EBK OM
6th Edition
ISBN: 9781305888210
Author: Collier
Publisher: YUZU
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Chapter 9, Problem 2DQ
Summary Introduction
To determine:
Introduction:
Forecasting means an estimation of a change of a set of variables at a future date. Forecasting is generally carried out to take a decision and for the purpose of planning at a future date. Forecasting is done to arrive at a better position in near future and to avoid such ill circumstances that would have happened, if proper forecasting would have not been carried over.Forecasting helps to set up the standards relating to expenses, growth, profits etc. of the restaurant. It helps in forming realistic staffing for the business. Sales forecast and break even analysis helps to determine the projected level of quantity, which can be more profitable, in case of high demand or low demand in market.
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Introduction to Forecasting - with Examples; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=98K7AG32qv8;License: Standard Youtube License