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Outline the economic and environmental factors or circumstances which are likely tohave influenced the characteristics or components of the time series. Will these factorsor circumstances apply to the relevant forecasting period?

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Friday 3rd MayEach student has been assigned an airline as per the ‘Airline’ list in the Assignment section oniLearn.You are working for your designated airline and the board of your airline is considering thelaunch of new direct flight services to Australia (Sydney / Melbourne / Perth) from your homecountry and/or a codeshare service via a flight to Australia (Sydney / Melbourne / Perth)through an international hub where your airline already services – either Dubai or Singapore.In this regard, you need to forecast the visitor numbers from the country of origin of yourairline into Australia for at least the upcoming year. You will need accurate forecasts for eachmonth of the year as you need to adjust your airline’s schedule depending on the differentialdemand in each month.4Questions1. Identify a relevant time series for the visitors arriving to Australia from your airline’shome country (for at least the last 20 years) which may be useful in generating theforecasts required by your airline. You may merge time series if you deem this isnecessary. Justify your choice/s.Data should be available through the Australian Bureau of Statistics (ABS).Provide a line chart of the relevant time series for approximately the last 20 years.2. Comment in general on the characteristics of the time series line chart. Whatsystematic components are evident in the time series? Explain your answer.3. Confirm the presence of the systematic components of the time series using relevanttools and measures. Explain your answer.4. Outline the economic and environmental factors or circumstances which are likely tohave influenced the characteristics or components of the time series. Will these factorsor circumstances apply to the relevant forecasting period? Explain your answer.5. Without applying a decomposition, apply an appropriate method in EXCEL to smooth(remove randomness) the chosen time series for the last 4 years to help further identifythe relevant systematic components. Explain what you have done.6. From the results of the above smoothing, provide a time series line chart comparingthe original time series with the generated smoothed values. Comment on yoursmoothing. Include the forecasts from #10 as part of your line chart above.