For the final assignment of the class, you will tie everything together in an effort to build a successful restaurant with multiple locations. As with the Week 2 assignment, you will work through a simulation titled “Restaurant Mogul”, provide an explanation and critique of your performance, and make comparisons to your own proposed food service operation you have been examining since the first week of class [Industry Specialization]. Be sure to review instructions for all parts and use the Q & A forum if you have any questions.
(1) — The first part is to work through the simulation.
You can access the Restaurant Mogul simulation by clicking or by copying the following link:
ProSim – Knowledge Matters simulation
Having completed previous assignments, you should be able to log in using the login credentials you established when registering.
The simulation will be on a larger scale than the week 2 assignment and you will apply your knowledge to building a restaurant empire. You will start by opening your first restaurant and address several key facets of operations, such as pricing and staffing for example. Once you establish a profitable restaurant, you will open the doors to a second one, adding more restaurants to reach a total profit goal for the business.
(2) — Provide an explanation and critique of simulation performance.
As with the Week 2 simulation and assignment, you will be expected to provide a summary of your experience. The summary will describe the scenario that was presented to you, the decisions you had to make, and your reasoning for the decisions you made. References are expected to support, refute, or corroborate your perspective or reasoning. As a part of your summary, you will need to describe the results you anticipated and what the actual results were.
Your analysis will need to address the following simulation goals:
- Select a location based on demographics and survey data.
- Set up the business (layout, staffing, menu design, and purchasing).
- Attract customers through advertising and social media.
- Monitor ratings, messages, and financials.
Identify relevant elements and variables, explain their significance or input, and evaluate levels of performance and possible outcomes. The following questions should be addressed in your analysis:
- What aspect of restaurant operations did you focus on most? Which seemed to be most important?
- Explain your strategy for locating a new restaurant and how you go about setting it up.
- Discuss how all the functions of a restaurant must work together in order for it to succeed.
- What parts of the simulation were most challenging for you? And why?
- What elements of restaurant operation were not included in the simulation?
(3) — Identify and evaluate financial data and how it can be used.
Now that you worked through opening multiple restaurants and considering the concept you have proposed and examined, you will select three [3] financial performance measures identified in Week 7 [financial performance measures] and the Cost-Volume-Profit analysis and explain how those measures could be used with the simulation restaurant[s] and your own concept. Using the simulation and your concept as a basis of comparison, discuss how each measure would be used to appraise operational performance and provide a critique of what you can learn by using the selected measures and how they might affect business decisions, planning, and achieving your specific objectives for your concept.
Use the Internet and personal interviews to make comparisons to existing businesses when possible.
