1.From your knowledge of restaurant‚ from the video‚ from the Global Company Profile that opens this chapter‚ and from the case itself. Identify how each of the 10 decisions of operations management is applied at Hard Rock Cafe? 1) Design of goods and service Hard Rock Cafe us famous for foods from classic American -burgers and chicken wings- . So they try to be good in service to customers and always modifying the menu. The experience concept is to provide not only a custom meal from the menu
Premium Moving average Exponential smoothing Rock music
person who walks through a cafe’s door. The sale of each entrée represents one customer. They forecast monthly guest counts‚ retail sales‚ banquet sales‚ and concert sales at each café. To evaluate managers an set bonuses‚ a 3-year weighted moving average is applied to cafe sales. "Menu planning". Using multiple regressions‚ managers can compute the impact on demand of other menu items if the price of one item is changed. 2 What variables‚ besides time‚ can influence guest count?
Premium Regression analysis Linear regression Forecasting
5 310 June 6 175 July 7 155 Aug 8 130 Sept 9 220 Oct 10 277.5 Nov 11 235 Dec 12 1. 3 Month Moving Averages: The forecast for April is average of Jan‚ Feb and Mar shipments‚ =(200+135+195)/3‚ enter D5=SUM(C2:C4)/3 in EXCEL file. Copy and paste this column. So‚ forecast for Dec. shipments is 244.17 2. Similarly‚ for Five Month Average will be E7=SUM(C2:C6)/5= 207.4; copy and paste the formula till the end. So‚ forecast for Dec is 203.50 3. EXPONENTIAL
Premium Moving average Exponential smoothing
BankUSA Help Desk - Case Study Brent Schmitz Business 4208 Notre Dame de Namur July 28‚ 2013 Abstract The purpose of this case study is to recommend how to increase the overall effectiveness and improve the planning of the Help Desk business unit for BankUSA. This study will look at what are the service management characteristics of the customer service representative‚ create a suggested mission statement for the Help Desk and review which forecasting technique is best used by the
Premium Customer service Time series analysis Forecasting
OPERATIONS MANAGEMENT 1. Supplier Us Customer Raw materials Transforming Work in progress inventory Transformation Finished goods inventory Customer Codex 25000D1‚ 18 dollars (Notes and Problems). Assignment 1‚ 2 make for 15%. Midterm make for 35% and the Assignment 3 for 10%. Finals make up for 40%. Assignments handed in at the beginning of sessions 5‚ 7 and 12. Value added: Inputs Transformation process Outputs. How do we increase value to the product. A lot of things
Premium Value added Output Forecasting
An Assignment On Forecasting Submitted To Dr. Tophan Patra Submitted By Kumail Murtaza MBA AVM SEM III R250211021 College of Management and Economic Studies (CMES) University of Petroleum and Energy Studies Dehradun‚ India Exponential Smoothing Class Values Ft+1 = α.Xt + (1- α).Ft ----------------------------------- Eqn 1 Ft+1----- Forecasted Value of the next period “t+1” α------- Smoothing Factor/Coefficient Xt------- Actual Value
Premium Exponential smoothing Forecasting Moving average
on almost every person who walks through the doors. With POS systems‚ you can analyze sales data‚ maintain a sales history to help adjust your buying decisions‚ and you can improve your pricing accuracy. Also‚ Hard Rock uses a 3-year weighted moving average (applied to café sales) to help evaluate managers and to set their bonuses. The biggest indicator of the performance is the sales at the store they supervise. Lastly‚ Hard Rock uses multiple regression to help figure out how to set up the menu
Premium Planning Forecasting Regression analysis
Which of the following would not be an operations function in a fast-food restaurant? A) advertising and promotion The Dulac Box plant produces 500 cypress packing boxes in two 8-hour shifts. The use of new technology has enabled them to increase productivity by 30%. Productivity is now approximately D) 40.6 boxes/hr. 3.One reason for global operations is to gain improvements in the supply chain. A) True 4.Productivity is the total value of all inputs to the transformation process divided by the
Premium New product development Exponential smoothing Moving average
of everyone. Let’s start with a time series where we know the answer. In the example below‚ X starts at 100‚ grows 3%‚ then falls back again‚ then grows 3% again. So over the three years‚ it has grown from 100 to 103. 1 Year 2000 2001 2002 2003 Average CAGR 2 3 4 X Growth X DlnX 100 103 0.03 0.0295588 100 -0.0291262 -0.0295588 103 0.03 0.0295588 0.01029126 0.00985293 0.00990163 Column 3 calculates by Xt/Xt-1 -1 and column 4 by ln(Xt)-ln(Xt-1)‚ click on the spreadsheet to check. What can we say
Premium Moving average Mathematics Natural logarithm
using the naïve method‚ a two-period movingaverage‚ and exponential smoothing with an α = 0.2. (Hint: Use naïve to start the exponentialsmoothing process.)MonthSales Naïveb) Compare the forecasts using MAD and decide which is best.Exponential = MAD = Σ | actual – forecast | = 13.73 8+8+4+7/4= 6.75nNaïve = MAD = Σ | actual – forecast | = 8.25 10+10+5+8/4= 8.25n2 period = MAD = Σ | actual – forecast | = 8.25 2.5+15+10+8/4= 8.25nAnswer: Exponential is bestc) Using your method of choice‚ make a
Premium Exponential smoothing Moving average Time series analysis