Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Forecasting is particularly important in the foodservice industry where perishability is a major concern (Kimes et al., 1998). Accurate forecasting can ensure adequate food production;

Forecasting is particularly important in the foodservice industry where perishability is a major concern (Kimes et al., 1998). Accurate forecasting can ensure adequate food production; improve inventory/staffing precision; and increase manager confidence and employee morale, and customer satisfaction. However, many casino restaurants' operators currently predict customer counts solely based on their managers' intuition or guess-estimation from past experiences. Nevertheless, even simple mathematical methods, such as a nave model, a simple moving average model, or a single exponential smoothing model have been suggested to outperform the intuitive experts' assessments (McCahon & Miller, 1991). Despite the importance of accurate forecasting, most foodservice operators still only rely on their intuition or experience to estimate the future demand in the foodservice industry.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Logistics

Authors: Paul R. Murphy, Michael Knemeyer

11th edition

132953463, 2900132953466, 978-0132953467

More Books

Students also viewed these General Management questions