Hard Rock Café is a service organization, so it uses the different types of forecasts by time horizont.
Types of Forecasts at Hard Rock by Time Horizon • Medium-range forecast • The research for materials for their products, like leather for jackets • Long-range forecast • They close long time contracts for food. • They make plans about new locations for the future.
HARD ROCK CAFÉ’S USED SKILLS • REGRESSION ANALYSIS WEIGHTED MOVING AVERAGES
WEIGHTED MOVING AVERAGES • They do it in 3 years too, and the weights are 20, 40, 40 from the earliest to the latest year.
REGRESSION ANALYSIS • They look which kind of food was prefered lasts years and include those things on Hard Rock Café’s menus. • They do the Regression Analysis on this way. • For example, they raise price for a hamburger and look what people are eating instead of it.
FORECASTING • They do a lot of Forecast, like counting people, and what food they ate and how much or what they drank. • They do Forecasting in every part of the company like organization; and in every location.