Finance & Funding in the Travel & Tourism Sector
Added on 2020-06-06
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FINANCE AND FUNDING IN THETRAVEL AND TOURISM SECTOR
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Explain the importance of costs and volume in financial management of travel andtourism businesses.......................................................................................................................11.2 Analyse pricing methods used in the travel and tourism sector............................................21.3 Analyse factors influencing profit for travel and tourism businesses of CarnivalCorporation & plc cruise brands.................................................................................................3TASK 2............................................................................................................................................42.1 Explain different types of management accounting information that could be used in traveland tourism businesses................................................................................................................42.2 Assess the use of management accounting information as a decision-making tool forDalata Hotel Group plc ..............................................................................................................5TASK 3............................................................................................................................................53.1 Interpret financial accounts of Dalata Hotel Group plc for the year ended 31st December2017 showing at least two years performance............................................................................5TASK 4............................................................................................................................................64.1 Analyse sources and distribution of funding for the development of capital projectsassociated with tourism...............................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONFinance and good funding is important for better execution of business operations thathelp in effective handling of functions in travel and tourism sector. The better management ofbusiness operations help in suitable rise in functions of firm. This will help in significant increasein operational capacity of a travel and tourism enterprise. For the report, Carnival Corporation &plc (CCP) and Dalata Hotel Group have been considered. The former is a USA UK based traveland tourism firm, which provides customised tourism services. The report laid emphasis on awide range of operations in travel and tourism sector. In addition, it focuses on the costing andvolume of operation that has been followed by organisation. The different pricing methods withprofit influence have been discussed in travel and tourism sector. The accounting informationwith its importance as a decision-making tool is been analysed. An interpretation of finance intravel and tourism with public and non-public tourism development is been taken in effectivemanagement. Also, the different sources and distribution is been taken for public and non-publictourism. Apart from this, funding for development of capital projects will be analysed in tourismsector.Main BodyTASK 11.1 Explain the importance of costs and volume in financial management of travel and tourismbusinesses.Costing plays in-depth and crucial role in development of operations that will affectoperations of a company on large scale. An effective costing of commodities is offered by traveland tourism firm as Carnival Corporation & Plc will support enterprise to manage its functions ina better way (Guttentag, 2015). Besides this, better pricing will help firm to control consumer'sperception towards that firm and attract them to purchase services offered by businessorganisation. Other than this, the good valuation helps in improving volume of operations thatare been considered by tour and travelling firm. Some major valuation measures that are beentaken in thought process by the firm to improve their functional volume are as follows:Direct cost: It involves all operations of Carnival Corporation & plc that will cover up itsexpense that are been directly taken in thought by the organisation. This expenses orcosting measures will support firm to promote their services and products related to travel1
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