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CHAPTER 11

FORECASTING MODELS

Internet Case Study: Akron Zoological Park

1. The instructor can use this case to have students calculate a simple linear regression using real-world

data. The idea is that attendance is a linear function of expected admission fees. Also, the instructor can

First, we perform a linear regression with time as the independent variable. The model is shown in file

Ch11 Internet Case Akron Zoo.XLS, sheet #1. The regression equation is:

Average admissions = 44,352.4 + 9197.3 × year

Here is an alternate linear regression model that uses the weighted average admission fees as the

R2 = 72%. MAPE = 14.36%. If we assume that admission fees are not raised in 2006 and 2007, expected

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