Executives and managers from lines, with minimal experience in forecasting or need a refresher course on forecasting — as well as risk management and insurance professionals who want to include formal forecasting techniques in their line of work on a regular basis.
1 Days
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Intake 01
17 Sep 09
Intake 02
10 Dec 09
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S$835 (Inclusive of GST)
NUS Extension (#12-01 Park Mall)
EDM1 – Manager’s Toolbox of Risk Measurement & Forecasting Techniques for Data Analysis
Synopsis
Many managerial decisions rely on forecasts. A fast-food restaurant planning its staffing requirements must forecast the customer demand as a function of time. A company planning its production schedule must forecast customer demand so that it can stock appropriate quantities.
Formal mathematical techniques are often not used due to a lack of knowledge or formal training. As a result, companies are faced with problems created by inadequate forecasting or guesswork. The application of more sophisticated techniques is no guarantee of perfectly accurate forecasts, however they are useful decision tools that can reduce risk and improve the accuracy of forecasts.
This is a basic, hands-on workshop that provides managers with an understanding of regression and the skills necessary to create forecasts. By the end of the workshop, attendees will understand basic regression theory, gain insights into modeling variables and constructs, and have applied these theories and constructs to real-world situations for effective risk decision-making.
Seminar Outline
- Forecasting Methods
- Regression Basic Concepts
- Using Scatterplots to Graph Relationship
- Using Scatterplots to Examine Relationship
- Using StatPro’s Multiple Regression Procedure
- Modeling Non-linear Relationships
- Time Series Plot
- Combining Trends
