Chapter 9 - Forecasting Methods.pptx - THE CITY UNIVERSITY OF NEW YORK YORK COLLEGE BUS230 Introduction to Aviation Business Chapter 9 \u2013 Forecasting

Chapter 9 - Forecasting Methods.pptx - THE CITY UNIVERSITY...

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THE CITY UNIVERSITY OF NEW YORK YORK COLLEGE BUS230 Introduction to Aviation Business Chapter 9 – Forecasting Methods Prof. M. Brienza
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Chapter 9 - Air Transportation: Forecasting Methods Introduction Every day, at all levels of management within all segments of the air transportation industry, decisions are made about what is likely to happen in the future. It has been said that business action taken today must be based on yesterday’s plan and tomorrow’s expectations. Call them expectations, predictions, projections—it all boils down to one thing, forecasting. Forecasting is the attempt to quantify demand in a future time period.
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Chapter 9 - Air Transportation: Forecasting Methods What is forecasting used for in aviation? Demand for travel Seat sales Aircraft longevity Aircraft usage Weather Staffing Operational needs Growth Aircraft Maintenance
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Chapter 9 - Air Transportation: Forecasting Methods All Forecasting is either: Quantitative Measured using a variety of data Mathematical process to determine the most accurate forecast Qualitative Sales experts Opinion of experts Customer input Social media, survey, etc.
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Chapter 9 - Air Transportation: Forecasting Methods
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Chapter 9 - Air Transportation: Forecasting Methods
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Chapter 9 - Air Transportation: Forecasting Methods
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Chapter 9 - Air Transportation: Forecasting Methods A forecast of revenues is not a plan. There must be goals, strategies for attaining them, alternative courses of action, and a realistic fit with other market conditions. The projection of flying hours for next year is an element in the forecast of future demand for flight personnel, fuel consumption, facilities, and a host of other considerations.
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Chapter 9 - Air Transportation: Forecasting Methods The Purpose of Forecasting Each type of forecast serves a particular purpose.
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