This document discusses the principles of managing and monitoring financial performance in the hospitality industry, with a focus on Crowne Plaza hotel. It covers the importance of financial principles, such as justification, documentation, timelines, and consistency. It also explains the profit and loss statement and trial balance, and their role in financial management. Additionally, it explores the stages of the HR life cycle and the performance management plan used by the hospitality industry to retain the best talent. Lastly, it highlights specific legislation for the hospitality sector, including the Environment Legislation Act, 1974.