Using seminars and industry specific cases, this unit introduces students to financial information that is used in the planning and decision-making processes, and the use of decision making tools which allow tourism and hotel managers to achieve their key performance targets and to ensure congruence with tourism and hotel corporate objectives.
- Key components of the balance sheet and income statement
- Financial health through ratio analysis
- Understanding cash flows and cash budgets
- Introduction to managing tourism and hotel operational costs
- Estimating hotel start –up operational profit (bottom-up pricing)
- Understanding budget variances
- Use of tourism and hotel labour, material and sales variances to improve profit goals
- Using revenue & yield analysis to address key budget variances within hotel sector organisations
- Understanding price strategies and tourism & hospitality sensitivities to changing consumer demand
- Tourism and hotel case studies supporting revenue and yield analysis
- Introduction to feasibility studies – focus on hotel room demand projections
- Capital investment decisions linking to feasibility studies
Unit Learning Outcomes express learning achievement in terms of what a student should know, understand and be able to do on completion of a unit. These outcomes are aligned with the graduate attributes. The unit learning outcomes and graduate attributes are also the basis of evaluating prior learning.
Learning outcomes and graduate attributes
|On completion of this unit, students should be able to:||GA1||GA2||GA3||GA4||GA5||GA6||GA7|
|1||discuss how financial information is used for communication both within the tourism and/or hotel organisation and with external parties||Knowledge of a discipline|
|2||evaluate, read, understand and interpret the main parts of a hotel company's published financial statements and equally interpret internal financial information of the tourism and/or hotel business||Intellectual rigour||Knowledge of a discipline|
|3||demonstrate analytical thinking, good writing ability, as well as an ability to work with and to present basic financial data to non-accounting hotel executives||Knowledge of a discipline||Communication and social skills|
|4||identify what cost information is, how it is determined and used in tourism and hotel organisations to make timely decisions to control and/or improve operational performance and achieve key indicators||Knowledge of a discipline||Communication and social skills|
Teaching and assessment
Commonwealth Supported courses
For information regarding Student Contribution Amounts please visit the Student Contribution Amounts.
Commencing 2015 Commonwealth Supported only. Student contribution band: 3
Please check the international course and fee list to determine the relevant fees.