Hospitality Business Toolkit - Carnival Corporation

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Added on 2020-11-23

Hospitality Business Toolkit - Carnival Corporation

Added on 2020-11-23

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Hospitality Business Toolkit

ContentsINTRODUCTION...........................................................................................................................................3TASK 1..........................................................................................................................................................3P1. Principles of managing and monitoring financial performance:........................................................3P2. Application of double entry book keeping system of debits and credits and Analysis of sales and purchase transactions to compile trial balance:........................................................................................5P3. Formulation of basic trial balance by applying balance off rule:.......................................................8TASK 2..........................................................................................................................................................9P4 Reviewing the different stages of the HR life cycle applied to Carnival Corporation........................9P5 Performance management plan.........................................................................................................11TASK 3........................................................................................................................................................12P6. Identification of specific legislations that Royale has to comply and adhere to:.............................12P7. The way in which company, employment and contract law has potential impact on business:.......12TASK 4........................................................................................................................................................13P8. Interrelation between different functions and roles within hospitality sector:..................................13P9. Different methods of communication, ordination and monitoring applied within specific departmentof the organisation:................................................................................................................................16CONCLUSION.............................................................................................................................................17REFERENCES..............................................................................................................................................18

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INTRODUCTIONHospitality sector is one of the fastest growing sector across the world. It consists of severalactivities such as accommodation, food and beverage, travel and tourism etc. which are providedby them to their customers. In addition, Hospitality sector mainly related with those activities orfunctions whose main motive is to gain large profitability or provide aid to government so as tobuilding economic development of nation. Chosen organization for this assignment is CarnivalCorporation and PLC which is a British American cruise operator. Company offers a wide rangeof products and services like food and beverages, travel and tourism, accommodation to itscustomers. Present report will discuss about the rational and principle of revenue managementalong with different phases of HR life cycle. In addition, performance management plan alongwith legislations and contract laws will also covered under this report. At the last, several rolesand their interrelation with hospitality sector along numerous methods of communication willalso covered in this report.TASK 1P1. Principles of managing and monitoring financial performance:Principle can be defined as the set of guidelines which are formulated for conductingactivities or improving the productivity or efficiencies of organisation. In addition, financialperformance are defined as the financial capabilities of organisation which are necessary forcompleting any task or activities so that goals or objectives can be achieved in easy manner.Some of the main principle of managing and monitoring of financial performance at CarnivalCorporation is as follows:Composition of finance:It is very crucial for Carnival to structure their financial sourcesbecause proper structure of finance leads the organisation towards good financial performance.Excessive investments on debts can reduce financial performance of organisation so that itshould be managed and monitored properly and in it composition of finance performs its dutiesas principle (Chang, 2014).Manage expenditure and optimise costs:Financial performance is mainly related withprofitability or productivity of organisation and it is very essential for the organisation toachieving sustainable position in market manage expenditure or optimize various costs

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through budget or cost analysis. So, management of Carnival should minimize their costso that they can get sustainability in market.Identification of risky factors: For achieving growth and success in a short time period, it isvery essential for management of Carnival to identify existing risky factors that can influencetheir current performance or sustainability. Through identifying risk occurring factors andresolving them accordingly Carnival corporation will surely achieve growth and success inmarket (Chung, 2018).From the above discussed principles it is very essential for Carnival Corporation toadhere these principles properly so that growth and success would be achieved in easy manner.A. During an accounting period incomes and expenditures of Carnival Corporation are asfollows:IncomingsOutgoingsBenefitsDrinksAllowancesLunch purchasesWagesHousehold utility billsGiftsWeekly food shoppingClothesGiftsB. Explanation of some specific terms:Types of cost: For carrying out several activities or functions numerous costs orexpenditures are incurred within the workplace that is essential for operating business functionsand activities in effective manner. These costs assist the organisation in enhancing theirproductivity and brand image in marketplace. Some major costs which are occurred in CarnivalCorporation on regular basis are given as follows:

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