Which of the following forecasting models is required for the forecast of the demand for hotel services?
A) Subjective and causal.
B) Subjective and time series.
C) Time series and causal.
D) Only time series.

Question

Quizplus · Accepted Answer

The best choice for forecasting the demand for hotel services is Time series and causal models. Time series models help in predicting patterns in demand over a period of time while causal models help in identifying potential influencers on demand such as events, seasonality, competition, prices, and other external factors. Subjective models rely on expert opinion and may not be reliable for forecasting demand. Therefore, the best choice is a combination of time series and causal models.

Which of the Following Forecasting Models Is Required for the Forecast