The Essex airline collected data for the last 6 years
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The Essex airline collected data for the last 6 years

Question 4

The Essex airline collected data for the last 6 years. Based on these data, they wants to forecast its demand for the next year. The data tabulated are the number of seats sold (in hundreds).


a. By using forecasting methods, develop a forecast models and forecast the demand for the 7th year (if you need assumptions, please do it).

b. Discuss the various forecast model variation that might be used to develop this forecast, and which approach is more appropriate and accurate? Justify it (if you need assumptions, please do it).

Hint
Management"Forecasting methods are of four main types. They are used by the financial analysts to predict the revenues of the future, expenses, and the business's capital costs. Also, there are a wide range of frequently used quantitative budget forecasting tools, but mainly there are four methods:  1) straight-line, 2) moving average, 3) simple linear regression, and 4) m...
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