Reference no: EM133541569 , Length: word count:2000

Data-driven Decision Making and Forecasting

Assessment - Forecasting for a Business Problem

Your 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:
o Why forecasting would help this organisation given their current operations.
o The forecasting technique(s) you would recommend.
o Justification of your recommended forecasting technique(s) by analysis of a relevant sample dataset.
o 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

• By Week 9 identify a company and industry you are familiar with that would benefit from a forecasting application. Note:
o The application needs to be based on forecasting (not some other aspect of analytics).
o Focus on a single, well defined (small) application.
o Sample datasets maybe sourced from:
» an organisation if you work there,
» public repositories such as kaggle,
» Open government data such as 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.

Note: You can use any time series as long as you are confident that you can apply all assessment requirements. Please note that you need to address a business problem that can be solved by forecasting.

For example, you might daily use demand in a specific company for the purpose of staffing and inventory managment.

Draw your attention to the choice of the dataset for your final project. Please ensure that your chosen dataset is a time series dataset and that the business problem you address can be solved using forecasting (not machine learning).