Today's Revenue Management thought:-

Two down…. Ten to go…. 2023 is in full swing

Q1 2023 is rapidly coming to an end, and many predict (forecast better times).  Remember to revise your forecasts, as data is constantly changing.

But what is it that makes forecasting such a thorny task ?

Here’s a few issues that can cause you challenges:-

1. • data properties change over time

2. • detecting changes in the distribution

3. • the forecast period has low predictability

4. • random fluctuations in the data

5. • when there’s not enough data

So don’ just blindly trust the models…. Be a bit pessimistic and question everything.

Have a profitable week.

✌🏼