Chapter 67 Forecasting in the presence of special events
Questions answered in this chapter:
How can I determine whether specific factors influence customer traffic?
How can I evaluate my forecast accuracy?
How can I check whether my forecast errors are random?
For a student project in the early 1990s (before direct deposit!), a class and I attempted to forecast the number of customers visiting the Eastland Plaza Branch of the Indiana University (IU) Credit Union each day. Interviews with the branch manager made it clear that the following factors affected the number of customers:
Month of the year
Day of the week
Whether the day was a faculty or staff payday
Whether the day before or the day after was a holiday
Answers to this chapter’s ...
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