Spaces are available
Finding out what is going to happen next is one of the big questions in businesses. It would be so much easier to plan sales, purchases, production, staff and logistics etc. Many businesses know how important it is to forecast for the future, yet many fail to apply the fundamental concepts of statistical forecasting. Those that don’t use statistical forecasting face higher costs and uncertainty when the reality diverges from their plans. Those that do are able plan for the future much more efficiently and efficiently.
By the end of the session you will have a firm grasp of how to summarise and measure trends as well as how to extrapolate trends into a forecast. You will also have a good understanding of how to perform relevant calculations in Excel.
Who should attend this course?
If you’re looking to improve the way you plan your business and save money by introducing statistical forecasting then this course is ideal. It is designed for anyone involved in business, operational & strategic planning roles and monitoring & analysing organisational performance.
The course will held at the Chequers Inn, 50 Rivers St, Bath BA1 2QA, UK and will start at 9.15am and finish at 5pm. Lunch will be provided.
In order to get the most out of this course, participants will require:
- A laptop with Microsoft Excel installed. A spreadsheet with the data to be analysed during the course will be emailed to you before the course.
- Be comfortable with the main operations of Microsoft Excel such as entering data, producing line, bar & XY scatter plots and be able to use the data manipulation functions of Excel such as IF, VLOOKUP, MATCH, etc.
- An understanding of basic statistical concepts such as expectation, variance, distribution, correlation, probability & risk. If you are not familiar with these, then we are running a 1-day course in basic statistical concepts on the day before this course. Click here to see more information and book a place.
It is important to note that this course is not a training course in Microsoft Excel. However, you will learn useful tricks and shortcuts with Excel during the course.
What you will learn?
You will learn what are the key concepts of trend analysis, how they can be applied to identify real trends and to correctly extrapolate them, and the fundamental principles of forecasting.
In the morning, we cover –
Session 1: What is a Trend?
Session 2: How to prove a Trend is real using Statistical Tests
Session 3: Using Smoothing Methods to measure the Underlying Trend
In the afternoon, we cover –
Session 4: Identifying Seasonality in your data
Session 5: Using Control Charts to spot changes in your Trend
Session 6: The right & wrong way to Extrapolate Trends & Make Forecasts
Throughout the course, there will be ample opportunities for you to practice the calculations in Microsoft Excel and to ask questions. After the course, you will receive a spreadsheet explaining all the answers and demonstrating the relevant calculations.
Your course instructor
Nigel Marriott is an Independent Statistician and fellow of the Royal Statistical Society. He has been running basic statistics courses aimed at non-statisticians for 17 years. Feedback has consistently noted that Nigel has a rare ability to explain what looks like complicated statistics in a simple manner that makes it easy for you to understand and apply what you are learning.
Find out what previous course attendees think of Nigel.
Nigel also blogs extensively on topical statistical issues including trend analysis and forecasting and you can find all his blogs here.
The course fee is £395 +VAT per person.
Other Training Courses in Statistics
We offer a wide range of statistical training courses covering numerous topics. We provide in-house training as well as public courses like this one. You can find out more details here.