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This module will give students the knowledge, skills and techniques that will help with the management decision making process. It will look at the process and practices which take place within a hospitality business environment and at the analytical skills required to understand financial information. |
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This module is designed for students working towards a career at supervisory or management level in the hospitality industry. From this module they will gain a basic understanding of financial systems and practices, and the control of stock items. It is not intended to be an in-depth accountancy unit and should be delivered with this in mind. |
On completion of this module, students will be able to:
- Critically evaluate management control information for a hospitality and tourism organisation;
- Investigate and interpret financial accounts;
- Understand the importance of costs and profit in a hospitality business;
- Examine the use of management accounting information as a decision making tool in a hospitality business environment;
- Develop a direct costing model for management decision;
- Critically evalute the traditional cost accounting Vs Activity Based accounting;
- Apply Yield Management to a hospitality and tourism organisation;
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- Definition of Management Control for hospitality and events;
- Analysis of cost definition and cost classification for hospitality and management;
- The model of Break-even point for management decisions;
- Using cost analysis to fix the price and to measure performance: the full costing model;
- Using cost analysis for management decision: the direct costing model;
- From traditional cost accounting to Activity Based Costing Model;
- The Yield Management model;
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- Traster, D., (2013), Foundations of Cost Control. Pearson, ISBN 13: 978-0-13-215655-4
- Caplan, S, (2000), Finance and Accounting, Adams Media Corporation, ISBN 1580621961
- Dyson, J.R., (2001), Accounting for Non-Accounting Students, Prentice Hall, ISBN 0273683853
- Owen, G., (1999), Accounting for Hospitality, Travel and Leisure, Longman, ISBN 0582312957
- Pavesic, (2004), The Fundamental Principles of Restaurant Cost Control, Prentice Hall, ISBN 013 1145320
- Rice, A., (2000), Accounting Demystified, Prentice Hall, ISBN 0273663348
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