Plot the time series data with a chart

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Assignment: Short-Term Rental Market

Unlike traditional hotels, short-term rentals typically involve renting private residences for stays ranging from a single night to a few weeks. Fostered by the emergence of platforms such as Vrbo (Vacation Rentals by Owner) and Airbnb, the short-term rental market has become a robust sector of the lodging industry. These platforms provide a centralized online marketplace for property owners to list their properties and for travelers to conduct highly personalized searches for lodging options.

Short-term rentals offer travelers opportunities for more unique travel experiences at properties with their choice of amenities while also appealing to the notion of the sharing economy. Short-term rentals are also often a more economical choice for larger family groups that wish to stay in one house rather than split across multiple hotel rooms. In many cases, the rental host serves as a local guide, providing recommendations for dining, entertainment, and recreation.

Simone Douglas, an intern with the local Chamber of Commerce, has been asked to explore patterns in short-term rental bookings in the Santa Barbara area. The file airbnb contains a sample of the number of daily short-term rental bookings for the 731 days from July 2, 2021, to July 2, 2023. In addition, the file airbnb contains daily forecast information for July 3, 2023, to January 1, 2024. Specifically, for each of the 183 days spanning July 3, 2023, to January 1, 2024, there is a predicted number of bookings as well as a lower bound and upper bound (reflecting a 95% prediction interval for the forecast).

Summary Report

Simone has been asked to develop data visualizations that explain the patterns in daily short-term rental bookings. Simone's goal is to create a series of charts that display the historic short-term rental booking data and forecast information at different temporal frequencies.

A. Plot the time series data with a chart that displays the number of daily bookings averaged annually.

B. Plot the time series data with a chart that displays the number of daily bookings averaged quarterly. Plot the historic and forecasted data on the same chart.

C. Plot the time series data with a chart that displays the number of daily bookings averaged monthly. Plot the historic and forecasted data on the same chart. Get the instant assignment help.

D. Plot the time series data with a chart that displays the number of bookings on a daily basis. Plot the historic and forecasted data on the same chart.

E. Create a column chart that displays the average number of daily bookings on the seven days of the week.

F. Based on the five charts in parts (A)-(E), what patterns do you observe in the short-term rental bookings?

G. Noting that there is not an entire year's worth of data for 2021 and 2023, explain how the trend in the chart displaying the number of daily bookings averaged annually may be misleading.

H. For the chart that displays the number of daily bookings averaged quarterly, explain why there appears to be a large discrepancy between the historic data for Quarter 3 and the forecasted data for Quarter 3.

Reference no: EM133896743

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