, ETC5550 runs in Semester 1 at Clayton.
How much work is ETC5550?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC5550 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 1 other task.