05 Jun Question One of the keys in the written materials for the Hard Rock Café was the focus on the POS (Point of Sale) system, which “captures transaction data on nearly
Question
One of the keys in the written materials for the Hard Rock Café was the focus on the POS (Point of Sale) system, which “captures transaction data on nearly every person who walks through a cafe’s door.” That system acts as the mechanism for collecting data that can be used for forecasting.
Post 1. List three examples of businesses that use some sort of device to electronically collect information that can be used for forecasting. The best examples would be from a workplace or area about which you have some special knowledge. 2. Post the examples on your group’s board. Response 1. With your group, choose one electronic data collection system used for forecasting to discuss further. 2. Discuss that system’s potential sources of error. 3. Discuss how to control those sources to minimize error. 1. Review the preceding discussion. 2. Arrive at a consensus: a. Select an electronic data collection system used for forecasting for a firm that is well known to you and others. (It is enough to “know” that firm as a customer). b. Identify that system’s top three potential sources of error. c. Explain how those three potential sources of error can be controlled to minimize error. 3. Write a 1–1.5 page report on your result. 4. Submit the report via the Drop Box.
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