Lecture 14- Control Function and Financial Management

Question 1

Financial Management Systems Model

Answer 1

concerned with assessing information that helps managers make financial decisions whose ultimate purpose is to provide high-quality nutrition and fs while maximizing revenue and minimizing costs

Question 2

Operating budget

Answer 2

describes in financial terms the organization or departments plan for operations during a specified period of time- usually a fiscal year

Question 3

How to prepare an operating budget

Answer 3

• set a timetable
• examine department objectives
• analyze financial responsibility of objectives
• ask for staff input
• review historical data
• estimate units of service
• estimate operating expenses
• determine statistical indicators
• calculate productivity indicators

Question 4

Methods to control expenses

Answer 4

• avoid overscheduling
• use pre-prepared foods when labour intensive
• maintain equipment
• utilize technology
• control disposables
• standardize recipes and portion sizes
• limit waste