How are the approaches to forecasting at Orlando Magic and Hard Rock Café similar? How are they different?

There are many types of forecasting approaches are using in the Hard rock Café in which including long term, short term and intermediate forecasting. These model can use for analyzing the capacity of café and in the result the term capacity plan can be generated by it and this model; is also used to predicting the current demand of the products if the product demand would be analyzed the customer demand can be predicted automatically and it is also uses for the analyzing the customer meal preference. (Alamodovar, 2015)

The Orlando magic is also using many types of approaches for forecasting such as long term short term and intermediate. The capacity of Orlando magic can measure by using the models and in the result the capacity of the Orlando magic can measured for serving the customers. These approaches are used to measuring the demand of product from which management can manage the supply and inventory as well as this product demand shows us customer demand for the Orlando magic. Over all approaches which are using at both places are similar with each other. But the few one are the different in which POS system included. The hard rock café is using POS approach for forecasting whenever Orlando magic did not use this approach. POS approach is used to determine which each consumer has purchased because the POS gives a print out of all sales. This approach is differ than other due to the nature of the business because Hard Rick is performing as restaurant or resort while Orlando magic is performing as club having specialty of basketball.

Identify the three forecasting time horizons. State an approximate duration for each and an example of what each would be used for?

Forecasting time horizon is categorized according to the period, time and use in which included short term forecasting, long term forecasting and intermediate forecasting. Long term forecasting approach is used for strategic planning of the business in which includes the decision making about the product process and facilities which we are providing to our customers. Long term forecasting require time span of 3 or more than 3 years because this approach is used for facility location, research and development, capital expenditure and installation of new plants. Intermediate forecasting requires a time span of one year to three years and this approach is used for cash budgeting, sales planning and production planning. Intermediate forecasting requires a time span of three months to one year and this approach is used for measuring the work force level, purchasing job schedule, job assignment and product level. (G.PeterZhang, 2003)

Briefly describe the steps that are used to develop a forecasting system?

There are seven step which are used to develop the forecasting system such as

To identify the use of forecasting (To knew about the purpose or reason of forecasting)

To selecting the product/service which have to be forecast (To select the business sector)

To identify the time horizon of forecast in which include short term forecasting (three months to one year), intermediate forecasting (one year to three years) and long term forecasting  (more than three years)

To identifying the forecasting model mean which model would be used

To collecting the required information for the forecasting

To checking validity of forecasting

To implementing the results of forecasting

What three methods are used to determine the accuracy of any given forecasting method? How would you determine whether time-series regression or exponential smoothing is better in a specific application?

There are three most important methods which is used to measuring the accuracy of data are categorized as Absolut mean deviation, Squared mean error and Absolute mean percent error. These methods are known as also Time-series forecasts Judgmental forecasts and Associative models. The time series analysis is based on the arrangement of the constantly spreading data points. Time series forecasting is applied by using the predicted future on the basics of the past values and few other variables and it doesn’t matter how the potential data is valuable and it can be ignored.

Give examples of industries that are affected by seasonality. Why would these businesses want to filter out seasonality?

There are the following industries which can affect by the seasonality. Tourism industry such as Ski schools and hotels, Gastronomy as ice-cream parlor and beer garden, Building industry, seasonal goods means fast moving consumer goods FMCG include ginger bread and fireworks, agricultural industry as asparagus and strawberry. I f we will discuss it shows every industry have seasonality and it should be filtered out for the medium range planning of the goods and evaluating the performance.  It can be used in both industries production and inventory. (htt)

What is the difference between a dependent and an independent variable?

If we will discuss the two types of variables are known as dependent and independent variables. The independent variables are that variables which are not affected by the other circumstances and conditions. It has no influence of the other variables and it work by itself having no effects of other influences. The dependent variables are that variables which are affected by the other circumstances and conditions. It has influence of the other variables and it work according to the other variables and conditions. This variable is change according to the changes of related variables. The dependent variable has no effect by itself and it is affected by the other variables. (anastasia, 2014)

References

(n.d.). Retrieved from https://pi.pearsoned.com/v1/piapi/piui/signin?client_id=dN4bOBG0sGO9c9HADrifwQeqma5vjREy&okurl=https:%2F%2Fportal.mypearson.com%2Fcourse-home&siteid=8313

Alamodovar. (2015). Time Horizon in Forecasting. Scihub.

anastasia, a. (2014). Qalititave forcasting Model. Elesvier.

G.PeterZhang. (2003). Time series forecasting using a hybrid ARIMA and neural network model. Elesvier, 175.