Perform an analysis of the sales data for the Vintage Restaurant.
Prepare a report for Karen that summarizes your findings, forecasts, and recommendations. Include:
a. A graph of the time series.
b. An analysis of the seasonality of the data. Indicate the seasonal indexes for each month, and comment on the high and low seasonal sales months. Do the seasonal indexes make intuitive sense? Discuss.
c. A forecast of sales for January through December of the fourth year.
d. Recommendations as to when the system that you have developed should be updated to account for new sales data.
e. Any detailed calculations of your analysis in the appendix of your report.
f. Assume that January sales for the fourth year turn out to be $295,000. What was your forecast error? If this is a large error, Karen may be puzzled about the difference between your forecast and the actual sales value. What can you do to resolve her uncertainty in the forecasting procedure?
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This question was asked on Apr 28, 2011 and answered on Apr 30, 2011.
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