Final answer:
The correct answer is option b. In selecting a forecasting method for a hospitality operation, the turnaround time, purpose, and update frequency are relevant factors, while the methods used by competitors are not a relevant factor.
Step-by-step explanation:
The selection of a forecasting method for a hospitality operation should be based on various factors that are pertinent to the needs and functions of the business. These factors include the turnaround time required for an updated forecast, the purposes for which forecasts are made, and the frequency with which forecasts will be updated. These elements directly affect the efficiency and effectiveness of the forecasting process within a hospitality context, impacting budgeting, staffing, inventory management, and capacity planning.
On the other hand, the forecasting methods used by competitors is not typically a relevant factor in the selection of a forecasting method for a hospitality operation. While it's beneficial to be aware of industry standards and practices, the focus should primarily be on what best suits the internal needs of the operation rather than mirroring competitors. Forecasting methods should be customized to the specific operational requirements, market conditions, and strategic objectives of the operation.
Therefore, the correct option that is not a relevant factor in the selection of a forecasting method for a hospitality operation is: b. the forecasting methods used by competitors.