OM basketball team had set same prices for its 41 game schedule regardless of the opponent of the game. Person AP, who is the director of business strategy, developed a database for ticket sales. He founded that the firm could improve their revenue if they had charged prices based on their fans preferences. Person AP found a seat could have seven different price variations. The day of the week (x 1 ) A rating of how popular the opponent was (x 2 ). The times of the year (x 3 ) are major statistical factors, which determine the demand for a game. He found the days, which favored games, and based on the analysis, rating were provided. Ratings on a scale of 0 to 8 were given based on the popularity of the opponents. Finally, Person AP classified that games occurred in four seasons. They were Score 0 for early games. Score 3 for games during Christmas season. Score 2 for games until the All-Star break. Score 3 for games leading to play-offs. To determine: To suggest additional independent variables to include in Person AP model.
OM basketball team had set same prices for its 41 game schedule regardless of the opponent of the game. Person AP, who is the director of business strategy, developed a database for ticket sales. He founded that the firm could improve their revenue if they had charged prices based on their fans preferences. Person AP found a seat could have seven different price variations. The day of the week (x 1 ) A rating of how popular the opponent was (x 2 ). The times of the year (x 3 ) are major statistical factors, which determine the demand for a game. He found the days, which favored games, and based on the analysis, rating were provided. Ratings on a scale of 0 to 8 were given based on the popularity of the opponents. Finally, Person AP classified that games occurred in four seasons. They were Score 0 for early games. Score 3 for games during Christmas season. Score 2 for games until the All-Star break. Score 3 for games leading to play-offs. To determine: To suggest additional independent variables to include in Person AP model.
Solution Summary: The author explains how Person AP developed a database for ticket sales based on the fans' preferences.
Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.
Chapter 4, Problem 1.4VC
Summary Introduction
Introduction:
OM basketball team had set same prices for its 41 game schedule regardless of the opponent of the game. Person AP, who is the director of business strategy, developed a database for ticket sales. He founded that the firm could improve their revenue if they had charged prices based on their fans preferences.
Person AP found a seat could have seven different price variations.
The day of the week (x1)
A rating of how popular the opponent was (x2).
The times of the year (x3) are major statistical factors, which determine the demand for a game.
He found the days, which favored games, and based on the analysis, rating were provided. Ratings on a scale of 0 to 8 were given based on the popularity of the opponents. Finally, Person AP classified that games occurred in four seasons. They were
Score 0 for early games.
Score 3 for games during Christmas season.
Score 2 for games until the All-Star break.
Score 3 for games leading to play-offs.
To determine: To suggest additional independent variables to include in Person AP model.
Q1: Income at the architectural firm Spraggins and Yunes for the period February to July was as follows:
Month
February
March
April
May
June
July
72.8
Income (in $ 70.0
thousand)
68.5
64.5
71.7
71.3
Use trend-adjusted exponential smoothing to forecast the firm's August income. Assume that the initial
forecast average for February is $65,000 and the initial trend adjustment is 0. The smoothing constants
selected are a = .1 and B =.2.
What is ensemble forecasting?
1-What is the difference between qualitative
forecasting techniques and quantitative
forecasting techniques?
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.