Long range and short range forecasting provides several benefits. But they differ

and often there is confusion about when to long range forecasting is beneficial

and when short range forecasting is beneficial. A restaurant owner has

approached you as a consultant with questions about forecasting. The owner

wants your recommendation on what aspects of the business to do short term

forecasting $($ie weekly$)$ and how to best do this. And, to recommend aspects of

the business to do long term forecasting $($is yearly$)$ and how best to do this.

Provide your recommendation for each and explain your response with numerical

examples.

Would your recommendations differ if instead a single restaurant the owner was

asking about a chain of $400$ restaurants $($iea like Swiss Chalet$)?$ Explain.

Answer: