Restaurant Reservations Optimization Tool
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The purpose of this tool is to determine the best mix of tables in a restaurant, while simultaneously determining which reservations should be accepted from forecasted demand. A key parameter in the tool is the degree to which average dining durations are inflated. The tool user selects this inflation factor according to expectations regarding the extent to which parties will exceed the anticipated average dining time. Lower inflation factors result in more revenue, because more reservations are accepted, but also come with lower service levels, meaning more customers will need to wait for a table. Based on the user inputs, the tool, which uses the Solver add-in for Microsoft Excel, returns the optimum table mix for the greatest revenue.
Cornell; restaurants; tables mix; reservations; wait times
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