Question: QUESTION SIX a) Define time series, naming the four data patterns that may appear in it. (5 MARKS) b) Happy Lodge Resorts located on Zambezi

QUESTION SIX a) Define time series, naming the

QUESTION SIX a) Define time series, naming the four data patterns that may appear in it. (5 MARKS) b) Happy Lodge Resorts located on Zambezi River Beaches tries to forecast monthly atendance at its cooling spot (swimming pool and boat cruise). The management has noticed a direct relationship between the average monthly temperature and atendance. In order to confirm the observed relationship, management has collected five months of average temperatures and corresponding attendance as shown in the table below. Month Average Temperature (degrees) 24 Resort Attendance (in thousands) 43 1 2 41 31 32 39 AW 30 38 5 38 39 6) Develop a regression equation using the collected data. (12 MARKS) (i) What is the attendance forecast if the next month's average temperature is forecast to be 45 degrees? (3 MARKS) (ii) Can Happy Lodge Resorts management rely on the developed forecasting model? Be quantitative. (5 MARKS) [TOTAL: 25 MARKS]

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