logo

FINANCE AND FUNDING IN THE TRAVEL AND TOURISM SECTOR INTRODUCTION

   

Added on  2020-10-04

13 Pages3939 Words410 Views
FINANCE AND FUNDINGIN THE TRAVEL ANDTOURISM SECTOR
FINANCE AND FUNDING IN THE TRAVEL AND TOURISM SECTOR INTRODUCTION_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P 1.1 Importance of cost and volume in financial management of Carnival Corporation andPlc................................................................................................................................................3P 1.2 Analyse pricing methods used in the travel and tourism sector.........................................4P 1.3 Analyse factors influencing profit for travel and tourism businesses................................5TASK 2............................................................................................................................................6P 2.1 Explain different types of management accounting information that could be used intravel and tourism businesses......................................................................................................6P 2.2 Assess the use of management accounting information as a decision-making tool..........73.1 Interpret financial account of Dalata Hotel Group plc organisation for the year ending 31December 207 showing at least two year performance..............................................................9TASK 4..........................................................................................................................................104.1 analyse sources and distribution of funding for the development of capital projectsassociated with tourism.............................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
FINANCE AND FUNDING IN THE TRAVEL AND TOURISM SECTOR INTRODUCTION_2
INTRODUCTIONFinance and funding in travel and tourism sector is one of the crucial factor forhospitalities business in respect to better management of travelling sector of the business. Theassignment will be discussed about the importance of costs and volume in finance managementof Carnival Corporation and Plc and Analyse factors influencing profit for travel and tourismbusinesses. In addition to it, different types of management accounting information that could beused in Dalata Hotel Group plc and utilisation of management accounting information as adecision-making tools in firm. Beside from it, the report will be discussed about financialaccount of the hotel and sources and distribution of funding for the development of capitalprojects associated with tourism.TASK 1P 1.1 Importance of cost and volume in financial management of Carnival Corporation and Plc.Importance of Costs: Costs play an essential role in terms of computing profitability andexpenses of the business. Costing of each activity must be added in the financial report of toexamine exact functionalities of the environment (Adora, 2010). Costing is essential for eachbusiness in order to compute their expenses and profitability within business environment in arespective manner. Various types of costing are associated with travelling business which are asfollows:Direct costs: Direct costing are those costing which is directly associated with eachoperational activities which is being associated with the costing of production. Varied of directcosting are associated with Carnival Corporation and Plc. Organisation, which could beadministration expenses, depreciation etc. all these issues must be associated with the help ofsome areas where something new development can be gained in relevant form. Indirect costs: Indirect costs are those costing which is concerned with several types offixed and variable costing of the business (Eagles, 2014). Within Carnival Corporation and Plc.Business, multiple types of indirect costing can be for travelling businesses can be, advertisingexpenses. Maintenance of business, security expenses, supervision etc. all these exercises conveywide range of expenses for the firm.Volume:Break even analysis: Break even analysis might be utilised by Carnival Corporation andPlc. Business manager in terms of making comparison of total variable costs to fixed costs for
FINANCE AND FUNDING IN THE TRAVEL AND TOURISM SECTOR INTRODUCTION_3
total sales revenue of enterprise for examining sales volume of the business in industry. With theassistance of the break even analysis approach, in order to getting desired profitability withinattaining financial goals and objectives properly.Economies of scale: Economies of scale that can be used by Carnival Corporation andPlc. Managers in order to reducing costs per unit that arisen from increased total output ofproduct. So it can assist the business to boosting up production volume of the business and alsolower per unit costing can come up from bulk orders from suppliers (Goswami, Mattoo and Sáez,eds., 2012). So economies of scales stage gaining is crucial factor for the firm in context ofgetting desired profitability and revenue generation of the travelling business. Its managers needto must maintain economy of scale.P 1.2 Analyse pricing methods used in the travel and tourism sectorPricing methods: Various types of pricing methodologies can be utilised by CarnivalCorporation and Plc. Managers in order to ascertaining the profitability level and also generatinghigh range of revenue from the marketplace in respective form. Pricing approaches must beutilised by the business managers in terms of accomplishment of desired profitability within theindustry efficiently. Cost led: Cost lead pricing method must be associated with its several types of travelling,accommodation and cruise services which is being furnished by the company in industry. Costleading pricing method defines that, overall costing and expenses during production and servicesphases, must be involved with proper margin of the company so they will be able to gain desiredand targeted profitability within business environment (Harris and Mongiello, 2012). Market led: Market leading is one of the crucial factors of pricing method which must beutilised by Carnival Corporation and Plc. Organisational managers within its pricing strategy inorder to gaining competitive advantages in industry (Buckley, 2012). Financial managers of thefirm require to analysed the market leading travelling companies which is accessing the specificcosting for such kinds of accommodation and cruise facilities within business environmentMarginal costing: This types of pricing can be examined by Carnival Corporation andPlc. Business managers, where the business has been reached to break even point of the firm(Hughes, 2013). Marginal costing is concluded some essential types of costing which can be,direct material costs, direct labour costs, direct expense and variable production overhead costing
FINANCE AND FUNDING IN THE TRAVEL AND TOURISM SECTOR INTRODUCTION_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Finance and Funding in the Travel and Tourism Sector
|13
|4506
|28

Sample Assignment on Finance & Funding
|15
|2895
|256

FINANCE AND FUNDING IN THE TRAVEL AND TOURISM SECTOR
|18
|5163
|74

Finance and Funding in the Travel and Tourism Sector
|15
|3760
|99

Finance and Funding in the Travel and Tourism Assignment - Carnival Corporation & Plc
|17
|5364
|294

Finance and Funding in the Travel and Tourism Sector
|11
|2573
|309