The three different forecasting applications at Hard rock café are: Sales Forecasting: Under this application of forecasting Hard rock café uses Point of sales data to forecast different form of sales at different venues of the café at different points of time using historical data. The kind of sales calculated on the basis of forecasting include different offerings made by Hard rock café, including, monthly guest counts, retail sales, banquet sales, and concert sales. This forecasting application is quantitative in nature Performance forecasting: the previous sales of different cafes at different times are used to calculate the performance given by the managers of the café. This performance is judged on the basis that the sales given in particular time period exceed or don not exceed the estimated sales for that period based on past sales of the café. The forecasting method used here is to forecast the estimated sales based on the sales of previous years, so the nature of forecasting is quantitative. Menu performance forecasting: There two types of forecasting done in this scenario. One is dependency of the sales on the price of the product. This is calculated through regression analysis. So this forecasting method is quantitative in nature. Other forecasting method applied is to forecast the revenue generation from particular product based on its placement in the menu. This method of forecasting is qualitative in nature. Role of POS in forecasting at Hard Rock
Three different forecasting applications at Hard rock
Point of sales data is the backbone of the forecasting done in Hard Rock café. Point of sales data comprises of the following data points: •Region or the venue of the café where the sales is made •The time and date of the sales
•The food product, retail products and other services on which the sales is made. It gives the contribution of each component of the sale. In addition it gives...