Managerial ReportPerform 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. How would you explain this model to Karen?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 Karen’s uncertainty about the forecasting procedure? 2345D7B901234567890123456789012345678AMonth123456789101112131415161718192021222324252627282930313233343536BSales242235232178184140145152110130152206263238247193193149157161122130167230282255265205210160166174126148173235CDEFGHIJKLMNOPORST Chapter ReviewCase Problem Forecasting1Forecasting Food and Beverage SalesThe Vintage Restaurant, on Captiva Island near Fort Myers, Florida, is owned and operated by KarenPayne. The restaurant just completed its third year of operation. During those three years, Karen sought toestablish a reputation for the restaurant as a high-quality dining establishment that specializes in freshseafood. Through the efforts of Karen and their staff, their restaurant has become one of the best andfastest-growing restaurants on the Island.To better plan for future growth of the restaurant, Karen needs to develop a system that will enable them toforecast food and beverage sales by month for up to one year in advance. The following table shows thevalue of food and beverage sales ($1,000s) for the first three years of operation. LO 1, 3, 7DATA filevintage

Given the sales data for the Vintage Restaurant…

Answered: Perform an analysis of the sales data…

MATLAB: An Introduction with Applications

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ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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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. How would you explain this model to Karen?

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 Karen’s uncertainty about the forecasting procedure?