IE461 FORECASTING METHODS
| Course Code: | 5680461 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 5.0 |
| Department: | Industrial Engineering |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Prof.Dr. CEM İYİGÜN |
| Offered Semester: | Fall or Spring Semesters. |
Course Objectives
- At the end of the course, the students will
- Become familiar with the fundamental concepts of forecasting and learn qualitative and quantitative methods used to solve the related problems.
- Be able to design and conduct scientific experiments, as well as to analyze and interpret data.
- Be able to make effective use of statistical methods and techniques necessary for industrial engineering practice.
Course Content
An overview of forecasting. Available methodologies, comparing individual methodologies, selecting a methodology and designing a forecasting system that fits the specific management - decision making requirements of the organization. Smoothing techniques, adaptive filtering, simple and multiple regression and correlation analysis, time series forecasting, Box-Jenkins methods, Input-Output and Econometric models.
Course Learning Outcomes
- Identify differences between forecasting method.
- Use statistical tools to select the appropriate forecasting model.
- Use statistical tools to evaluate the performance of the forecasting model.
- Demonstrate basic understanding of scientific experiments.
- Use graphical and quantitative means to analyze and interpret data.
- Model data to make estimation about system behavior.
- Identify and build appropriate forecasting models for real-life industrial engineering problems.
- Make effective use of statistical software to support forecasting analysis.
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | An ability to identify, formulate, and solve complex engineering problems by applying principles of engineering, science, and mathematics | ✔ | |||
| 2 | An ability to apply engineering design to produce solutions that meet specified needs with consideration of public health, safety, and welfare, as well as global, cultural, social, environmental, and economic factors | ✔ | |||
| 3 | An ability to communicate effectively with a range of audiences | ✔ | |||
| 4 | An ability to recognize ethical and professional responsibilities in engineering situations and make informed judgments, which must consider the impact of engineering solutions in global, economic, environmental, and societal contexts | ✔ | |||
| 5 | An ability to function effectively on a team whose members together provide leadership, create a collaborative and inclusive environment, establish goals, plan tasks, and meet objectives | ✔ | |||
| 6 | An ability to develop and conduct appropriate experimentation, analyze and interpret data, and use engineering judgment to draw conclusions | ✔ | |||
| 7 | An ability to acquire and apply new knowledge as needed, using appropriate learning strategies | ✔ | |||
| 8 | An ability to design, analyze, operate, and improve integrated systems that produce and/or supply products and/or services in an effective, efficient, sustainable, and socially responsible manner | ✔ | |||
| 9 | An ability to apply critical reason and systems thinking in problem solving and systems design | ✔ | |||
| 10 | An ability to use scientific methods and tools (such as mathematical models, statistical methods and techniques) necessary for industrial engineering practice | ✔ | |||