The Hospitality Business Toolkit - Assignment Solution
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Added on 2020-12-09
The Hospitality Business Toolkit - Assignment Solution
Added on 2020-12-09
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The hospitalityBusiness Toolkit
ContentsINTRODUCTION...........................................................................................................................3P1 Investigate the principles of managing and monitoring financial performance.....................3P2 Apply the double-entry book-keeping system of debits and credits to record sales andpurchases transactions in a general ledger...................................................................................3P3 Produce a basic trial balance applying the use of the balance off rule to complete the ledger.....................................................................................................................................................4P4 Assess how to manage the Human Resource life cycle within the context of HR strategy...4P5 Develop a performance management plan.............................................................................5P7 How company, employment and contract law has a potential impact upon businessdecision-making in the hospitality industry.................................................................................6P8 Different functional roles within the hospitality sector..........................................................6P9 Methods of communication, coordination and monitoring applied within a specificdepartment of a hospitality organisation......................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONHospitality industry is a group of organisations that are providing services to customers.It's main objective is to satisfy customers through enhancing their overall experience. Thiscomprises of businesses such as hotels, restaurants and bars that provide different services tocustomers such as food, place to sleep and drink. The organisation undertaken under this reportis Carnival corporation & plc which is one of the most widely recognised cruise brands in theworld. It is world largest leisure travel company with over 100 ships that comprises of providingdifferent services such as accommodation, food and bars (Ali, Amin and Cobanoglu, 2016). Thisreport will analyse different activities of several departments of the organisation such as financeand human resource. It will also analyse legal and ethical consideration that are to be kept in themind by business in order to operate in the market without facing legal issues. Later part of thereport defines different role functional roles in hospitality sector and the importance ofcoordination and communication in a cruise liner.P1 Investigate the principles of managing and monitoring financial performanceThe principle of managing and monitoring financial performance comprises of assigningbudget to different activities. It should be realistic and reasonable and it should be made afterclear analysis of organisation goals and objective then comparing the actual financial results ofeach unit with the set budget on a regular basis. This will help the organisation to identify thevariances and will also help to eliminate them in the future course (Dzhandzhugazova and et. al.,2016). There are different ways by which financial performance of an organisation can bemonitored and maintained such asPreparing key financial statements: It comprises of different statement such as balancesheet, profit and loss statements, trail balance and cash flow. They are considered as an importantindicator of performance of the business.Competitive analysis: The financial indicators must be compared with other competitorsin order to find out the area where they lack in comparison with the other competitors.P2 Apply the double-entry book-keeping system of debits and credits to record sales andpurchases transactions in a general ledger1
2
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