Question
1. Find the missing value (A) in the table 2. Find the average seasonal factor for each of the four seasons (days). 3. Make a
1. Find the missing value (A) in the table
2. Find the average seasonal factor for each of the four seasons (days).
3. Make a forecast for Sunday of year 6, if total attendance in year 6 is forecast to be 10,000.
4. One of the organizers has questioned the wisdom of giving equal weighting to all five past years (when calculating the average seasonal factors), and has proposed that only the three most recent years be used, with the most recent year being weighted by 0.5 and the other two by 0.25. Discuss your thoughts on this suggestion. (You may also wish to calculate and compare average seasonal factors and forecasts for year six under each method using all five years, or only using the most recent three years and weighting them as proposed)
The "Right to Rock" Music Festival This four-day music festival has been running for the past five years. In planning for year six, they have decided to employ a multiplicative seasonality model to forecast daily attendance. The past attendance data is shown in the accompanying Excel workbook, and is presented below: *note - for the following questions, you can use Excel or you can solve manually. It is important that either way, you understand the manual calculation and the meaning of the numbers and resultsStep by Step Solution
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