Carnival Corporation: Revenue Management, HR Life Cycle, Performance Management Plan

Carnival Corporation

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Revenue management ......................................................................................................1
P2 Revenue management tool ...............................................................................................3
M1 Impact of pricing strategies impact on revenue management..........................................4
P3 HR life cycle .....................................................................................................................4
P4 Performance management plan.........................................................................................5
P5 Legislation applied to travel and tourism industry ...........................................................6
P6 Employment and Contract law ........................................................................................7
P7 Different forms of financial statements............................................................................7
M2 HR life cycle importance.................................................................................................8
P8 Budget Importance ...........................................................................................................8
M4 Interpretation of financial statements.............................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Travel and tourism sector is a leading an fastest growing industrial sector in today's
economy. This sector generate large amount of revenue by offering different types of facilities to
customers all around the world (Bayliss and et. al., 2014). This is one of the most diversified
industry as this industry receive customers from all around the world. In order to increase
contribution of this industry in economy government offer lot of benefit and aid to this industry.
Present report has been made on, Carnival Corporation & PLC and British-American cruise
operator. Both of these entities offer wide range of services to customers such as shore
excursions, food, bars, travel and tourism services, accommodation, events, accommodation etc.
Carnival Corporation attract attention of customers near about 11.5 million on yearly basis. In
this report formative discussions has been conducted on, principles and rational of revenue
management. In addition to this HR life cycle is also been covered in this report. Further this
project covers the aspects of performance management plan as well as legislation in context with
travel industry. Lastly, in this report financial statements as well as essentialness of budget is
being discussed in this report.
P1 Revenue management
Travel and tourism industry is a wide industrial sector in which there are different types
of departments involved in order to offer satisfaction to individuals with an aim to earn large
base of profitability. In relation to, it has been evaluated that Carnival Corporation & PLC
department of revenue management mainly generate their revenue with the activities like
overbooking. Further this has been evaluated that revenue management involve proper analysis
of ADR, standard rate and availability of services. In relation to, Carnival Corporation & PLC
entity finance manager is required to make sure that operations within entertainment, cruise
services, food and accommodation are properly managed as to ensure more profitability. In
addition to this, with the effective anticipation of behaviour of customers an evaluating
accessibility of services as well as products Carnival Corporation & PLC can maximise overall
revenue rate.
Revenue Management Principle and Rationale
With the assistance of revenue management principle an entity can make significant reduction in
their cost which is mainly linked with long-standing rating tactics.
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