Practical Business Forecasting: A Further Course

Statistical Services and Consultancy Unit

University of Hertfordshire, Hatfield

Contact: Neil Spencer (statistics@herts.ac.uk)

Thursday 19th July 2012
  • Do you make basic forecasts at work?
  • Do you need to monitor your forecasts?
  • Do you want to expand your range of forecasting techniques and understanding?
  • You need “Practical Business Forecasting: A Further Course”

Who is it for?

It teaches the practical use of the more commonly used extended/advanced forecasting techniques which will enhance the quality of business forecasts in both the public and private sectors.

What prior knowledge is assumed?

No prior computing knowledge is assumed apart from the ability to use a basic Excel spreadsheets. The course is taught using Excel 2007 but anyone familiar with Excel 2003 will be able to participate fully.

Understanding of the following forecasting techniques which are covered on “Practical Business Forecasting: A First Course” is required to fully benefit from the course: Exponential Smoothing, Linear Regression, Causal Regression with Multiple Predictors, Treatment of Errors and Errors Measures. Some simple formulae are used so participants should have GCSE Maths to benefit fully from the course.

Potential participants who have little or no forecasting experience are recommended to start with “Practical Business Forecasting: A First Course”

What does the course cover?

The topics covered in the course are:                 

  • Review and Monitoring of forecasts
  • An introduction to Age Demographics
  • Forecasting the take-up of New Initiatives, Services or Products
  • The use of Dummy Variables for forecasting Qualitative Factors
  • Judgmental Forecasting
The course provides hands-on experience to build and use these more advanced Excel forecasting models on a variety of public and private sector Case Studies under the expert guidance of a tutor. It has the same ‘look and feel’ as “Practical Business Forecasting: A First Course” but with much more emphasis on quantitative topics and hands on Case Studies.

Course fee: £300 (£250 excl VAT) including teas/coffees and lunch

Discounts are available for those attending more than one course (e.g. Practical Business Forecasting: A First Course), research students, those on limited incomes, and University of Hertfordshire staff and students.

Please see below for a draft programme and click here to see how to apply(and details of fees/discounts). For enquiries, please phone 01707 285574 or e-mail statistics@herts.ac.uk

Please click for details of accommodation available and maps/travel information.

Draft Programme


09:30 Registration and tea/coffee (room M116)

10:00 Domestic announcements and introductions

10:15 Recap on basic forecasting techniques

10:30 Review and monitoring of forecasts

11:45 Introduction to age demographics

12:45 Lunch

13:30 Forecasting the take-up of new initiatives, services or products

  • Diffusion Models
  • Trend Curves
  • Parallel Products
15:30 Tea/Coffee

15:45 Forecasting qualitative factors using dummy variables (ie including the effect of gender, region etc on demand)

16:30 Judgmental forecasting

  • Scenario Planning
  • Delphi Technique
17:30 End of day

Please note that this programme is intended as a guide only and may be subject to change.