The Nine Roses Restaurant, in New Orleans, is owned and operated by Lana and Jeffrey Lee. The restaurant just completed its third year of operations. Since opening Nine Roses, the Lees have sought to establish a reputation for the restaurant as a high-quality dining establishment that specializes in fresh seafood. Through the efforts of Lana and Jeffrey as well as their staff, Nine Roses has become one of the best and fastest growing restaurants in New Orleans. To better plan for future growth of the restaurant, Lana and Jeffrey needs to develop a system that will enable them to forecast food and beverage sales by month for up to one year in advance. The file “Nine Roses” shows the value of food and beverage sales ($1000s) for the first three years of operation. A time series plot. Comment on the underlying pattern in the time series. An analysis of the seasonality of the data. Indicate the seasonal indices for each month, and comment on the high and low seasonal sales months. Do the seasonal indices make intuitive sense? Discuss. Using the decomposition approach, calculate the seasonally-adjusted sales forecasts for January through December of the fourth year. Assume that January sales for the fourth year turn out to be $295,000. What was your forecast error? If this error is large, Lana and Jeffrey may be puzzled about the difference between your forecast and the actual sales value. What can you do to resolve their uncertainty in the forecasting procedure? First Year Month Sales Second Year Month Sales Third Year Month Sales January 242 January 263 January 282 February 235 February 238 February 255 March 232 March 247 March 265 April 178 April 193 April 205 May 184 May 193 May 210 June 140 June 149 June 160 July 145 July 157 July 166 August 152 August 161 August 174 September 110 September 122 September 126 October 130 October 130 October 148 November 152 November 167 November 173 December 206 December 230 December 235

The Nine Roses Restaurant, in New Orleans, is owned and operated by Lana and Jeffrey Lee. The restaurant just completed its third year of operations. Since opening Nine Roses, the Lees have sought to establish a reputation for the restaurant as a high-quality dining establishment that specializes in fresh seafood. Through the efforts of Lana and Jeffrey as well as their staff, Nine Roses has become one of the best and fastest growing restaurants in New Orleans. To better plan for future growth of the restaurant, Lana and Jeffrey needs to develop a system that will enable them to forecast food and beverage sales by month for up to one year in advance. The file “Nine Roses” shows the value of food and beverage sales ($1000s) for the first three years of operation. A time series plot. Comment on the underlying pattern in the time series. An analysis of the seasonality of the data. Indicate the seasonal indices for each month, and comment on the high and low seasonal sales months. Do the seasonal indices make intuitive sense? Discuss. Using the decomposition approach, calculate the seasonally-adjusted sales forecasts for January through December of the fourth year. Assume that January sales for the fourth year turn out to be $295,000. What was your forecast error? If this error is large, Lana and Jeffrey may be puzzled about the difference between your forecast and the actual sales value. What can you do to resolve their uncertainty in the forecasting procedure? First Year Month Sales Second Year Month Sales Third Year Month Sales January 242 January 263 January 282 February 235 February 238 February 255 March 232 March 247 March 265 April 178 April 193 April 205 May 184 May 193 May 210 June 140 June 149 June 160 July 145 July 157 July 166 August 152 August 161 August 174 September 110 September 122 September 126 October 130 October 130 October 148 November 152 November 167 November 173 December 206 December 230 December 235

Name: The Nine Roses Restaurant, in New Orleans, is owned and operated by La
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Description: The Nine Roses Restaurant, in New Orleans, is owned and operated by Lana and Jeffrey Lee. The restaurant just completed its third year of operations. Since opening Nine Roses, the Lees have sought to establish a reputation for the restaurant as a hig

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter6: Linear Systems

Section6.8: Linear Programming

Problem 5SC: If during the following year it is predicted that each comedy skit will generate 30 thousand and...

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To better plan for future growth of the restaurant, Lana and Jeffrey needs to develop a system that will enable them to forecast food and beverage sales by month for up to one year in advance. The file “Nine Roses” shows the value of food and beverage sales ($1000s) for the first three years of operation.

A time series plot. Comment on the underlying pattern in the time series.
An analysis of the seasonality of the data. Indicate the seasonal indices for each month, and comment on the high and low seasonal sales months. Do the seasonal indices make intuitive sense? Discuss.
Using the decomposition approach, calculate the seasonally-adjusted sales forecasts for January through December of the fourth year.
Assume that January sales for the fourth year turn out to be $295,000. What was your forecast error? If this error is large, Lana and Jeffrey may be puzzled about the difference between your forecast and the actual sales value. What can you do to resolve their uncertainty in the forecasting procedure?

First Year	Month	Sales	Second Year	Month	Sales	Third Year	Month	Sales
	January	242		January	263		January	282
	February	235		February	238		February	255
	March	232		March	247		March	265
	April	178		April	193		April	205
	May	184		May	193		May	210
	June	140		June	149		June	160
	July	145		July	157		July	166
	August	152		August	161		August	174
	September	110		September	122		September	126
	October	130		October	130		October	148
	November	152		November	167		November	173
	December	206		December	230		December	235

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