The course introduces how to use managerial accounting techniques to make and monitor operational budgets in hotel, restaurant and tourism business and how to use the operational budgets as management tools. The student will also learn how basic operational profitability and productivity ratios are used in the hospitality business. Use of spreadsheets when making the budgets will be handled.
On successful completion of this course, the student is able to
To apply Cost-Volume-Profit analysis
To use methods of forecasting sales and expenses
Make the main operational budgets
Make the variance analysis of budgets
Use the industry operational profitability and productivity ratios as management tools and put them in practical use
Utilize the spreadsheets when making financial calculations.