The Eight Step Process to Forecasting Model

805 Words Feb 1st, 2018 3 Pages
(2008) provided an eight step process to forecasting:
1.Determine the use of the forecast what objective are we trying to obtain?
2.Select the items or quantities that are to be forecasted
3.Determine the time horizon of the forecast
4.Select the forecasting model or models
5.Gather the data needed to make the forecast
6.Validate the forecasting model
7.Make the forecast
8.Implement the results
I will use this basic formula to answer the Case Study questions.
Question #1 Football attendance seems to be based on numerous factors and to predict such outcomes for SWU requires a holistic approach. Using the eight step process, I find that the use of the forecast is to determine what are the likely attendance figures for the 5 SWU home football games for 2008 and 2009 seasons. The independent variable for this forecast is time, or years, of the football seasons. The dependent variable, the target number of the forecast, is attendance. Step 4 of our process asks to select a forecasting model. It is truly impossible to guarantee any predication, but a mixture of both qualitative analysis and quantitative analysis would best serve this purpose. Comparing the results and their relationships to each other would bring about a balanced decision. McEvoy et al. (2010) agreed in his real world analysis of the same task, " models provide an explanation of the variables that have the strongest influence on revenue generation," (p.19). The lack of other raw…
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