Answering the questions on the text: "Hard Rock Cafe - Forecasting"
1. Describe three different forecasting applications at Hard Rock. Name three other areas in which you think Hard Rock could use forecasting models.
Hard rock café divide the forecast in long term methods where the expectations are to establish a better capacity plan and short term methods where they look for good contracts with suppliers for leather goods (clothes etc.) and definately to be more negotiable with the suppliers of food products. Also hard rock café pays attention to potencial revenues using pricing and costing information of every café. Short term of sales forecasts are calculated each month by every established site.
Forecasting models could be useful in other areas like:
1. New food product and its impact. Will they be accepted by the consumers? (Long term,Strategic) 2. Human Resource forecasting. Are they good enough on what they are doing or could it be more efficient in another way? (Medium term,Operating) 3. Forecasting economic information like economic crisis or growth. 4. Opening new establishments. Is the market big enough? (Long term, Strategic)
2. What is the role of the POS system in forecasting at Hard Rock?
The Point Of Sale system collects diary data of almost every consumer in every single café. That means huge information if we check out the number of visitors in almost every Hard rock Café. Furthermore this huge information means even more benefits if the managers are able to use them in a proper way.These transactions in a combination with other data like prior years sales, local events, tourist informations may help the head managers of hard rock to realize the benefits of every café. ,
This POS system has to be accurated or elsewhere its needed to identify and examine the errors when they occur. Otherwise if the POS system doesn't work efficient, the company will have issues like orders-back instead of benefits. Plus the...
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