Reference no: EM132809881
MCC Café owns some restaurants in Kowloon. MCC Café uses historical ratios of total sales value and number of customers to full time equivalents (FTEs) to predict future requirement of employee. According to the HR department, the ratios of total sales value to FTEs and number of customers to FTEs are $15000 and 15.00 to 1.00 FTEs respectively. Assume the ratios will be true in the future.
MCC hires 8 FTEs regularly even the restaurants do not operate during holidays. In order to forecast the future requirement of employee accurately, MCC Café would like to use regression analysis to predict the number of employee base on the total sales value (Total Sales Value) and number of customers (Number Of Customers) in which number of employees (FTEs) is the dependent variable.
After the computation, the estimate change in 0.000071 FTEs relative to a one unit change in total sales value. On the other hand, the estimate change in 0.005 FTEs relative to a one unit change in number of customers.
(a) If the predicted total sales value is $2,000,000 and estimated customers is 2000, predict the HR requirement for MCC Café by ratio analysis.
(b) Construct the regression equation to predict the HR requirement.
(c) Use the information in (a), predict the HR requirement for MCC Café by regression analysis.
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