Essentials Of Business Analytics
1st Edition
ISBN: 9781285187273
Author: Camm, Jeff.
Publisher: Cengage Learning,
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Textbook Question
Chapter 5, Problem 1C
The Vintage Restaurant, on Captiva Island near Fort Myers, Florida, is owned and operated by Karen Payne. The restaurant just completed its third year of operation. During those three years, Karen sought to establish a reputation for the restaurant as a high-quality dining establishment that specializes in fresh seafood. Through the efforts of Karen and her staff, her restaurant has become one of the best and fastest-growing restaurants on the island.
To better plan for future growth of the restaurant, Karen needs to develop a system that will enable her to forecast food and beverage sales by month for up to one year in advance. The following table shows the value of food and beverage sales ($1,000s) for the first three years of operation:
Managerial Report
Perform an analysis of the sales data for the Vintage Restaurant. Prepare a report for Karen that summarizes your findings, forecasts, and recommendations. Include the following:
- 1. A time series plot. Comment on the underlying pattern in the time series.
- 2. Using the dummy variable approach, forecast sales for January through December of the fourth year.
How would you explain this model to Karen?
Assume that January sales for the fourth year turn out to be $295,000. What was your forecast error? If this error is large, Karen may be puzzled about the difference between your forecast and the actual sales value. What can you do to resolve her uncertainty about the forecasting procedure?
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The Nine Roses Restaurant, in New Orleans, is owned and operated by Lana and Jeffrey Lee. The restaurant just completed its third year of operations. Since opening Nine Roses, the Lees have sought to establish a reputation for the restaurant as a high-quality dining establishment that specializes in fresh seafood. Through the efforts of Lana and Jeffrey as well as their staff, Nine Roses has become one of the best and fastest growing restaurants in New Orleans.
To better plan for future growth of the restaurant, Lana and Jeffrey needs to develop a system that will enable them to forecast food and beverage sales by month for up to one year in advance. The file “Nine Roses” shows the value of food and beverage sales ($1000s) for the first three years of operation.
A time series plot. Comment on the underlying pattern in the time series.
An analysis of the seasonality of the data. Indicate the seasonal indices for each month, and comment on the high and low seasonal sales months. Do…
The Vintage Restaurant, on Captiva Island near Fort Myers, Florida, is owned and operated by Karen Payne. The restaurant just completed its third year of operation. Since opening her restaurant, Karen has sought to establish a reputation for the Vintage as a high-quality dining establishment that specializes in fresh seafood. Through the efforts of Karen and her staff, her restaurant has become one of the best and fastest growing restaurants on the island. To better plan for future growth of the restaurant, Karen needs to develop a system that will enable her to forecast food and beverage sales by month for up to one year in advance. Table 17.25 shows the value of food and beverage sales ($1000s) for the first three years of operation.
Dependent variable:
What is the variable: ___________________________________________
How it is measured, i.e. what units or categories are used (e.g., revenue measured in “dollars”; height measured as “short, average, tall”)…
The Vintage Restaurant, on Captiva Island near Fort Myers, Florida, is owned and operated by Karen Payne. The restaurant just completed its third year of operation. Since opening her restaurant, Karen has sought to establish a reputation for the Vintage as a high-quality dining establishment that specializes in fresh seafood. Through the efforts of Karen and her staff, her restaurant has become one of the best and fastest growing restaurants on the island.
To better plan for future growth of the restaurant, Karen needs to develop a system that will enable her to forecast food and beverage sales by month for up to one year in advance. The table below shows the value of food and beverage sales ($1000s) for the first three years of operation.
Independent variable:
What is the variable: ___________________________________________
How it is measured, i.e. what units or categories are used (e.g., revenue measured in “dollars”; height measured as “short, average, tall”)…
Chapter 5 Solutions
Essentials Of Business Analytics
Ch. 5 - Consider the following time series data:
Using...Ch. 5 - Refer to the time series data in Problem 1. Using...Ch. 5 - Problems 1 and 2 used different forecasting...Ch. 5 - Consider the following time series data:
Compute...Ch. 5 - Consider the following time series...Ch. 5 - Consider the following time series...Ch. 5 - Prob. 8PCh. 5 - Prob. 9PCh. 5 - Prob. 10PCh. 5 - For the Hawkins Company, the monthly percentages...
Ch. 5 - Corporate triple A bond interest rates for 12...Ch. 5 - The values of Alabama building contracts (in...Ch. 5 - The following time series shows the sales of a...Ch. 5 - Prob. 15PCh. 5 - The following table reports the percentage of...Ch. 5 - Consider the following time series: a. Construct a...Ch. 5 - Consider the following time series:
Construct a...Ch. 5 - The Seneca Children’s Fund (SCF) is a local...Ch. 5 - The president of a small manufacturing firm is...Ch. 5 - Consider the following time series: a. Construct a...Ch. 5 - Consider the following time series...Ch. 5 - The quarterly sales data (number of copies sold)...Ch. 5 - Prob. 25PCh. 5 - South Shore Construction builds permanent docks...Ch. 5 - Hogs & Dawgs is an ice cream parlor on the border...Ch. 5 - Donna Nickles manages a gasoline station on the...Ch. 5 - The Vintage Restaurant, on Captiva Island near...
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