With a small group of students, take one segment of the industry ...

[kaid0807]

Question 1

What is the greatest weakness of the autoregressive forecasting method? Explain your answer.
 
  What will be an ideal response?

Question 2

With a small group of students, take one segment of the industry and plan a start-up venture that will serve a destination.
 
  Determine the roles each of you might play and what difficulties you might encounter in trying to make your new company successful. Write a summary of your discussion of these topics, what you learned and your conclusions.

[ynlevi]

Answer 1

Among quantitative techniques, autoregression literally means forecasting on oneself. Thus, if we have a 10-year time-series of hotel ADR and need a forecast for year 11, the model will simply extrapolate another data point from a regression line constructed from the previous 10 observations.

Answer 2

Unquestionably this discussion topic encompasses greater complexity and difficulty than most in this book. But it could be a very useful exercise for an unusual class or group of students. It will force them to consider a range of possibilities and perspectives. In this process, they should learn more about the travel industry than most fellow students and it also will help them even after graduation when they remember some of the issues they confronted if they choose to enter another field. This topic would fit well as a term paper or group assignment later in the course.

[kaid0807]

Both answers were spot on, thank you once again

[ynlevi]

Great! Please up vote