Problem 3:The Mountain View Hotel uses the simplest time series approach for forecasting monthlyrevenues. That is, the current year’s revenues by department are multiplied by 1+x% toforecast the next year’s revenues. The current year’s department revenues for January andpercentage increases for the coming year are provided below:Required:1)Calculate monthly forecasted revenues by department below: 2)Where are the above percentages coming from? Problem 4: The North Hill Camping Ground forecasted its lunch overs by using the moving averagemethod (due to high- and low- season in hospitality industry). The number of covers servedby day for the first five weeks of the year is as follows:(421+425+430+425+440)/5=429Week123456(5)6(3)7(5)Monday421425430425440429432430Tuesday390410396415402403405406Wednesday410415406408410410408410Thursday398412385402406401398402Friday440435445438441440442435435 = ( 442+440+441+438Required:1)Forecast the number of meals for each day of Week 6, using the five-week movingaverage method.2)Forecast the number of meals for each day of Week 6, using the three-week movingaverage method.3)Comment on the difference in the results of 1) and 2).4)If the actual number of Week 6 are as forecasted, except Friday is 412, using five-weekmoving average to forecast for Week 7.
Problem 5: At the César Ritz Hotel Management School, Chef Ours is in charge of ordering foodprovisions and scheduling labor. The weekly sales forecast is based on a three-week movingaverage, that is, Monday’s forecast is based on the average sales of the prior three Mondays.The forecast is modified based on a number of factors, including weather:-the sales are expected to increase moderately as the year progresses into coolerweather and vice versa.-rainy days result in significant increases in salesThe sales for Week 2 through 4 were as follows:Week2345Monday$450$460$475$551.67Tuesday420435440(450)451.67Wednesday440438520462.67Thursday430445450461.67Friday410420435441.67
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- Fall '16
- Chef Ours