Question: question 14 a festival runs for nine days and has...
A festival runs for nine days and has different attractions and promotions on each of the nine days. Attendance data has been kept for the last five years, and is provided on the ‘Festival’ worksheet.
Management has noticed that certain days consistently have higher attendance than others, and is proposing to use the multiplicative seasonality methodology to forecast attendance for each day in the coming year. Please build them a multiplicative seasonal model in Excel to answer the questions below.
Hint 1 - be careful when you are presented with data in a different format then you may have seen before - in this case the data will be organized a little differently than it was in the lab. A part of your challenge is to identify the "seasons" (they may be listed vertically down the side of the table, or may be listed horizontally across the top of the table); this will determine whether you calculate seasonal indexes relative to each other in rows or in columns.
Hint 2 - copy the table and paste it into new cells, and in the new cells delete all of the numbers inside (leaving only the vertical and horizontal headings). It is in the table that you can calculate all of the individual seasonal indexes.
(*Please answer to two decimals, and include only the number in your answer).
What is the seasonal index for Day 5 in Year Four?
What is the average seasonal index (over the five years) for Day Seven?
If total attendance for year six is forecast to be 8,800, then what is the forecast for attendance on Day Two of Year Six?