UW Data Analytics Developing a Forecasting Model Questions – Description
The Charring Cross branch of NatWest is having trouble getting the correct staffing levels to match customer arrival paterns. On some days, the number of tellers was too high reltive to customer traffic, so that tellers were otien idle. On other days, the opposite occurred. Long customer waiting lines formed because the relatively fewer tellers could not keep up with the number of customers. The manager, Michael Kaluuya, knew that there was a problem, but he had litle of the quantitative training he believed would be necessary to find a beter staffing solution. Michael figured that first, he needed a reliable forecast of each day’s number of customer arrivals. Data for this problem is in the dataset file under the tab “Problem_5_Data”. The data lists the number of customers entering this bank each day of the past year. It also lists other information: the day of the week, whether the day was a staff or faculty holiday.
a. Use this data set to develop a forecasting models that Michael could use to help solve this problem. [Hint] You will need to create Dummy Variables
b. Develop an improved model using only significant variables. Comment on your results and potential issues.
c. Based on your model(s), write a report and make any recommendations about staffing that appear reasonable.
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