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LMS lets you create KBIs for factors whose impact you want to assess without assuming a perfect one-to-one relationship between one guest factor and the available guest market. For example, local guests attending AM meetings may use a restaurant for breakfast, but it is difficult to determine what percentage will do so. For this reason, the local guest market is more difficult to measure than in-house guests. In this case, you can create a statistical KBI to assess the impact of local guests as an independent variable.
Terms & Definitions
Individual Day Configuration | Allows you to configure every day of the week separately, if checked. If unchecked, only one configuration area will be visible, which means that you configure once and the information is copied to the other days of the week. |
Regression |
Denotes that you wish to use Denotes that you wish to use past averages to Use regression analysis to perform the calculations. Options: - Related KBI. Allows you to select a KBI(s) whose data will be analyzed to determine the value of the KBI you are configuring.
- Operation. Allows you to choose the type of mathematical operation to be performed.
- Add. Allows you to add to the current value of the independent value to the KBI you are forecasting
- Independent. Indicates that the associated KBI name is an independent value to be used in the regression calculation.
- Subtract. Allows you to subtract the current value of the selected KBI from the KBI you are forecasting.
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Past Average | Trend Adjusted Exponential Smoothing | Use trend adjusted exponential smoothing (TAES) to perform the calculations. For more information, see Trend-Adjusted Exponential Smoothing. Options: - Related KBI. Allows you to select a KBI whose data will be averaged to determine the value of the KBI you are configuring.Usually, the KBI you select is the KBI you want to forecast using
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a past average- TAES. (For example, if you want to use a
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Past Average - TAES to forecast Dinner Covers (KBI 101), select Dinner Covers as the related
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.# Data_points. Represents the number of values to be used in the calculation. Starting with the previous week's data, LMS will take the number you enter here and average that number of previous data values You can enter a number between 2 and 8 (thus averaging anywhere between the last 2 volume records and the last 8)
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Related topics:
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