Carnival Corporation & Plc: A Hospitality Business Toolkit Project

Desklib provides past papers and solved assignments for students. This project explores key aspects of hospitality business management.

HOSPITALITY BUSINESS TOOLKIT

Table of Contents
INTRODUCTION............................................................................................................................. 2
ACTIVITY 1: LEDGER ACCOUNTS AND TRIAL BALANCE...................................................................3
ACTIVITY 2: WRITTEN RECOMMENDATIONS AND EXPLANATORY NOTES.....................................8
ACTIVITY 3: USING THE HR LIFE CYCLE FOR TALENT MANAGEMENT...........................................10
P4 DIFFERENT STAGES OF HR LIFE CYCLE APPLIED TO THE JOB ROLE OF FOOD AND BEVERAGE
MANAGER................................................................................................................................ 10
ACTIVITY 4: WRITTEN PERFORMANCE MANAGEMENT PLAN......................................................12
P5 THE PERFORMANCE MANAGEMENT PLAN.........................................................................12
M2 EVALUATION OF THE IMPORTANCE OF HR LIFECYCLE IN RELATION TO STRATEGIC TALENT
MANAGEMENT AND OVERCOMING ISSUE OF STAFF RETENTION...............................................13
ACTIVITY 5: TRAINING ON LAW FOR THE HOSPITALITY INDUSTRY..............................................14
P6 IDENTIFICATION OF SPECIFIC LEGISLATION WHICH IS TO BE COMPLYING AND ADHERE BY
THE GIVEN HOSPITALITY ORGANISATION................................................................................14
ACTIVITY 6 – BRIEFING ON LEGAL AND ETHICAL CONSIDERATIONS............................................16
P7 ILLUSTRATION OF HOW COMPANY, EMPLOYMENT AND CONTRACT LAW HAS A
POTENTIAL IMPACT UPON BUSINESS DECISION MAKING........................................................16
M3 EXAMINATION OF THE POTENTIAL IMPLICATIONS OF REGULATIONS, LEGISLATION AND
STANDARDS UPON DECISION-MAKING IN THE GIVEN ORGANISATION.......................................18
ACTIVITY 7 – EXPLORING FUNCTIONAL ROLES.............................................................................19
P8 EXPLAINATION ABOUT INTERRELATION BETWEEN DIFFERENT FUNCTIONAL ROLES WITHIN
THE HOSPITALITY SECTOR........................................................................................................19
ACTIVITY 8 – ANALYSING COMMUNICATION, COORDINATION AND MONITORING METHODS. .21
P9 APPLICATION OF DIFFERENT METHODS FOR COMMUNICATION, COORDINATION AND
MONITORING WITHIN A SPECIFIC DEPARTMENT OF THE ORGANISATION..............................21
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M4 DIFFERENT METHODS TO COMMUNICATION, COORDINATION AND MONITORING WITHIN A
DEPARTMENT OF CARNIVAL CORPORATION & PLC CORPORATION............................................23
CONCLUSION............................................................................................................................... 24
REFERENCES.................................................................................................................................25
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INTRODUCTION
Every business organization has to manage several activities and functions to perform regular
business operations along with ensuring growth for the company. In the hospitality business,
organization management has to manage different activities and departments to perform
regular business activities. The common management areas in every business are Finance,
human resource, marketing, operations management along with ensuring legal compliance of
the organization (Lopes, 2016). Therefore, a business manager has to have significant
knowledge to maintain all these business functions to achieve business goals and objectives
effectively. In the context of the Carnival Corporation & Plc, the different business functions and
their importance will be analyzed to gain experience of certain Key areas of the business. The
business accounts will be managed along with the identification of the key performance
indicators of financial management. The HR life Cycle for talent management and retaining staff
within the organization along with the performance management plan will be prepared.
Further, the legal obligations in the hospitality industry and different functional roles will be
analyzed to gain a thorough experience of hospitality management.
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ACTIVITY 1: LEDGER ACCOUNTS AND TRIAL BALANCE
Table 1: General Journal
DATE PARTICULARS L/f. Debit (£) Credit (£)
2018
1st February Purchase A/c Dr.
To Kate’s Kitchen a/c
To Harry a/c
34,553
5,001
29,552
3rd February Cash a/c Dr.
To Sales A/c
13,027
13,027
6th February Kate’s Kitchen a/c Dr.
To Bank a/c
5,001
5,001
10th February Cash a/c Dr.
To sales a/c
10,653
10,653
14th February Bank a/c Dr.
To sales a/c
2,008
2,008
17th February Cash a/c Dr.
To sales a/c
13,321
13,321
17th February Harry a/c Dr.
To cash a/c
29,552
29,552
24th February
Cash a/c Dr. 12,329
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To sales a/c 12,329
LEDGER POSTING
Cash Account
Dr. Cr.
Date Particulars J/
F
Amount
(£)
Date Particulars J/
F
Amount
(£)
3/2 To sales a/c 13,027 17/2 By Harry a/c 29,552
10/2 To Sales a/c 10,653 31/3 By Balance c/d 19,778
17/2 To sales 13,321
24/2 To sales a/c 12,329
Total 49,330 Total 49,330
1/4 to Balance b/d 6,457
Bank a/c
Dr. Cr.
Date Particulars J/
F
Amount
(£)
Date Particulars J/
F
Amount
(£)
8/3 To sales a/c 2,008 6/2 By Kate’s Kitchen
a/c
5,001
31/3 to Balance c/d 2,993
Total 5,001 Total 5,001
1/4 By balance b/d 2,993
Purchase account
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Dr. Cr.
Date Particulars J/
F
Amount
(£)
Date Particulars J/
F
Amount
(£)
1/2 To Kate’s Kitchen
a/c
5,001 31/3 By Balance c/d 34,553
1/2 To Harry a/c 29,552
Total 34,553 Total 34,553
1/4 to Balance b/d 34,553 200
Sales a/c
Dr. Cr.
Date Particulars J/
F
Amount
(£)
Date Particulars J/
F
Amount
(£)
14/2 To bank a/c 2,008 3/2 By cash 13,027
31/3 To balance a/c 63,553 10/2 By cash a/c 10,653
17/2 By cash a/c 13,321
24/2 By cash a/c 12,329
Total 65561 Total 65561
1/4 By balance b/d 63,553
Kate’s Kitchen a/c
Dr. Cr.
Date Particulars J/
F
Amount
(£)
Date Particulars J/
F
Amount
(£)
6/2 To bank a/c 5,001 1/2 By Purchase A/c 5,001
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Total 5,001 Total 5,001
Harry a/c
Dr. Cr.
Date Particulars J/
F
Amount
(£)
Date Particulars J/
F
Amount
(£)
17/2 To cash a/c 29,552 1/2 By purchase a/c 29,552
Total 29,552 Total 29,552
TRIAL BALANCE
A trial balance is a worksheet that contains all the balance of the ledger account. Also, the
balance of credit and debit side of the trial balance is equal. The trial balance is prepared at the
end of the financial year to show financial performance throughout the year. The main purpose
of the trial balance is to check the mathematical accuracy of the financial transaction.
Trial balance
Particulars F. no. Debit (£m) Credit (£m)
Cash 19,778
Bank 2,993
Sales 51,338
Purchases 34,553
Total 54,331 54,331
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ACTIVITY 2: WRITTEN RECOMMENDATIONS AND EXPLANATORY NOTES
KEY PERFORMANCE INDICATORS FOR RESTAURANTS
It is the daily activity of the manager to track the key performance indicator. It is an important
process to accelerate success. Key performance indicator helps the manager to control,
measure, adjust and evaluate the effectiveness of the performance. The key performance
indicator used in restaurants is to reduce the waste and cost of the food and beverages. The
most important key performance indicators used in restaurants are as follows:
 Cost of goods sold
Cost of goods sold is one of the important KPI because the majority of the funds of the
restaurant are invested in the cost of goods sold (Anand and Grover, 2015). The manager
can increase its profitability by reducing the cost. COGS can be calculated by the following
formula:
COGS=Beginning inventory+ Purchased inventory- Final inventory
 Prime cost
A prime cost is a tool of determining the total cost incurred to operate the restaurant and a
standard line that is mentioned in the P&L statement. Identifying prime cost helps the
manager in determining the areas where the expenses can be minimized (Parmenter, 2015).
With the help of this tool, the profitability of the restaurant increases and the expenses of
the restaurant reduce. The formula to calculate the prime cost is as follows:
Prime cost= Total COGS+ Total labor
Principles of managing and monitoring financial performance
The principles of managing and monitoring financial performance are as follows:
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 Planning and budgeting activities
The planning and budgeting activities start with identifying the mission and objectives of the
organization. With the aim of minimizing the risk and to measure the financial performance, the
finance manager of the restaurant gathers and analyzes the data on a regular and consistent
basis to provide descriptive and detailed information needed for the taking the decisions
(Kumaran,2015).
 Preparation of financial statement
The financial statement includes a balance sheet, income statement, cash flow statement and
statement of shareholders' equity. These statements do not only show the business
performance but they are also required statutorily. These statements give an overall summary
of the financial health of the restaurants.
 Preparation of inventory records
The inventory record helps the manager of the restaurants to effectively and efficiently utilize
the financial resources of the organization. The inventory records help in managing and
stocking the raw material required to prepare the food. Inventory records help the restaurant
to minimize the wastage of food, how much raw material required preparing the food (Gitman
et al., 2015).
 Preparation of fund flow and cash flow statement
These statements show the inflows and outflows of cash and fund in the restaurants. The cash
flow and fund flow statement help the owner to take the decision in converting the cash and
funds into hard currency.
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ACTIVITY 3: USING THE HR LIFE CYCLE FOR TALENT MANAGEMENT
P4 DIFFERENT STAGES OF HR LIFE CYCLE APPLIED TO THE JOB ROLE OF FOOD AND
BEVERAGE MANAGER
HR lifecycle describes the stages of employee's time within the organization and the role of
the HR department at every stage of the cycle (Cascio, 2015). As the role of a Food and
Beverage manager for the Cruise ship, the Life cycle of the manager in the company goes
through the following stages:
 Recruitment and selection: this stage relates to the process of hiring new
employees. The company could use talent acquisition software that enables to
design and automate recruitment procedure to recruit Food and Beverage manager
for the ship.
 Orientation and career planning: At this stage, the employee becomes the part of
the company's culture and the HR manager is responsible for providing required
information and tools to support the food and beverage manager in carrying their
task efficiently (Cascio, 2015).
 Career development: Here, the employee’s performance is reviewed through
meetings and check-in and regular feedback is provided to improve their
performance. Here, the HR manager is responsible for organizing different training
and development opportunities for the employee.
 Termination or transition: it is the last stage where the employees leave the job due
to retirement, new job, termination or personal reason. The manager is responsible
for following proper procedure and documentation.
IMPORTANCE OF HR LIFECYCLE STAGES FOR TALENT MANAGEMENT
The Different stages of HR lifecycle support in identifying a journey of an employee within
the organization that provides a basis for formulating an effective strategy to handle
different situations related to the management of human resource within the company. the
HR lifecycle supports in identifying the employee needs and demands at a different level
and thus, supports in formulating effective HR strategies (Sung and Choi, 2014). The
different stages of HR lifecycle support in:
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• Selecting Talent: the First stage of HR lifecycle focuses o selecting the right talent
by incorporating different strategies and techniques of recruitment. It enables
the acquisition of skilled and talented workforce within the company.
• Developing talent: it relates to providing proper training and development to the
employee to enable them to carry out their roles effectively. The stages of HR
lifecycle support in conveying the company's values and objectives to the
employees (Sung and Choi, 2014).
• Retaining Talent: the HR life cycle support in providing proper working
conditions, facilities and benefits to the employees at the right time to create a
sense of belongingness among the employees.
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