Hospitality Operation and Management Functions Flashcards
What is the first step in selecting an accounting system?
Select an accounting system using good accounting practices.
What should be described to determine room rates in the hotel industry?
Strategies and procedures for determining room rates and prices.
What financial data should be collected and interpreted?
Financial data to prepare financial statements such as balance sheet, income statement, cash flow projections and summary of sales and receipts.
What can be developed by interpreting data from financial statements?
Short- and long-term budgetary plans, point of profitability and viability, and cash flow forecast analysis (i.e., RevPAR).
What should be described regarding purchasing in the hospitality industry?
Basic purchasing procedures commonly used in the hospitality industry.
What are the different sources of financing for purchasing a hospitality business?
Different sources of financing available for purchasing a hospitality business.
What strategies should be discussed to improve occupancy rates?
Strategies for increasing occupancy rates.
What do occupancy rate and yield management refer to in the hospitality industry?
Definitions of occupancy rate and yield management.
What are the four basic functions of hospitality management?
Planning, organizing, implementing, and controlling.
Why is planning and forecasting important for the hospitality industry?
The importance of planning and forecasting for the hospitality industry.
What is the importance of good hospitality personnel?
Having good hospitality personnel to support meetings, events, and lodging for the customer.
What is the significance of strategic planning and synergy in hospitality events?
The importance of strategic planning and synergy for successful management of hospitality events.
What leadership characteristics help managers influence employees?
Leadership characteristics and human relations skills that help managers influence employees to perform at a higher level.
