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Studying > Htm 2030 Midterm 2 > Flashcards

Htm 2030 Midterm 2 Flashcards

1
Q

Goal of controlling production volume

A

To determine and produce the number of portions that is likely to be sold on a given day / period of service

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2
Q

Controlling production volume steps

A
  1. Analyze sales history
  2. Forecast portion sales
  3. Determine production quantity
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3
Q

Data mining

A

Pulling useful information out of a large quantity of data, revealing patterns and preferences from the sales history

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4
Q

Popularity Index

A

The ratio of portion sales for a given menu item to the total portion sales

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5
Q

When the popularity index is calculated for a single period it is?

A

Sales mix or Menu mix

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6
Q

The popularity ratio is more valuable at determining an item’s popularity than the

A

Raw number of portions sold

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7
Q

Forecasting portion sales

A

A process that combines both data and intuition to predict what will happen in the future

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8
Q

Steps in forecasting portion sales

A
  1. Predict anticipated sales volume
  2. Include surround conditions
  3. Forecast sales for each menu item
  4. Be flexible
  5. Have forecast reviewed
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9
Q

Predict anticipated sales volume

A

Total customer anticipated for a day / Period of service

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10
Q

The difference between planned versus actual

A

Variance

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11
Q

Inventory is typically done

A

Monthly

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12
Q

Cost of Food Issued =

A

Opening inventory + Purchases - Closing Inventory

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13
Q

Five ways to assign value to units of inventory

A
  1. Actual purchase price method
  2. First-in, first-out method
  3. Weighted-average purchase price method
  4. Latest purchase price method
  5. Last-in, first-out method
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14
Q

Actual purchase price method

A
  • Human error messes this up
  • Can be done if the prices are somehow recorded on items
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15
Q

First-in, first-out method

A
  • Prof thinks this is the best, but second most used
  • Assumes food inventory has been properly rotated during the period
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16
Q

Weighted-average purchase price method

A
  • Single unit value is determined by finding an average value representing all units in inventory, combining purchase price and volume
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17
Q

Latest purchase price method

A
  • Uses the latest price paid
  • Easy, fast, and widely accepted
18
Q

Last-in, first-out method

A
  • A method that could be used if managers wanted to show higher costs
18
Q

Last-in, first-out method

A
  • A method that could be used if managers wanted to show higher costs
19
Q

Steward sales

A

Minus
- Employees who purchase food at cost through the operation

20
Q

Gratis to bars

A

Minus
- Non-revenue generating food produced to promote beverage sales

21
Q

Promotion expense

A

Minus
- Reduction in cost of food because sales revenues are unaffected

22
Q

What do you add to get cost of food consumed?

A
  • Cooking liquor
  • Transfers in from other units
23
Q

What do you minus to get cost of food consumed?

A
  • Food to bar
  • Transfers out to other units
  • Steward sales
  • Gratis to bar
  • Promotion Expense
24
Q

Cost of food sold =

A

Cost of food consumed - cost of employee meals

25
Q

Average inventory held =

A

Opening inv + Closing inv / 2

26
Q

Inventory turnover =

A

Cost of food sold / Average Inventory

27
Q

Order of Costs

A
  1. Cost of food issued
  2. Cost of food consumed
  3. Cost of food sold
28
Q

Daily cost of food issued =

A

Daily cost of food directs + Daily cost of food stores

29
Q

Daily cost of food consumed =

A

Daily cost of food issued +/- Daily adjustments

30
Q

Daily cost of food sold =

A

Daily cost of food consumed - Daily employee meals

31
Q

Daily food cost % =

A

Daily food costs / Daily food revenue

32
Q

Food Cost % ToDate =

A

Food Costs ToDate / Food revenue todate

33
Q

Goal of daily food costs and variance

A

To highlight and investigate why changes have occurred and to be able to make any necessary corrections to reach goals

34
Q

Forecast (pre-cost)

A

Sales projections calculated before the meal service period

35
Q

Abstract (actual)

A

The actual sales outcome after a meal service period

36
Q

Who developed the menu engineering worksheet

A

Kasavana and Smith

37
Q

Q on the menu engineering worksheet

A

1/n * 70%

38
Q

Star

A

Both profitable and popular

39
Q

Plowhorses

A

Popular but unprofitable
- alter portion size, increase menu price, maintain volume

40
Q

Puzzle

A

Profitable but unpopular
- Reposition item on menu, add popular ingredient to dish, feature as a special, improve appearance and/or description

41
Q

Dogs

A

Both unpopular and unprofitable

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