Time Series Analysis and Forecasting

Real applications of forecasting are almost never done in isolation. They are typically one part — a crucial part — of an overall quantitative solution to a business problem. This is certainly the case at Harrah’s Cherokee Casino & Hotel in North Carolina, as explained in an article by Metters et al. (2008). This particular casino uses revenue management (RM) on a daily basis to increase its revenue from its gambling customers. As customers call to request reservations at the casino’s hotel, the essential problem is to decide which reservations to accept and which to deny.

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