Problem Statement: Extreme temperatures affect flight schedules and the maintenance of aircraft. One of the major concerns for major airlines around the world is how temperature changes affect the functioning of aircraft ultimately resulting in loss of revenue and increasing costs. As airliners have a maximum or a minimum operating temperature beyond which they would ground flights or reschedule, having information about how the temperatures would be would bring in a lot of value and cost savings.
In the retail business, it is crucial for the firms to accurately forecast sales in the future to prepare themselves and optimize costs. Over-estimating sales can lead to a significant cost of inventory holding and even losses due to expiry in case of perishable items. There could also be a scenario of underutilized resources in manufacturing be it machinery or labour. Underestimation of sales in forecasts can lead to loss of business opportunity.
We have forecasted time series of House Price Index to help a Real Estate company invest in a city. Our analysis recommends investing in Dallas to get 38% gain in 2 years.
Prof. Galit Shmueli, Institute of Service Science, College of Technology Management, National Tsing Hua University, 101 Kuang Fu Road Sec. 2, Hsinchu 30013 Taiwan
