•   Profitability Planning ECO001RE1AE-3005 19.08.2024-31.07.2025  5   (DEMO) +-
    Learning objectives
    A student who has completed this course or acquired equivalent competence is familiar with the following activities of the hospitality, restaurant and tourism business:
    - Calculate the key operational indicators of the activity
    - Take into account the factors affecting profitability (pricing, demand analysis, cost structure)
    - Make and interpret profitability calculations of product, customer group and profit center
    - Use the principles of activity-based costing
    - Basics of operational budgeting
    - Utilize Excel spreadsheets in profitability planning
    Starting level and linkage with other courses
    Basics of Financial Management have to be completed before this course.
    Contents
    Key Performance Indicators (KPIs)
    Impact of pricing on demand and profitability
    Product group specific profitability calculation
    Profit unit specific profitability calculations
    Activity-based costing in profitability planning
    Basics of operational budgeting
    Assessment criteria
    Assessment criteria - grade 1
    When the implementation type of the course is CONTACT, ONLINE or BLENDED it is required that the student is present during those teaching hours that are marked in the study schedule. If you are absent more than 25 %, your grade will be lowered by one. If you are absent more than 50 %, the course is failed.

    The student recognizes key elements of performance and is able to draw up a company's profitability plan, he/she is mastered in the basic use of spreadsheets in profitability planning. He/she is able to name the basic factors for the company's financial success.
    Assessment criteria - grade 3
    The student is able to independently prepare the company's basic operational budgets, taking into account the key performance factors, and masters the basic use of spreadsheets in profitability planning. He/she is able to calculate profitability indicators and to analyze the factors that led to the company's financial success by customer groups and operations.
    Assessment criteria - grade 5
    The student is able to independently prepare the company's basic operational budgets, taking into account the key performance factors, and masters the basic use of spreadsheets in profitability planning. He/she is able to calculate profitability indicators and to analyze the factors that led to the company's financial success by customer groups and operations. He/she is also able to develop the business using the contents of this course.
    Teaching methods and instruction

    This is a demonstration or DEMO-implementation for students who already have the knowledge and skills taught on the course. The course does not have tuition or classes.

    Learning material and recommended literature

    Schmidgall, R. 2011 (or later). Hospitality Industry Managerial Accounting. Educational Institute of the American Hotel & Motel Association, USA. Chapters: 6 - 11
    Other study materials in Moodle

    Teaching language

    English

    Timing

    19.08.2024 - 31.07.2025

    Enrollment

    01.08.2024 - 31.05.2025

    Groups
    • DEMO
    Alternative learning methods

    Demonstration implementation. The course does not have tuition or classes.

    Teachers

    Pekka Heikkilä

    Seats

    1 - 40

    Degree Programme

    EXPER Hospitality and Tourism Experience Management, STEM Sustainable Tourism and Event Management

    R&D proportion

    0.00 cr

    Virtual proportion

    0.00 cr

    Evaluation scale

    H-5