From the data collected and through exploratory data analysis, we can determine the following:
The trend of flight prices vary over
various months and across the holiday
There are two groups of airlines:
the economical group and the luxurious group.
Spicejet, AirAsia, IndiGo, Go Air are in the economical class, whereas Jet Airways and Air India in the other. Vistara has a more spread out trend.
The airfare varies depending on the
time of departure, making timeslot used in analysis an important parameter.
increases during a holiday season. In our time period, during Diwali the fare remained high for all the values of days to departure. We haven’t considered holiday season as a parameter now, since we are looking at data for a few months.
Airfare varies according to the day of the week of travel. It is
higher for weekends and Monday and slightly lower for the other days.
There are a few times when an offer is run by an airline because of which the prices drop suddenly. These are difficult to incorporate in our mathematical models, and hence lead to error.
Mumbai-Delhi route, we find that the price of flights increases or remains constant as the days to departure decreases. This is because of the high frequency of the flights, high demand and also could be due to heavy competition.
Only about 8-10% of the times, a person should wait according to the data collected across the Mumbai-Delhi route, compared to 30-40% in Delhi-Guwahati route