...ASSIGNMENT COVER SHEET Contents Summary…………………………………………………………………………………………… 2 Introduction………..………….…………………………………………………………………… 2 1.0 Sources of funding and income generation for businesses and service industries.... 3 2.1 review sources of funding available to business and services industries……...…… 3 2.2 evaluate the contribution made by a range of methods of generating income within a given business and services operation ……….……………………. 4 2.0 Business in terms of the elements of cost….……….……………………………………… 5 3.3 discuss elements of cost, gross profit percentages and selling prices for products and services ………………………………………………………………. 5 3.4 evaluate methods of controlling stock and cash in a business and services environment……………………………………………………………………. 6 3.0 Evaluate business accounts…………………………………………………………………… 7 4.5 assess the source and structure of the trial balance………………………………… 7 4.6 evaluate business accounts, adjustments and notes……………………………….. 10 4.7 discuss the process and purpose of budgetary control………...…………………… 14 4.8 analyse variances from budgeted and actual figures, offering suggestions for appropriate future management action………………….…………. 15 4.0 Analyse business performance by the application of ratios………………….………… 16 5.9 calculate and analyse...
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...FINANCE BACHELOR OF SCIENCE (HONS) BUSINESS MANAGEMENT BACHELOR OF SCIENCE (HONS) BUSINESS STUDIES BACHELOR OF SCIENCE (HONS) CULINARY MANAGEMENT BACHELOR OF SCIENCE (HONS) INTERNATIONAL HOSPITALITY MANAGEMENT BACHELOR OF SCIENCE (HONS) INTERNATIONAL TOURISM MANAGEMENT ACADEMIC SESSION: MARCH – JULY 2015 STA 1024/ STA 2014 BUSINESS STATISTICS ASSIGNMENT SUBMISSION DATE & TIME: (Please refer to the respective dateline accordingly) INSTRUCTIONS TO CANDIDATES 1. There are TWO (2) pages in this Assignment including the cover page. 2. This assignment will contribute 20% to your final grade. 3. This is a group assignment consist of 4 – 5 members. 4. The assignment must be typewritten on 1.5 line spacing, A-4 size paper, Arial 12 and single sided. Work should be submitted with a cover sheet, which includes your name, unit number, tutor's name, subject code and subject name. IMPORTANT Assignments must be submitted on their due dates. If an assignment is submitted after its due date, the following penalty will be imposed: ● One to two days late | : 20% deducted from the total marks awarded. | ● Three to four days late | : 40% deducted from the total marks awarded. | ● | Fifth day | : maximum mark of 40% | ● | More than five days late | : Assignment will not be marked. | Example. A student scores 60 marks for an assignment that has a total mark of 100. If the assignment is submitted one day late, the marks awarded...
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...Assignment about the importance of hospitality management in global market Subject: English Submitted by: Miss Christina Lecturer of English department Submitted to: Mithu Ahmed ID NO: 13300016 To All students of kolej gemilang Methodology: (1) Internet (2) Books (3) Shit-paper (4) Myself Hospitality industry is a huge sector of global market in this era. Hospitality industry makes our life more comfortable, more enjoyable, and more flexible. It is also a great helper of world economy. Importance of hospitality management in global market: There are many importance of hospitality management in global market. I write down below in my own opinion. (1) Remove Unemployment (2) Economic aspects (3) Education aspects (4) Safety Life Unemployment (or joblessness) occurs when people are without work and actively seeking work. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relatively high unemployment rate. According to International Labor Organization report, more than 197 million people globally are out of work or 6% of the world's workforces were without a job in 2012. Here Hospitality management...
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...on Gender difference of students on motivational factors to study Hospitality management in National University Motivational Factors 1. Social Status 2. Job opportunities 3. Modern major 4. Special interest 5. Attractive major 6. Ease in studying 7. Fulfill dreams Female Male First, this Conceptual Framework is made up the two journals I had: “Motivation of Students to study Tourism Hospitality programs.” By Bashar Aref Alhaj Mohammad and Hamam Talal Alsaleh and “Students Motivation and Preference of Studying Hospitality and Tourism Management Programmes in Polytechnics: A Case Study Ho Polytechnic” By Appaw-Agbola Esther Theresa. It explains the different motivational factors that the students may get if they took Hospitality as their preferred journey. These factors can provide students some motivations that will help them why they study Hospitality Management. This framework is also made because as a researcher, we want to see the difference between the motivational factors which are the following: Social status, Job opportunities, Modern major, Special interest, Attractive major, Ease in studying and Fulfillment of dreams, of both male and female students that are going to be in the hospitality management in National University. Significance of the study This study aims to motivate the incoming freshmen who will take Hospitality management at National University. It also helps the researcher to research...
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...became competent to the different challenges of the global market. Acquiring techniques or knowledge for new trends is a head start for being a competent employee which can be learned through quality education. Job qualification for Hotel industry is essential in finding a competitive work in the Philippines or even in other countries. Due to the rampant growth in hospitality industry, there has been a major concern for the Hotel and Restaurant Management students to be highly competitive or highly qualified in terms of hotel and restaurant preferences and standards. The job market in the hospitality industry is very competitive, employers will always want new graduates who are ready to “jump in” and start working immediately. Equipped with knowledge on the new trends for today’s hospitality industry, in order to be competitive in this market, newly graduates must possess the maximum skills required to perform efficiently and effectively in the hospitality industry. Industry professionals often claim that what educators teach in the classroom is out dated (Kang, Wu, & Gould, 2005). Technology, the workforce, hospitality and tourism products, and customers are constantly changing. As a result, relevant competencies also evolve. Therefore, university faculty and industry professionals must work together to ensure that graduating students can possess the necessary skills to enter the workforce successfully. These present challenges give empetus to the researchers to study, seek...
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...Seasons brand. Unless diversity is supported, discrimination can appear in some cases, having a negative effect on the running of the business. Also, working in groups makes a great contribution to the company’s performance, allowing creativity to be put into practice. Leadership is the greatest issue, as it can make the difference. Following a vision of his own, the leader can influence each department and also control staff’s and customer’s emotions as they represent the key to a better reputation of the brand. Lastly, a personal reflection upon the workshops was written, illustrating the fact that they represent a better command of the subject. 2. Diversity and Groups Nowadays, managing a hotel brand is done with the help on diversity management (Mor Barak, 2005). There exist four magnitudes of diversity: tenancy, age, sex and race. After a study conducted by Ely (2004), race and sex are not irrelevant to performance, as opposed to tenancy and age which are judged by experienced staff who believe that wisdom comes with age. Cooperation and teamwork represent the key to the issue. Banks in the USA developed diversity education programs where employees were stimulated to work with the ones they did not accept, results being highly positive and thus leading to a better collaboration in the at near future (Ely, 2004). For the Four Seasons brand, extensive research needs to be carried out, starting with the company’s website, which influences potential staff and customers to choose...
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...Undergraduates' Perceptions of Tourism and Hospitality as a Career Choice Scott A. Richardson Griffith University Gold Coast, Australia E-mail: scott.richardson@griffith.edu.au ABSTRACT This study explored undergraduate tourism and hospitality student’s views of the industry as a career choice. Three hundred and seventy-nine tourism and hospitality students, from eight Australian institutions, completed a questionnaire rating the importance of twenty factors in influencing their choice of career, and then the extent to which they thought tourism and hospitality, as a career, offers these factors. A number of factors have been identified as being significantly different. From the results it is clear that students generally do not believe that a career in tourism and hospitality will offer them the factors that they find important. Key Words: Career choice, Undergraduates, Perceptions, Tourism, Hospitality INTRODUCTION The tourism and hospitality industry worldwide, and in Australia in particular, has been confronted with the problem of attracting and retaining quality employees which has lead to a shortage of skilled personnel to staff the ever-growing number of tourism and hospitality businesses (Andorka, 1996; Bonn & Forbringer, 1992; Breiter, 1991; Deery & Shaw, 1999; Dermady & Holloway, 1998; Emenheiser, Clay, & Palakurthi, 1998; Ferris, Berkson, & Harris, 2002; Freeland, 2000; Heraty & Morley, 1998; Hinkin & Tracey, 2000; McDermid, 1996; Powell, 1999; Tourism Division, 2002)...
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...Report of Hostmark Hospitality Group Hostmark Hospitality Group manages hotels and resorts in the United States and Egypt. The company also operates stand-alone concept restaurants and maintais a strong presence in this business segment. The Group is preferred as an award-winning hotel management company for Marriot, Hilton, Starwood, IHG, Wyndham and Choice. Hostmark Hospitality Group has consistently delivered superior results to institutional real estate owners, non-institutional ownership groups, publicly traded companies, joint ventures and privately held companies by providing hotel management, asset management, project management and lender consulting services. Hostmark Hospitality Group also offers specialized programs for Commercial Mortagege Backed Security special servicers and balance sheet lenders managing under-performing hotel loans. Acting in a consulting capacity, Hostmark provides hotel analytical and operating advisory services to lenders needing hospitality expertise and workout advice on asset disposition strategy. Hostmark Hospitality Group has also performed the role of court appointed receiver and operator in more than 170 foreclosed properties. Whether through workout advice, operational improvements or through management improvement, Hostmark has assisted numerous lenders and borrowers in maximizing both the short term cash flow and long term value of their assets. They have a progressive and proactive philosophy has resulted in successful, profitable...
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...A Hotel And Restaurant Management Career Might Be For You Leave a comment » A career in hotel and restaurant management might be for you if you like to make important decisions, hire staff and run the day to the day operations of your business. It might sound like fun stuff but it is hard work. As a manager, you will be the first one to arrive and the last one to leave. All responsibility will fall on you. The perks of being in hotel and restaurant management business, however, can be great. As a manager, you are responsible for everything that goes on in your hotel or restaurant. You need to have food orders in on time, make sure guests are accommodated for and ensure that your staff respects and listens to you. You must be a great communicator and leader to succeed in hotel and restaurant management. Whether it is a high profile hotel, a glamorous restaurant or a small deli, a manager must indulge himself in the business. If one thing goes wrong it falls on the manager’s shoulders. The service industry is the biggest industry in the United States today. It garners more attention and customers than any other business in the country. Don’t expect this trend to stop. Small businesses are currently thriving in the U.S. More and more of these offices are popping up everywhere. Combine that with the stature of the service industry and a small hotel or restaurant can prove to be quite profitable. Being involved in hotel and restaurant management is becoming a common experience...
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...CAUTHE 2007 Conference Tourism: Past Achievements, Future Challenges HOSPITALITY: A SOCIAL LENS: CHALLENGING THE EXISTING ORDER Paul Lynch University of Strathclyde, United Kingdom paul.lynch@strath.ac.uk Alison Morrison University of Strathclyde, United Kingdom ABSTRACT This paper locates developments in hospitality research, notably relating to hospitality studies, in the context of Kuhn’s (1962) evolution of scientific theory. The paper highlights the development of the ‘hospitality lens’ by Lashley, Lynch and Morrison (2007) and suggests it can facilitate the study of hospitality in any social situation from a strengthened social scientific perspective. It is argued that the study of hospitality should be not just for understanding hospitality but also society itself. Such an approach is suggested as both logical and healthy for the subject development with adoption of more critical perspectives on hospitality. The considerable implications of adopting a ‘new’ hospitality research agenda are described with reference to the conceptualization of hospitality, the nature of research and the research community, subject implications including journal publication outlets, and the higher education context. Keywords: Hospitality lens; ‘new’ hospitality; subject development. INTRODUCTION This paper moves beyond any pre-occupation with the vocational roots of hospitality higher education debate as it is considered that that debate has had its day. Rather, the content is framed within...
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...Effects of Social Media on Hospitality/Tourism Name: Institution: Date: Introduction Since the turn of the century, there has been an upsurge in the use of social media. As a result, many tourism organizations that include hotels, travel agencies, and airline companies have started using the internet as one of the important tools in marketing and communication strategies. Many businesses within the hospitality industry rely on good reviews from their customers, and social media is offering this as a natural marketing tool (Bennet, 2012). The use of social media have become very widespread, and the travelers use these sites consistently to brag about their great experiences as well as express displeasure with poor experiences. This is a natural way through which the social media is impacting the hospitality and tourism industry. After realizing the power of social media, businesses are also leveraging on the wide presence of customers in social media to communicate, engage, and market their services and products to the customers (Guzel & Sengun, 2015). The growth of social media has had immense impacts on social media that range from marketing, communication, and even corporate social responsibility. This paper conducts a literature review on the effects of social media on hospitality and tourism. Literature Review According to Mahmood A Khan (2012), the benefits of social media can be very helpful in marketing and management in hospitality and tourism. He states that...
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...KELLER GRADUATE SCHOOL OF MANAGEMENT | HOSP 582 – Survey of Hospitality Management | Week 1 Homework | Professor: Eva Smith | 1/9/2016 | | Email address: Halander@gmail.com Chapter 1 1. What is the role of a manager in the hospitality industry? The role of a manager in the hospitality industry is wide and varied. However, the manager must focus on 3 main objectives, namely; a manager must be able to direct the operations of business to achieve goals on schedule, within budget and make a profit. Secondly, a manager must also be able to relate to employees and guests to create a successful work environment and experience for the guest. Lastly, a manager should always make sure that guests feel personally welcomed and everything in the facility is working smoothly. According to our text, “there are three general kinds of hospitality objectives with which management must be concerned: 1. A manager wants to make the guest feel welcome. Doing this requires both a friendly manner on your part toward the guest and an atmosphere of “liberality and good will” among the people who work with you in serving the guest. That almost always translates to an organization in which workers get along well with one another. 2. A manager wants to make things work for the guest. Food has to be savory, hot or cold according to design, and on time. Beds must be made and rooms cleaned. Gaming facilities must be service oriented. A hospitality system requires a lot of work, and the...
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...HOM 210: Introduction to Hospitality Management Ch 1: The Hospitality Industry and You I. What is Hospitality Management? Hospitality means “the reception and entertainment of guests, visitors or strangers with liberality and good will” Hospitality: Comes from hospice, “house of rest” for travelers and pilgrims. Also, an early form of a nursing home. • Hospitality includes hotels and restaurants and many other institutions that offer shelter or food or both to people away from their homes. • Hospitality professions are among the oldest and they involve making a guest, client or resident welcome and comfortable. II. The Manager’s Role in the Hospitality Industry. The 3 objectives are: 1) A manager wants to make the guest welcome personally. 2) A manager wants to make things work for the guest. 3) A manager wants to make sure the operation will continue providing service and making profit. Key terms to know: • Profit • Break even or zero profit • Controlled but negative profit => Loss • Subsidy. The key lies in achieving a controlled profit, loss or break-even. III. Why Study in a Hospitality Program? Before, hospitality was skill centered, but now it is not enough. If you need a good cook, you get one who has years of experience. “Today, the center of our society’s productivity is the knowledge worker, the man or woman who applies to productive work ideas, concepts, and information” So studying is necessary part of your preparation for a career as...
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...Hospitality is a subjective concept. Hospitality comes from many definitions like receiving guests in a generous and cordial manner, creating a pleasant or sustaining environment, satisfying a guest’s desires, generating a friendly and safe atmosphere. Hospitality means that the act or practice of one who is hospitable, reception and entertainment of strangers or guests without reward, or with kind and generous liberality. Some said that it is like an act or service of welcoming, receiving, hosting or entertaining guests. However, it is not being cast as a servant. Training for hospitality is very important. They must have the skills in other to maintain the relationships with the customer and also among the workers itself. Employees who possess a positive attitude toward constructive criticism prosper and progress in their career. All employees occasionally make errors in judgment and fail to meet standards. In order to do so, they should practicing promotional skills in their job. For example, front desk clerks who are comfortable with practicing promotional skills are a great asset to a front office manager. We must accept the challenge to sell products and services throughout the organization and seek ways to meet or exceed sales quotas. This quality allows a front desk to understand the total effort necessary to product a profit for the company. Furthermore, to have a quality in hospitality, they must do a screening process during the interview session. The interview...
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...Hospitality is the relationship between the guest and the host, or the act or practice of being hospitable. This includes the reception and entertainment of guests, visitors, or strangers. Etymology The word hospitality derives from the Latin hospes, meaning "host", "guest", or "stranger". Hospes is formed from hostis, which means "stranger" or "enemy" . Current usage In the West today hospitality is rarely a matter of protection and survival, and is more associated with etiquette and entertainment. However, it still involves showing respect for one's guests, providing for their needs, and treating them as equals. Cultures and subcultures vary in the extent to which one is expected to show hospitality to strangers, as opposed to personal friends or members of one's in-group. Hospitality ethics is a discipline that studies this usage of hospitality. Global concepts Pakhtuns The Pakhtun people of South-Central Asia, predominant in the all provinces of Afghanistan have a strong code of hospitality. They are a people characterized by their use of an ancient set of ethics, the first principle of which is milmastiya or "hospitality". The general area of Pakhtunistan is also nicknamed The Land of Hospitality. Classical ethic'' world To the ancient Greeks, hospitality was a divine right. The host was expected to make sure the needs of his guests were seen to. The ancient Greek term xenia, or theoxenia when a god was involved, expressed this ritualized guest-friendship...
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