Restaurant patronage is often measured by what is termed “turns” per table (successive seatings per day)
PART C
(a) Restaurant patronage is often measured by what is termed “turns” per table (successive seatings per day) and by “covers” (seated dining per night). Sheet 4 of the Serving Time Project file gives the patronage for Gourmet Delight for successive days in August. The patronage recorded refers to all paying customers over the entire trading day. Write a brief report of the pattern of patronage. Provide explanation for the pattern observed. Obtain a simple exponentially smoothed series of the data. (You need to plot both series – original series and the smoothed series. (b) Gourmet Delight’s quarterly takings for the past few years are given in Sheet 5 of the Serving Time Project file. Using trend analysis, obtain a forecast for the four quarters of 2018. Write a brief report of your findings. In your report, you need to explain how you have used trend analysis to obtain the forecasts.
Hint
The formula for Exponential Smoothing Forecast assigns more weight to recent demands as compared to older demands. It is denoted by ES and formula for calculating future forecast is given below....
The formula for Exponential Smoothing Forecast assigns more weight to recent demands as compared to older demands. It is denoted by ES and formula for calculating future forecast is given below.