The PNG attachment below Passengers Data Set contains monthly data related to passengers flying from a
Question:
The PNG attachment below "Passengers Data Set " contains monthly data related to passengers flying from a small regional airport from 2010-to 2019.
a. Plot the time series data using a line graph and identify any observable patterns (e.g., Trend, seasonal, cyclical, etc.). Make sure that the graph is labeled (i.e., title, axis).
b. Forecast the expected number of passengers who are expected to fly for the next 12 months of 2020 using seasonalized time series regression. Note that you should have 12 monthly seasonal indices (i.e., one for January, one for February, etc.).
c. Forecast the expected number of passengers who are expected to fly for the next 12 months of 2020 using the Trend line method. Compute the relevant MAD and the MSE values based on the backfitted forecasts.
d. Forecast the expected number of passengers who are expected to fly in July 2020 using an appropriate Nave based method. Justify your method.
e. Given all the various types of forecasting methods discussed in week 2, which forecasting method would you deem most appropriate for this data set? Explain why.
Save solutions in a single excel spreadsheet file. Please organize Excel spreadsheet into multiple sheets (e.g., Sheet 1: Graph, Sheet 2: seasonalized time series regression, etc.) where each worksheet contains each part the solution
Passengers Data Set:
Expert Answer:
