Importance of Financial Management and Cost Control in Hospitality Industry: A Case Study of Hilton Sydney

Importance of financial management and cost control
practices within the Hospitality Industry. Case study of
Hilton Sydney
Name:
Institution:
Date:
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TABLE OF CONTENTS
1.1 Introduction................................................................................................................. 2
1.2 Analysis of the interview findings........................................................................3
1.3 Evaluation of the findings, and its effectiveness in managing foodservice
operations............................................................................................................................ 5
1.4 Appendices................................................................................................................... 6
1.5 Reference list............................................................................................................... 8
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1.1 Introduction
An executive chef is of crucial importance predominantly in the operation of all
culinary activities in a hotel. They are in charge of the whole process from planning,
sourcing, ordering, purchasing and preparation of foods and beverages in a way that
ensures that quality and standards are fulfilled. Additionally, the executive chef takes
on the mantle to make certain that all staff involved in handling the food and
beverages are well trained, they see to it that industrial health standards are
maintained, new recipes are developed and that customers’ needs and expectations are
met and even exceeded. What’s more and of even greater importance is their role in
handling inventory, planning menus, limiting the costs as well as managing the
spheres of profit. Whereas the hospitality industry embodies an assembling of a
variety sub-industries such as the lodging-accommodation, this paper will focus on
the food and beverage sector and in particular that of the Hilton Sydney. Interview
questions were designed to enable the researcher to gather information and interact in
depth with the executive chef at Hilton Sydney. This report will go on to highlight and
analyze the various practices in financial management and cost control observed by
the executive chef. The proceeding section shall use the analysis derived from
responses to evaluate to evaluate the potency of these practices in managing
foodservice operations.
1.2 Analysis of the interview findings
A qualitative analysis was used to gain in-depth insights into the operation of the
executive chef at Hilton Sydney. In the interview King, the newly appointed executive
chef explained his role in managing the food and beverage sector of the hotel (Castle
2018). Part of his role is to ensure the smooth running of things in the culinary
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