Case Problem 3 - Forecasting Food and Beverage sales The vintage restaurant, on Captiva Island near Fort Myers, Florida, is owned and operated by Karen Payne. The restaurant just completed its third year of operation. During that time, Karen sought to establish a reputation for the restaurant as a highquality dining establishment that specializes in fresh seafood. Through the efforts of Karen and her staff, her restaurant has become one of the best and fastest-growing restaurants on the island. To better plan for future growth of the restaurant, Karen needs to develop a system that will enable her to forecast food and beverage sales by month for up to one year in advance. Table 6.17 shows the value of food and beverage sales (\$1000s) for the first three years of operation. Managerial Report Perform an analysis of the sales data for the vintage restaurant. Prepare a report for Karen that summarizes your findings, forecasts, and recommendations. Include the following: - A time series plot. Comment on the underlying pattern in the time series. - Using the dummy variable approach, forecast sales 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, Karen may be puzzled about the difference between year in advance. Table 6.17 shows the value of food and beverage sales ( $1000s) for the first three years of operation. Managerial Report Perform an analysis of the sales data for the vintage restaurant. Prepare a report for Karen that summarizes your findings, forecasts, and recommendations. Include the following: - A time series plot. Comment on the underlying pattern in the time series. - Using the dummy variable approach, forecast sales 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, Karen may be puzzled about the difference between your forecast and the actual sales value. What can you do to resolve her uncertainty in the forecasting procedure? Data Download the Vintage Excel File Instructlons: Write a two-page APA report answering the questions below. Do not just answer the questions, but use the questions to fomulate your report. Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Be sure to adhere to University's Academic Integrity Policy. Questions to be answered in your report: Perform an analysis of the sales data for the Vintage Restaurant. Prepare a report for Karen that summarizes your finds, forecasts, and recommendations. Indude the following in your report. - A time series plot. Comment on the underlying pattern in the time series. - Using the dummy variable approach, forecast sales for January through December of the fourth year. Requirements of the assignment: - All papers must follow all APA requirements including an abstract. (10\% deduction if not) - All papers must have a reference page. The textbook is an acceptable source. - Body of the paper 2-3 pages, no more or less. - Title page, abstract, and reference pages are required. However, they do not count towards any page count. - Writing should reflect an understanding of the chapter's basic concepts, thorough research, and logic and critical thinking skills. - The introduction is attention getting with sufficient background information to establish the topic and a dear thesis statement. - The conclusion summarizes the main points and leaves the reader with a strong comprehension of the paper's significance and the author's understanding. - Grammatically correct - No spelling, grammar, or mechanics errors. - Do not use the first person. ( 10% deduction if used) Vintagexdsx Case Problem 3. Forecasting Food and Beverage Salespodf