Operational Budgeting (5 cr)

Evaluation scale

H-5

Schedule

Weeks 1 and 2: Approach to budgeting and forecasting sales
Weeks 3 and 4: Basic cost concepts and Cost-Volume-Profit analysis
Weeks 5 and 6: Operational budgeting and Variance Analysis
Weeks 7 and 8: Cash budgeting and Forecasted Balance Sheet

Implementation methods, demonstration and Work&Study

Contact lessons
Group working
Individual learning
Examination

Materials

Schmidgall, R. 2009 (or later). Hospitality Industry Managerial Accounting. Educational Institute of the American Hotel & Motel Association, USA. Chapters: 6-9 and 10
Other study material in Moodle

Teaching methods and instruction

Teaching is based on contact lessons (starting from calendar week 3): 48 contact hours, 87 hours independent study.

Working life connections

Students are encouraged to actively present their own thoughts and knowledge from their working
experiences . All the assignments are working life related and based on practical cases.

Exam dates and re-exam possibilities

Four home-assignments during the course will include practical cases related to studied topics and will be done using excel. Students who do not return home assignments by given dead line will be removed from the course.

Internationality

International reporting standards of the hospitality industry are applied in assignments.

Completion alternatives

RPL (Recognition of Prior Learning): procedure is to be discussed individually with the teacher.

Learning assignments

Four individual home assignments will be given during the lessons.

Assessment methods

Participation in classroom teaching and exercises
Home assignments 100%, made by Excel showing:
Student´s skills to produce forecasts and use hospitality KPIs (Key Performance Indicators)
Student´s skills to apply CVP technique in solving managerial accounting problems,
Student´s skills to apply operational and cash budgets included in course contents and handle them as management tools