1. Describe three different forecasting applications at Hard Rock. Also identify the nature (qualitative or quantitative forecasts) of the forecasting techniques at Hard Rock.
2. What is the role of the POS system in forecasting at Hard Rock?
3. Justify the use of the weighting system used for evaluating managers for annual bonuses.
4. Using data for the past 10 months (see the table), what should you do to determine the best method or methods to forecast these date? Explain why if you think a time series model or a regression model is better suited here?
5. Develop a least squares regression relationship and then forecast the expected guest count when advertising is $65,000. Please first show the procedure manually on a separate sheet, and then show the procedure using MS Excel.
6. Name several variables besides those mentioned in the case that could be used as good predictors of daily sales in each café.
Please refer to the PDF document attached for the case study.
Additional Requirement
This type of problems belongs to Operations Management and it is a case study on operations at Hard Rock Café. The information from Hard Rock Café's POS or the Point of Sale system is stored in a database and the sales forecast team forecasts the sales for upcoming weeks and months in advance. Various aspects of sales forecasts such as qualitative and quantitative forecasts, the role of POS system, the weighing system for manager evaluation, etc have been answered in the solution.
Word Limit 1400