rn The Brazen Head restaurant is a 180-seat restaurant. Assume that you are forecasting for Sunday 9/3

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The Brazen Head restaurant is a 180-seat restaurant. Assume that you are forecasting for Sunday 9/3 and that the following is the covers served data for the last six Sundays (note: the restaurant can handle about 2 table turns per night): IT Date Covers served 7/23 310 7/30 280 8/6 300 8/13 260 8/20 250 8/27 235 You are required to use Excel and set up appropriate formulae to answer the questions below. Note that you are to assume that the above information is the only information that the management team gave you to work with. Also, follow smart spreadsheet practice: Put each weight (i.e., weights for the weighted average forecast, alpha and phi) into a cell of its own and reference those cells in your Average formula. Doing this means that the average formula and the forecasts – will automatically update if the weights are changed. 1. Use a 2-period simple moving average to develop a forecast of covers served for 9/3. 2. Use a 4-period weighted moving average to develop a forecast of covers served for 9/3 using the following weights: 40% 8/27, 30% 8/20, 20% 8/13 and 10% 8/6. 3. Use simple exponential smoothing to develop a forecast of covers served for 9/3 using alpha = 0.9. 4. Create ONE graph in Excel showing the following: Actual covers served from 7/23 through 8/27. The forecasts of covers served from 7/30 through 9/3 using simple exponential smoothing and an alpha = 0.9 Be sure to clearly label axes, give the graph a title, use a legend and make sure that the scale used for the y-axis is formatted to best suit the range of the data. 5. Based on your forecast using simple exponential smoothing with alpha = 0.9, use simple exponential smoothing to calculate the following forecast error measures at the end of 8/27: MAD, BIAS, MSE and combined error. Use a phi of 0.45. 6. In a text box, list the values for overall MAD, BIAS, MSE and combined error at the end of 8/27. 7. Take a look at the completed table and a graph. What forecasting method would you recommend that management use to forecast rooms sold? The Brazen Head restaurant is a 180-seat restaurant. Assume that you are forecasting for Sunday 9/3 and that the following is the covers served data for the last six Sundays (note: the restaurant can handle about 2 table turns per night): IT Date Covers served 7/23 310 7/30 280 8/6 300 8/13 260 8/20 250 8/27 235 You are required to use Excel and set up appropriate formulae to answer the questions below. Note that you are to assume that the above information is the only information that the management team gave you to work with. Also, follow smart spreadsheet practice: Put each weight (i.e., weights for the weighted average forecast, alpha and phi) into a cell of its own and reference those cells in your Average formula. Doing this means that the average formula and the forecasts – will automatically update if the weights are changed. 1. Use a 2-period simple moving average to develop a forecast of covers served for 9/3. 2. Use a 4-period weighted moving average to develop a forecast of covers served for 9/3 using the following weights: 40% 8/27, 30% 8/20, 20% 8/13 and 10% 8/6. 3. Use simple exponential smoothing to develop a forecast of covers served for 9/3 using alpha = 0.9. 4. Create ONE graph in Excel showing the following: Actual covers served from 7/23 through 8/27. The forecasts of covers served from 7/30 through 9/3 using simple exponential smoothing and an alpha = 0.9 Be sure to clearly label axes, give the graph a title, use a legend and make sure that the scale used for the y-axis is formatted to best suit the range of the data. 5. Based on your forecast using simple exponential smoothing with alpha = 0.9, use simple exponential smoothing to calculate the following forecast error measures at the end of 8/27: MAD, BIAS, MSE and combined error. Use a phi of 0.45. 6. In a text box, list the values for overall MAD, BIAS, MSE and combined error at the end of 8/27. 7. Take a look at the completed table and a graph. What forecasting method would you recommend that management use to forecast rooms sold?

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Answer Solution The actual data provided is as under Covers Da... View the full answer