Forecasting for data-driven decision making

Assignment Help Other Subject

Reference no: EM133620405 , Length: word count:2000

Data-driven Decision Making and Forecasting

Assessment - Forecasting for a Business Problem

Task

Develop a real-world forecasting project plan/proposal based on the learnings from the subject.

Assessment Description

This assessment seeks to simulate a real-world task that you may have to undertake in the future. Therefore, the assignment is non-prescriptive and requires you to pose a relevant, small, creative and significant problem to solve that could result in benefits to the organisation of choice.

In this assessment, you need to consider an organisation in an industry of your choice and articulate the steps this organisation needs to take to enable forecasting for data-driven decision making. You are required to analyse a sample data set to demonstrate expected forecasting outcomes.

You need to be familiar with the organisation and industry (e.g., where you have worked or are working, a future start-up company), NOT an organisation such as Amazon/Boeing/Qantas etc.

The report should address:
Why forecasting would help this organisation given their current operations.
The forecasting technique(s) you would recommend.
Justification of your recommended forecasting technique(s) by analysis of a relevant sample dataset.
The benefits of this forecasting project for the organisation (The benefit could be financial, such as Return on Investment (ROI) or societal benefits).

Assessment Instructions

Identify a company and industry you are familiar with that would benefit from a forecasting application. Note:
The application needs to be based on forecasting (not some other aspect of analytics).
Focus on a single, well defined (small) application.
Sample datasets maybe sourced from:
an organisation if you work there,
public repositories kaggle.com and https://archive.ics.uci.edu/ml/datasets.php,
Open government data such as abs.gov.au.

By Week 12 draft some preliminary points pertaining to the report in class. You are encouraged to consider the current mode of operation, possible inefficiencies, available data and how this data may be used to provide efficiencies based on the concepts and techniques covered in the subject. Think of yourself as a consultant or a founder.

Your lecturer will advise on the appropriateness of your choice and proposed methodology regarding the requirements for the assessment.

Include a list of references that is directly related to the content. Each reference needs to be linked to at least one specific point in the content of your assessment. It is expected that you will have at least 10 relevant references.

Discuss or show how ChatGPT can be leveraged to enhance your solution.

Reference no: EM133620405

Questions Cloud

How should management measure international mobility : What part of Solvay's international assignment process worked well and what could be improved? How should management measure international mobility?

What problems you foresee that gary kelly has in sustaining : What problems do you foresee that Gary Kelly has in sustaining the culture now that Herb Kelleher, the company's long-time spiritual leader, has departed?

Efficiency and sustainability of supply chain operations : How can efficiency and sustainability of supply chain operations, and what strategies can businesses employ to strike a balance

How great companies influence employee creativity : How Great Companies Influence Employee Creativity? Research/project methods, considerations of reliability and validity. Draft for a list of contents.

Forecasting for data-driven decision making : Consider an organisation in an industry of your choice and articulate the steps this organisation needs to take to enable forecasting for data-driven decision

Descriptions to employees of annual mission and values : Properly describes what organizational goals are: Narrower aims that provide clear and tangible descriptions to employees of annual mission and values

The requirements when orgainising a team meeting : The requirements when orgainising a team meeting. How you will communicate the details of the meeting to the relevant staff members.

Identify a development plan regarding career-employee growth : I'd like you to think about the position you have created and identify a development plan regarding career and employee growth.

Forecasting for a business problem assessment : The benefits of this forecasting project for the organisation (The benefit could be financial, such as Return on Investment (ROI) or societal benefits)

User Account

All Pages