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Industry

Hospitality Leadership Through Learning
Industry

Hospitality Financial Management: Operations Decision Making

    Course Focus

    This course will focus on the application of financial-management concepts useful in analyzing hospitality operations. Managerial accounting tools will be explained, examined, and applied as they relate to the decision-making process. Emphasis will be on communicating and interpreting financial data from a General Manager perspective. Common terminology used by owners, operators and others involved in the development process will be defined and incorporated in an operational analysis. The format involves lectures, case studies, and problem sets.

    Key Benefits

    Participants gain the ability and confidence to use financial-analysis tools to increase profitability within their operations.

    Topics include:

    • Understanding the Uniform System of Accounts for hotels and restaurants; revenue-and-expense tracking to insure reporting accuracy
    • Using ratio and comparative analysis of operations through industry and competitive-set statistics
    • Understanding cost/volume/profit (CVP) analysis to evaluate operating alternatives
    • Determining pricing strategies and making decisions
    • Using operational and capital-expenditure budgeting
    • Developing cost estimates, standards, transfer-pricing mechanisms, and responsibility centers

    Faculty

    • Michael J. Flannery, M.P.S., Professor, Purdue University Calumet: Ithaca, New York, U.S.A., (July 5 - 7, 2010)

    Level A

    * The completion of “Accounting and Financial Management for Nonfinancial Managers” or its equivalent is a prerequisite for this course.

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