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TOPIC: Forecasting and Forecast Accuracy

INSTRUCTIONS: A busy convention hotel has been struggling with over forecasting. As a result, the hotel has incurred unnecessary and avoidable costs due to overstaffing and over purchasing supplies. Additionally, the hotel has lost rooms revenue due to the revenue manager restricting discounts due to the inflated forecast.

Review the room's forecast vs. actual table on the Forecast Accuracy tab of the attached "Forecasting and Forecast Accuracy" Excel spreadsheet. Calculate the MAPE for the given time period and identify trends in the data by day of the week. Provide your answers in the designated textbox on the spreadsheet.

Forecast Accuracy Average Per Day of the Week \begin{tabular}{|l|l|} \hline Sunday \\ \hline Monday \\ \hline Tuesday \\ \hline Wednesday \\ \hline Thursday & \\ \hline Friday & \\ \hline Saturday \\ \hline \end{tabular} 1) What is the MAPE for the timeframe provided? 2) Are there trends in the data by day of week? 3)What would you recommend to implement immediately? 4) How do key stakeholders - Operations, Sales, and Finance use forecast data to make decisions