  Properties of excited states in $^{147}$Nd have been studied with
multispectra and $\gamma \gamma$ coincidence measurements. Twenty-four new
$\gamma$-lines and three new levels have been introduced into the level scheme
of $^{147}$Nd. Lifetimes of eight excited levels in $^{147}$Nd, populated in
the $\beta$ decay of $^{147}$Pr, have been measured using the advanced
time-delayed $\beta\gamma\gamma$(t) method. Reduced transition probabilities
have been determined for 30 $\gamma$-transitions in $^{147}$Nd. Potential
energy surfaces on the ($\beta_{2}$,$\beta_{3}$) plane calculated for
$^{147}$Nd using the Strutinsky method predict two single quasiparticle
configurations with nonzero octupole deformation, with K=1/2 and K=5/2. We do
not observe parity doublet bands with K=5/2. For pair of opposite parity bands
that could form the K=1/2 parity doublet we were able only to determine lower
limit of the dipole moment, $|D_0|\geq$0.02 e$\cdot fm$.
