- CO6: Utilize quantitative forecasting methods with time series data
This week is dedicated to Time-Series Forecasting techniques. Start in the Lessons section of the classroom by completing the reading and viewing assignments. Don’t even think about trying to complete this homework assignment without understanding the concepts involved in Forecasting Time-Series data. Once you have the concepts down in chapter 5, and have completed the Discussion forum, you are ready to start this assignment. Download the Excel Templateattached to this assignment onto your computer, open it up, and read through the “Red Snapper Scenario” at the top of the page. All of this week’s assignments focuses on historical Red Snapper Catches for 2015 through 2018 (by Quarter) off the coast of Louisiana. The last four rows of the table are empty as 2019 is what you are going to forecast using the historical data for 2015 through 2018. As you scroll down through the Spreadsheet, you will notice in the far left column, there are five tasks for you to complete this week. Every one of these tasks is mirrored in the three YouTube videos below. Although this project is about Red Snapper Catches (your faithful designer’s favorite fish to catch and eat out of the southern bays of Louisiana) and the videos forecast Car sales, the process for forecasting the future year (in our case 2019) is identical.
You will want to watch these videos as you complete each of the five tasks. Where you want to transition from video 1 to video 2 and from video 2 to video 3 is very easy to see. One easy way to get started is to have a video open on one side of your screen and the excel template on the other.
Time Series Forecasting Resources:
- Excel – Time Series Forecasting – Part 1 of 3 (18:06 Minutes)
- Excel – Time Series Forecasting – Part 2 of 3 (15:00 minutes)
- Excel – Time Series Forecasting – Part 3 of 3 (17:02 minutes)
- Download the template attached below for this assignment onto your computer. Label this file as: Johnston_Assignment_5
- It’s important that you complete the reading assignments first before you tackle this assignment.
- There are several “Tasks” in the workbook; scroll down and make sure you have completed all five of the tasks in this assignment before pushing the send button. When you first open the Template, you may say “OMG, what have I gotten myself into?” Rightfully so, this is a big project, and, like eating an 18 inch pizza, it’s best done one bite at a time. So, look over the tasks and then access the first video and get going. It’s probably a good idea to watch the first video all the way through to get a feel for where you are going before starting on the first task. If you get lost and can’t quite figure out how to proceed, message your instructor, we are always glad to help.
- This weeks assignment is best completed while watching the videos above; in order. It is recommended that you have the video open on one side (1/2) of your screen and the homework template on the second half of the screen. That way, you can watch the video and complete the assignment synchronously. Make sense?
Grading: There is no grading rubric for this assignment, your instructor has a key that includes exactly what the tables and charts should look like.