Operations Control And Analysis In The Hospitality Industry

Catalog description

Applications of the control process and quantitative analysis to effectively manage an efficient and profitable hospitality business. The emphasis is on planning budgets, controlling operational activities, and evaluating performance. Typically offered Fall Spring. Prerequisite(s): MGMT 20000 FOR LEVEL UG WITH MIN. GRADE OF C- OR HTM 14100 FOR LEVEL UG WITH MIN. GRADE OF C- Course Learning Outcomes 1. Explain the importance of control process to the success of an operation. 2. Describe behavior of costs and evaluate their effects on the operating income in the hospitality industry. 3. Analyze and interpret financial statements. 4. Establish appropriate cost standards and procedures in each stage of the product cycle. 5. Construct a labor schedule that will satisfy customer demand, meet employee requests, and keep labor cost down. 6. Apply regression, moving average, and exponential smoothing to forecasting revenue and customer counts. 7. Identify and eliminate excessive food and beverage costs and describe how to eliminate them. 8. Develop an operating budget based on revenue and expense forecasts. 9. Apply revenue management concepts to create demand and maximize revenue for the given demand in restaurants. 10. Prepare visual representations of operational and financial data. View Class Schedule