Research Article
Restaurant Sales and Customer Demand Forecasting: Literature Survey and Categorization of Methods
@INPROCEEDINGS{10.1007/978-3-319-33681-7_40, author={Agnieszka Lasek and Nick Cercone and Jim Saunders}, title={Restaurant Sales and Customer Demand Forecasting: Literature Survey and Categorization of Methods}, proceedings={Smart City 360°. First EAI International Summit, Smart City 360°, Bratislava, Slovakia and Toronto, Canada, October 13-16, 2015. Revised Selected Papers}, proceedings_a={SMARTCITY360}, year={2016}, month={6}, keywords={Restaurant sales forecasting Guest count prediction Forecasting survey Revenue management Yield management}, doi={10.1007/978-3-319-33681-7_40} }- Agnieszka Lasek
Nick Cercone
Jim Saunders
Year: 2016
Restaurant Sales and Customer Demand Forecasting: Literature Survey and Categorization of Methods
SMARTCITY360
Springer
DOI: 10.1007/978-3-319-33681-7_40
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.