Culinary science and hospitality research (한국조리학회지)
- Volume 5 Issue 1
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- Pages.89-101
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- 1999
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- 2466-0752(pISSN)
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- 2466-1023(eISSN)
Forecasting Demand for Food & Beverage by Using Univariate Time Series Models: - Whit a focus on hotel H in Seoul -
단변량 시계열모형을 이용한 식음료 수요예측에 관한 연구 - 서울소재 특1급 H호텔 사례를 중심으로 -
Abstract
This study attempts to identify the most accurate quantitative forecasting technique for measuring the future level of demand for food & beverage in super deluxe hotel in Seoul, which will subsequently lead to determining the optimal level of purchasing food & beverage. This study, in detail, examines the food purchasing system of H hotel, reviews three rigorous univariate time series models and identify the most accurate forecasting technique. The monthly data ranging from January 1990 to December 1997 (96 observations) were used for the empirical analysis and the 1998 data were left for the comparison with the ex post forecast results. In order to measure the accuracy, MAPE, MAD and RMSE were used as criteria. In this study, Box-Jenkins model was turned out to be the most accurate technique for forecasting hotel food & beverage demand among selected models generating 3.8% forecast error in average.
Keywords