International Travel & Tourism: HRM, Finance, and Budgeting Report

This report delves into Human Resource Management (HRM) practices, financial statements, and budgeting within the international travel and tourism sector. It examines the HRM lifecycle, including recruitment, education, and motivation, with a focus on performance management and employee evaluation. The report provides insights into financial statements like the balance sheet, income statement, and cash flow statement, highlighting their importance for companies like Carnival Corporation & PLC. It also emphasizes the value of budgeting for controlling business aspects and improving profitability. The report includes references to academic sources, providing a comprehensive overview of these critical business aspects within the tourism industry. This document is a student contribution to Desklib, a platform providing AI-powered study tools.

The International Travel &
Tourism Management Business
Toolkit

P3 Life cycle of the Human resource management
 Recruitment- The growth of business stars from hiring the right people for right job.
The Hiring decisions also plays a crucial role within productivity, turnover, growth and
many more. There develop the interviewing protocol that includes various multiple
interviews requirements, written test and also focus on the active listening.
 Education- Start the process of the education from the moments when the staff
members starts their new position. They must have known about their role within the
firm, their expectation as well as their responsibilities.

CONT..
 Motivation- It is one of vital role tit can be played by the Human resource manager as
the rate of the turnover is high within the first ninety days. Leaders of the organization
is also needs to focus on building the bonds among the employees within the first few
months as HR also effectively motivate the new Joinees.
 Evaluation- Within this stage the human resource life cycle the supervisor analysis as
well as measures the performance of the employees, through such reviews they
provides leaders as well as employees particular metrics that aids to determine the right
fit regarding the job.

P4 performance management plan of hotel manager
Criteria Yes No
Performed all roles and
responsibilities
Attained goals in specified time
Motivated team member and
enhanced their performance
Trained staff in developing their
personal and professional skills
Achieve short term goals with
some milestone
Interpersonal skills
Professional skills

P7.Different type of financial statements
 There is different type of financial statement like balance sheet, income statement, cash
flow statement. Discussion includes the following:
 Balance sheet: Carnival Corporation & PLC needs to make balance sheet of their own.
This will assist them in knowing about the various assets and liabilities of company.
The left side is assets side and the right side is liability side. Liabilities are basically the
duties or obligations that needs to be performed by company. It also provides
information about shareholder’s equity.

CONT..
 Income statement: It will provide the information to Carnival Corporation & PLC
about the cash inflows and outflows. It will assist firm in knowing about the amount of
revenue which is being earned by them. It is also about the money which is brought up
by sales.
 Cash flow statement: Cash flow statements report a company’s inflows and outflows
of cash. This is important because a company needs to have enough cash on hand to
pay its expenses and purchase assets. It will help Carnival Corporation & PLC about
the liquidity aspects of company.

P8.Importance and value of budgets for controlling business
aspects
 Budget is basically the forecasting of the expenses which will be done by company in
future. It helps company in realising how much amount they will need. So Carnival
Corporation & PLC needs to prepare budget for themselves. It is really important for
them to make budget as this will help them in improvising profit and it will also assist
them in providing a huge return on investment. Budget can also be made to analyse
variances.

REFERENCES
 Books and Journals
 Chen, A. and Peng, N., 2018. Examining consumers’ intentions to dine at luxury
restaurants while traveling. International Journal of Hospitality Management.71.
pp.59-67.
 Dang, H.S. and et.al., 2016. An application of the short-term forecasting with limited
data in the healthcare traveling industry. Sustainability. 8(10). p.1037.

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