(See attached file for full problem description)
The Westar hotel, a 250-room business hotel located in a resort area of the Colorado Rockies, has two lounges on its premises: the Pour Nous Lounge, a pub-style lounge that seats about 50, and Gaiete, a 200-seat nightclub.
Jane Bartley is a staff analyst for Westar's corporate parent, charged (among other things) with predicting and analyzing beverage sales (liquor, beer, and wine, primarily) for the chain's business hotels. In fact, her deadline for producing some sort of forecast for Westar beverage sales was the end of the week. After years in the business, Jane had seen a lot of approaches to forecasting beverage sales, but none that struck her as particularly helpful. Most of them used only room occupancy as a basis for forecasting.
What factors appear to influence beverage sales at the Westar?
Should Westar consider re-hiring the piano player for the Pour Nous Lounge?
How about happy hour food?
Can you suggest a new forecasting method for Jane to try out?
***USE THE MULTIPLE REGRESSION MODEL***
This question can be approached using the Excel Analysis Tool. It is one of the Add-Ins options. If you don't normally have this tool, it needs to be installed from a Microsoft Office CD-ROM.
Firstly i have re-typed the data and put them in the sheet called "Raw data".
I then use the Multiple Regression analysis tool by going to Tools - Data Analysis in Excel and chose Regression.
Here you can specify ...
The solution explains in details the concept of multiple regression analysis and then provides step-by-step calculations for the problem.