Hospitality Business Toolkit

Hospitality Business Toolkit

TABLE OF CONTENT
INTRODUCTION
 P1 Investigation on the principles of monitoring as well as managing financial performance
 P4. Different phases of Human resource life cycle that is applicable to hospitality Job role
CONCLUSION
REFERENCES

INTRODUCTION
In present high competitive as well as dynamic business environment, it is very much
essential for an entrepreneur to develop the understanding about business. The decisions
made and actions taken by manager in hospitality sector can have significant influence on
other department within a specific industry. Manager in hospitality sector is required to
have understanding about the key components which can drive an enterprise towards
success. There are various functions such as finance, HR etc. in an organization which is
to be administrated properly in order to drive firm towards accomplishment of objectives.

P1 Investigation on the principles of monitoring as well as managing financial performance
Proper financial management is very important in order to avoid the losses and to improve
financial performance of company. Financial analysis assists ban organization in
identifying the business activities which is adding cots to company. It is required by
finance manager in Marriott hotel to develop the understanding of different principles of
financial management as this will assist them in managing the financial resources in
effective manner. The different principles of financial management are :
Principle 1 : as per this principle, manager in Marriott hotel should prepare budget. It is
important for finance manager in Marriott hotel to analyses the situation of company at
regular interval at time. According to financial management principle, manager should
prepare budget by analyzing the requirement of different functional units within an
enterprise