The city of Vancouver has recently hired you into their finance department to analyze the city's various
Question:
The city of Vancouver has recently hired you into their finance department to analyze the city's various revenue generating activities. Your first assignment is to design a forecast model to project the revenue generated by the Pacific National PNE Playland.
The further understand the situation, the PNE Playland has traditional opened every May long weekend, stays open every day throughout the summer, and closes in September after the Labour Day long weekend. The city has kept meticulous records and can provide you with PNE Playland data for the past several decades.
What type of forecast model do you think you should first consider that could best represent your prediction?
What would you use for your forecast measures (headcount, dollars, revenue, profit, etc.)?
What sort of events could cause errors in this forecast?
Expert Answer:
Given the seasonal nature of the PNE Playlands operations a time series forecasting model would be most suitable for projecting its revenue Time serie... View the full answer
