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Unit 11: Resource Management in Hospitality

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UNIT 11: RESOURCE MANAGEMENT IN HOSPITALITY
Get assignment help for this unit at assignmenthelpuk@yahoo.com
LO1 Understand the principles and application of resource management to commercial operations
Methods: selection; acquisition; maintenance; replacement criteria Principles: procurement strategy; specification; supplier identification; selection criteria; working with specialist suppliers; stock control
LO2 Understand the suitability of various forms of finance and taxation available to UK business in general and the hospitality sector in particular
Internal: managing the elements of working capital to free resources; internally generated funds; retained profits External: short-, medium- and long term; caring; risk and reward Cost of capital: equity and loan capital costs; weighted average cost computations Systems: the main features of income and corporation tax; schedules; rates; personal and capital allowances; tax credits and debits

UNIT 11: RESOURCE MANAGEMENT IN HOSPITALITY
LO3 Understand how procurement issues and strategies contribute to the achievement of commercial objectives through purchasing power
Systems and processes: standard specification; tendering; estimating/quoting; methods of procurement eg centralised, contract, lease; Pareto analysis; ‘just in time’ (JIT); equipment; materials; services; terms and conditions Procurement officer: role; assessing operational needs; selecting suppliers; quality and quantity control; timing; discounts; receipt and control of purchases; wastage factors; company policies; budgetary restrictions Risks: financial; physical; task duplication; direct and indirect costs; effect on the internal and external customer; quality issues; legal implications; effect on process and outcome activities of organisations Managing procurement: profit opportunities; direct and indirect cost-saving opportunities;

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