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This unit explores the use of financial statements and financial tools for decision-making in a tourism/hospitality business context using financial ratios.
The module aims to provide students with the analytical and communication skills necessary for the understanding of financial resources with an emphasis on problem- solving techniques in hospitality organisations. |
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The aims of this module are to encourage students to:
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Identify and solve business problems by collecting, computing and interpreting both primary and secondary data.
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Critically analyze different types of quantitative information and apply statistical tools to assist senior managers in key decision-making.
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Demonstrate ability to use information and communication technology (ICT) in order to produce management reports for data analysis.
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The expectations and practice of the management role in hospitality and events
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The importance of planning in management decision making and strategy formation
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Introduction to decision making process
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Decision theory and ethical decisions for sustainable tourism
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Introduction to data science and basic numeracy skill
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Exploratory data analysis, summarising and illustrating data using Excel and appropriate charts.
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Estimation and confidence intervals.
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Hypothesis testing using a variety of parametric and non-parametric tests.
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Introduction to correlation and regression.
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Using decision making techniques; decision trees, linear programming.
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Basic decision modelling
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Applying forecasting methods including time series.
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Management planning tools; critical path analysis, Gantt charts.
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Use of the above tools in creating a business report, and formatting and presenting this in a professional fashion.
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All didactic material is located in the Books and Articles section of the Module. |
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By the end of the Module you have to submit an assignment essay on a topic that will be presented to you during the study of the Module. |