Hands-on with Business Analytics
Is it possible to accurately forecast attendance at a sporting event? The Melbourne Cricket Ground (MCG) is a sporting ground in Australia, with capacity of 100,000 people that primarily hosts Cricket in summer and Australian Rules Football (AFL) during winter. The MCG in partnership with students from the MSBA & MOC programmes is working on a project to more accurately forecast attendance at their events. The consequences of an inaccurate forecast are significant. When underestimated, it leads to a shortage of staff to provide services such as security, food & beverage. When overestimated, it leads to an unnecessary amount of resourcing being provided to attend to guests. Focussing on the AFL season, the team is building a regression model based on data from 2007 to 2014 and testing this model against attendance from the 2015 season. At STePS, we will present our model and results.