Chapter 52. Forecasting in the Presence of Special Events

  • When predicting the number of customers who enter a bank each day, customer traffic is influenced by seasonality (in the form of the month of the year or the day of the week). Special factors such as whether the day is a staff or faculty payday, whether the day is before or after a holiday, and so on also affect customer traffic. How can I determine how these factors influence customer traffic?

  • How can I check whether my forecast errors are random?

For a student project, we 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 clear that the following factors affected the ...

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