Room registrations in the Toronto Towers Plaza Hotel have been recorded for the past 9 years. To project future occu-pancy, management would like to determine the mathemati-cal trend of guest registration. This estimate will help the hotel determine whether future expansion will be needed. Given the following time-series data, develop a regression equation relat-ing registrations to time (e.g., a trend equation). Then forecast year 11 registrations. Room registrations are in the thousands:Year 1: 17 Year 2: 16 Year 3: 16 Year 4: 21 Year 5: 20Year 6: 20 Year 7: 23 Year 8: 25 Year 9: 24

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.