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Hard Rock Cafe - Term Paper Example

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Summary
Forecasting involves predicting future events and outcomes of a business. Mostly, it is used as a planning and decision making tool. Hard Rock Cafe uses forecasting in sales analysis…
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Hard Rock Cafe
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Download file to see previous pages Forecasting is one method that has led to the success of the restaurant. With forecasting, the management can analyze the forces of demand and supply and make reasonable decisions. They can also determine the point where profits will be maximized. However, forecasting is not realistic as it can be affected by economic changes due to the cyclical nature of the market (Evans 2002). The actual results might differ from the forecasted data giving rise to risk. Therefore, it important to ensure that proper forecasting is done using reliable data and models. Introduction Hard Rock Cafe has grown at a very fast rate from a one pub in 1979 to cafe having 129 branches in over 40 countries internationally. With such growth, the Cafe has been successful in delivering quality services and ensuring maximum customer satisfaction. Nowadays, the hospitality industry is growing drastically. For this reason, the hotels require consistent progress to attain a competitive edge. Operations management is important to ensure that daily activities of an organization are achieved efficiently. This report will analyze the operation management of Hard Rock Cafe with regard to its forecasting strategy. The current forecasting strategy of the Restaurant will be analyzed and suggestions on other possible strategies with regard to sales will be discussed. In order to assess the future perspectives, it is important to analyze the current situation first. 1. Hard Rock Cafe’s forecasting strategy There are different forecasting applications at Hard Rock Cafe. The forecasts relate to the long-run, intermediate and short run. Long run forecasting methods are used in establishing a better capacity plan. Intermediate forecasting methods are used when Hard Rock Cafe aims at establishing good contracts with its main suppliers. The method is used to forecast on revenues using the pricing and costing information in respect of every cafe. Short term forecasting is used on daily sales and takes into account variables such as events. The point of sale (POS) system is used in forecasting sales. The POS captures daily sales for each customer in all its cafes around the world. All daily sales are transmitted to the headquarters database electronically. From there, the financial team uses the data for forecasting purpose. In forecasting any anticipated events that might impact sales forecasts are taken into account. Such events might include sporting events or concerts to be performed anywhere near the cafes. The daily forecasts are further broken down to hourly sales which are used for employee scheduling purposes. Another forecasting strategy is Cafe’s menu planning which is done using multiple regressions. Multiple regression analysis helps the managers determine the degree of responsiveness on the quantity demanded to changes in price. Forecasting is also used in reorganizing the menu. This is because it measures the domino effect it would have on the menu items. Forecasting is also used in evaluating the performance of managers and setting rewards such as bonuses. Hard Rock Cafe uses a 3 year weighted moving average on cafe sales for this purpose. Bonuses are awarded when managers exceed their targets. Finally, forecasting is used in staff recruitment and management. Future demand is calculated and used to determine the period when to hire more staff or manage its staff in each department of the restaurant. Hard Rock Cafe can also use forecasting in the following areas: Establishing new outlets Determining future market changes by analysis the economic factors New products and its impact to the customers. 2. The role of ...Download file to see next pagesRead More
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