There is a rising demand for evidence-based decision-making in business and economics using newly available data and modern quantitative methods, including predictive modelling.
On this six-week microcredential, you’ll uplift your skills to draw data-driven business and economic insights in your decision-making.
No matter what type of decision-maker you are in your organisation – from manager and consultant to public servant and research analyst – this microcredential will enable you to develop optimal predictive models for common business problems. You’ll then learn how to translate these models into informed day-to-day business decisions.
The focus will be on consumer purchase and subscription decisions, credit scoring and loan approvals, back-order prediction for inventory management, and price predictions.
Learn how to identify and evaluate predictive models
Declining market shares or frequent inaccurate predictions impose challenges on firms and organisations in a routine business context. Predictive modelling can help you with making economic projections on key parameters such as demand, price, and inventory and then translate those models to meaningful day-to-day decisions.
You’ll learn how to identify and evaluate optimal predictive models to improve your economic and business decision-making and achieve your organisation’s outcomes.
Discover the importance of data preparation
You’ll understand why it is important to prepare data for predictive modelling in economics.
You’ll be guided through the initial steps of preparing data and then gain an introduction to software to help you effectively prepare data for predictive modelling.
You’ll also explore what could potentially go wrong with predictive modelling to understand how to overcome these challenges within your organisation.
Unpack the decision tree model
You’ll delve into decision trees to help you aid group discussions and explore every potential output for a specific input.
You’ll also start to evaluate models including binary prediction models and multinomial prediction models to understand how to choose a model for your needs.
Learn from the experts at Deakin University
Throughout the microcredential, you’ll be guided by the specialists at Deakin University. With their expertise, you’ll finish with the skills and knowledge to thrive as a decision-maker in your organisation.
How will I be assessed on this microcredential?
This assessment requires you to produce a 2000-word business report for decision-making to be submitted to a CEO.
