The number of guests registered in a five star hotel for last ten years is shown in the following table. To project future occupancy, management would like to determine the mathematical trend of guest registration in order to decide whether future expansion is necessary. Develop a regression equation and forecast expected numbers of guests in 2020 and 2023. As an Operations Manager, what would you plan to comply with the forecasted demand? Table 4.1: Guest registration Year Number of guests 2009 17,000 2010 16,000 2011 16,000 2012 21,000 2013 20,000 2014 20,000 2015 23,000 2016 25,000 2017 24,000 2018 30,000
The number of guests registered in a five star hotel for last ten years is shown in the following table. To project future occupancy, management would like to determine the mathematical trend of guest registration in order to decide whether future expansion is necessary. Develop a regression equation and forecast expected numbers of guests in 2020 and 2023. As an Operations Manager, what would you plan to comply with the forecasted demand? Table 4.1: Guest registration Year Number of guests 2009 17,000 2010 16,000 2011 16,000 2012 21,000 2013 20,000 2014 20,000 2015 23,000 2016 25,000 2017 24,000 2018 30,000
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
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The number of guests registered in a five star hotel for last ten years is shown in the following table. To project future occupancy, management would like to determine the mathematical trend of guest registration in order to decide whether future expansion is necessary. Develop a regression equation and
Table 4.1: Guest registration
|
Helpful equations: where and where and |
![Helpful equations:
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b =
where
xy-nx y
.2
Σx²-nx²
a = ỹ - bx
r =
and
nΣxy-ΣxΣy
[Σχ2 - (Σχ)2][nΣy2 - (ΣΥ)2]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2ab642a-78d8-407c-8ac6-88cbb5d3e72b%2F779bc470-42f7-48ca-867d-00895ecd2a1c%2Faxwqu1e_processed.png&w=3840&q=75)
Transcribed Image Text:Helpful equations:
ŷ = a + bx
b =
where
xy-nx y
.2
Σx²-nx²
a = ỹ - bx
r =
and
nΣxy-ΣxΣy
[Σχ2 - (Σχ)2][nΣy2 - (ΣΥ)2]
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