Abstract
Demand forecasting is one of the important inputs for a successful restaurant yield and revenue management system. Sales forecasting is crucial for an independent restaurant and for restaurant chains as well. In the paper a comprehensive literature review and classification of restaurant sales and consumer demand techniques are presented. A range of methodologies and models for forecasting are given in the literature. These techniques are categorized here into seven categories, also included hybrid models. The methodology for different kind of analytical methods is briefly described, the advantages and drawbacks are discussed, and relevant set of papers is selected. Conclusions and comments are also made on future research directions.
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This work was supported by a Collaborative Research and Development (CRD) grant from the Natural Sciences and Engineering Research Council of Canada (NSERC), grant number: 461882-2013.
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Lasek, A., Cercone, N., Saunders, J. (2016). Restaurant Sales and Customer Demand Forecasting: Literature Survey and Categorization of Methods. In: Leon-Garcia, A., et al. Smart City 360°. SmartCity 360 SmartCity 360 2016 2015. Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering, vol 166. Springer, Cham. https://doi.org/10.1007/978-3-319-33681-7_40
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DOI: https://doi.org/10.1007/978-3-319-33681-7_40
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