Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In this case, you are asked to predict the revenue from sales of season tickets, single game tickets, and concession items for a single season.

In this case, you are asked to predict the revenue from sales of season tickets, single game tickets, and concession items for a single season. In order to make predictions, you need to develop a linear regression model, and make assumptions on the schedule (including the number of home games in total, the number of conference games, and the number of weekend games).

Please use the following questions to guide your preparation of the case:

  1. Assume Spark's projection for the team's win percentage for the upcoming season is 50%, provide a total revenue forecasting for the season. Please also assume only the minimum number of home games will be played - eight conference games, eight non-conference games, each eight split evenly between weekends and weekdays.
  2. Following Question 1's instructions, but use a random win percentage, with each of the win percentages of the four recent seasons equally likely to occur in the upcoming season.
  3. How accurate are your predictions based on the standard errors of the predicted numbers (hint: use simulation)?

Season Number of Season Tickets Sold Win Percentage 2006 - 2007 4088 0.619

2007 - 2008 4120 0.400 2008 - 2009 3844 0.643 2009 - 2010 3819 0.323

Date of Home GameOpponentSingle Game Tickets SoldConcession RevenuesSaturday, November 04, 2006Non-Conference1704$3,158.40Tuesday, November 07, 2006Non-Conference716$1,838.75Saturday, November 11, 2006Non-Conference1218$5,767.53Wednesday, November 15, 2006Non-Conference1083$4,116.60Saturday, November 18, 2006Non-Conference1755$5,246.31Wednesday, November 29, 2006Non-Conference909$2,582.50Wednesday, December 06, 2006Non-Conference1107$3,687.35Saturday, December 16, 2006Non-Conference909$4,766.02Wednesday, January 10, 2007Conference2581$4,775.50Saturday, January 13, 2007Conference3694$8,222.27Wednesday, January 24, 2007Conference3462$8,651.67Saturday, January 27, 2007Conference2474$8,907.81Tuesday, February 06, 2007Conference1879$5,289.60Saturday, February 17, 2007Conference2778$7,365.01Wednesday, February 21, 2007Conference1297$5,214.18Saturday, March 03, 2007Conference2380$6,487.08Saturday, November 03, 2007Non-Conference995$3,200.62Tuesday, November 06, 2007Non-Conference717$2,329.95Saturday, November 10, 2007Non-Conference1266$3,424.17Monday, November 26, 2007Non-Conference1615$2,714.35Saturday, December 08, 2007Non-Conference1469$3,392.11Saturday, December 29, 2007Non-Conference1033$3,131.53Monday, December 31, 2007Non-Conference688$1,509.28Saturday, January 05, 2008Conference941$3,180.81Wednesday, January 16, 2008Conference1095$2,847.82Saturday, January 26, 2008Conference1894$5,050.42Saturday, February 02, 2008Conference1853$5,597.73Wednesday, February 06, 2008Non-Conference660$1,615.64Wednesday, February 13, 2008Conference601$1,961.13Tuesday, February 19, 2008Conference757$2,490.31Saturday, February 23, 2008Conference1411$4,283.53Saturday, March 01, 2008Conference1664$4,857.05Friday, November 07, 2008Non-Conference941$2,101.67Friday, November 14, 2008Non-Conference839$2,383.71Wednesday, November 19, 2008Non-Conference3084$2,713.87Saturday, November 22, 2008Non-Conference1559$3,143.83Wednesday, November 26, 2008Non-Conference593$2,642.14Saturday, November 29, 2008Non-Conference937$3,717.70Tuesday, December 16, 2008Non-Conference522$1,838.49Saturday, December 20, 2008Non-Conference635$4,082.60Wednesday, January 14, 2009Conference1723$4,968.37Saturday, January 24, 2009Conference3172$6,878.54Tuesday, January 27, 2009Conference987$2,099.78Saturday, February 07, 2009Conference1995$5,658.42Wednesday, February 18, 2009Conference855$2,374.29Saturday, February 21, 2009Conference1953$5,673.95Wednesday, March 04, 2009Conference2235$6,261.72Saturday, March 07, 2009Conference2972$7,623.75Saturday, November 07, 2009Non-Conference2273$3,503.78Friday, November 13, 2009Non-Conference1534$2,879.42Wednesday, November 18, 2009Non-Conference729$1,958.48Saturday, November 21, 2009Non-Conference1483$3,203.87Friday, November 27, 2009Non-Conference742$2,355.42Saturday, November 28, 2009Non-Conference652$1,759.35Sunday, November 29, 2009Non-Conference488$1,521.30Saturday, December 05, 2009Non-Conference2446$2,057.57Sunday, December 20, 2009Non-Conference515$3,732.54Wednesday, December 30, 2009Non-Conference599$2,200.72Saturday, January 02, 2010Non-Conference652$2,525.92Wednesday, January 06, 2010Conference583$2,064.41Saturday, January 09, 2010Conference1012$3,744.89Saturday, January 16, 2010Conference2327$6,715.82Wednesday, January 27, 2010Conference1009$2,729.87Wednesday, February 03, 2010Conference897$2,035.50Saturday, February 13, 2010Conference1519$4,558.25Saturday, February 20, 2010Conference1335$2,428.80Tuesday, March 02, 2010Conference707$1,624.36

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematics for Economics and Business

Authors: Ian Jacques

9th edition

129219166X, 9781292191706 , 978-1292191669

More Books

Students also viewed these Mathematics questions

Question

What are types of firms that exemplify monopolistic competition?

Answered: 1 week ago