Managerial Economics - Demand Forecasting and Theory of Production
Boost your managerial skills by mastering demand forecasting and production theory with this free economics course.
Take this certificate on your own.
Start now and learn at your own pace.
CertificationView course modules
Imagine having the ability to make accurate estimations about customer demand in the business world. This course in demand forecasting and production theory introduces you to the concept of ‘prediction’ and how to predict the likely need for a firm’s product, highlighting production function factors. Both the subjective and quantitative methods for doing so will be discussed. You will specifically be taught about econometric methods (or ‘the application of statistical methods to economic data in order to give empirical content to economic relationships’) and how to make use of statistical tools. The course will discuss regression analysis, its problems and proposed solutions.
Next, you will be taught about the theory of production, learning mainly about the factors of production. Labour and capital will be covered, along with the production function. You will work through the law of diminishing returns, with emphasis on how the rational producer can operate. By the end of the course, the producer’s equilibrium conditions and the optimal combination of inputs will be addressed, along with the effects of changes in input prices.
Finally, demand forecasting is dealt with, a very important skill for any business, sales or production manager to master. The course will be of great interest to anyone studying business management, especially specializing in demand forecasting and production management. Managers of commercial departments will benefit from taking this comprehensive managerial economics course.Start Course Now
Demand Forecasting – Learning Outcomes
Importance of Demand Forecasting
Subjective Methods of Demand Forecasting
Quantitative Methods of Demand Forecasting
Demand Forecasting – Lesson Summary
Theory of Production
Theory of Production – Learning Outcomes
The Concept of Production
The Law of Diminishing Return
The Long Run Production Analysis
The Production Functions
Theory of Production – Lesson Summary
Upon successful completion of this course, you will be able to
- Define 'demand forecasting'
- List the various categories of demand forecasting
- Discuss the subjective methods of demand forecasting
- Distinguish between the various types of quantitative methods of demand forecasting
- List the problems with regression analysis
- Discuss the theory of production
- Describe the production function
- Explain the marginal rate of technical substitution
- List the properties of the Cobb-Douglas production function
- Define the conditions of the equilibrium
All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate is:
Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning
Alison offers 3 types of Certificates for completed Certificate courses:
Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping
All Certificates are available to purchase through the Alison Shop. For more information on purchasing Alison Certificates, please visit our FAQs. If you decide not to purchase your Alison Certificate, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certificate pricing, please visit our Pricing Page.