Business Resources Report: Ritz-Carlton Hotel, Financials, & Strategy

This report provides a comprehensive analysis of business resources, focusing on the Ritz-Carlton Hotel. It explores the critical aspects of recruiting and retaining the right personnel, emphasizing the importance of employability, personal, and communication skills. The report also examines the impact of non-financial resources and delves into the role of financial resources, including internal and external sources, and the effective use of budgets for break-even analysis. Furthermore, the report analyzes financial statements like income statements and balance sheets, including key financial ratios. The report highlights the significance of these resources in achieving organizational goals and maintaining a competitive edge in the market. The Ritz-Carlton Hotel's strategies and practices serve as a case study throughout the report, illustrating practical applications of business resource management.

Business
Resources

Table of Contents
INTRODUCTION...........................................................................................................................1
1. RECRUITING AND RETAINING THE RIGHT PEOPLE.......................................................1
M1 Description of Ritz-Carlton Hotel and role of human resource ......................................1
P1 Use of recruitment documentation....................................................................................1
P2 Employability, personal and communication skills required in applying for the job.......2
M2 Importance of employability and personal skills in recruitment and retention of staff...3
2. THE IMPACT OF NON-FINANCIAL RESOURCES...............................................................4
P3 Covered in PPT.................................................................................................................4
M1, D1 Impact of physical and technical resources improve the performance of an
organisation............................................................................................................................4
3. THE ROLE OF FINANCIAL RESOURCES.............................................................................4
P4 Sources of internal and external available in the organisation..........................................4
P6 Illustrate the use of budgets as a mean of exercising break even......................................5
M3, D3 Evaluate the impact of budget...................................................................................6
4. INCOME STATEMENTS, BALANCE SHEET AND RATIOS...............................................7
P5, P7, M3 and D3 covered in a ppt.......................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business resources are lifeblood of an organisation. It include all human, physical factors
by which firm can achieve their pre-determined targets. Any factors which use while making
business operations is considered as business resources. The present research report describes the
effective techniques for recruiting and reattaining the right people in a right place. It also present
the impact of non- financial resources so that Ritz-Carlton Hotel can develop their resources
effectively and achieve their desire goals. It also describes the role of financial resource for
effectively running of an organisation. At last, it also analysis the income statements, Balance
sheet and ratio are estimated by the company so that manager can estimate the actual position in
a competitive market (Staub, Khoury and Jenab, 2015).
1. RECRUITING AND RETAINING THE RIGHT PEOPLE
M1 Description of Ritz-Carlton Hotel and role of human resource
Ritz-Carlton Hotel is a subsidiary of Marriott International which is founded in 1983. It is
a hospitality or tourism industry which located 91 hotels in worldwide in 30 countries. Hotel
provides luxurious rooms with local touch, resorts etc. to the visitors. The organisation hire all
those people who have qualified skills to handle the situations and having professional friendly
attitude. Company offers great benefits and incentives to their workers and also give training
opportunities at every level (Wang, Chu and Chen, 2013). They also motivate their employees by
giving incentives, facility etc. Hence, institution manage their workers epically part time workers
so that they can increase their efficiency.
P1 Use of recruitment documentation
The need of new staff members in a Ritz-Carlton Hotel is very essential. In addition to
this, new job description are set out and updated which contain the job title, number of persons
which are responsible for the employees at given task. Job specification is rechecked by the
organisation, which include the requirement, features. qualification which are needed and
characteristics of a person in a particular job. Advertisements are framed through media so that
they can give information in a company notice board, newsletters, job agencies, youth training
etc. Job details and applications are sent to those person by which employees have some
information related to the applicants like name, DOB, address etc. After that application are
sorted by the employer of the hotel and letter of application, CV etc. are ways by which
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application will be improved and make them grade like A, B, C. Shortlisted applicant are eligible
for interview so that interview letter are to be sent to the shortlisted applicants. This process is
done by the firm by which they can find out the right person which are eligible for the job.
Layout for person specification
 Job description- It is highlighted as essential requirement in the job format.
 Activities- It is a brief details about the Ritz-Carlton Hotel;s environment in which firm
operates its activity.
 Location- Applicants need to location the organisation as well as job.
 Salary Expatiation- It shows the level of salary
 Address or contact- It include appropriate address and telephone number.
 Qualification- Level of education which are suitable for the job (Stock, 2013).
 Experience- Salary is determined as per the working experience of a person ion another
organisation.
 Fringe Benefits- Extra benefits provided by the company like car, home, health facility
etc.
P2 Employability, personal and communication skills required in applying for the job
Organisation: Ritz-Carlton Hotel
Role of Job: Help desk Administrator
Job Requirements Statement of the main
(as detailed on Job
employability, personal
Evidence of how they meet
these
Description and/or
and communication skills
skills
Employability Skills Employability skills includes
getting, necessary information
related to the employees and
As per the employability
skills, I meet such skills which
are required for the job. I also
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keeping them successfully in a
job. Ritz-Carlton Hotel try to
succeed the the post of Help
desk Administrator position by
hiring right candidates which
have specific qualification.
Candidates also have GCSE
English grade knowledge.
have efficient qualification
which are essential for the job.
I also have A grade in English
at GCSE level. This
qualification helps to meet the
requirement which are
essential for the job. I also
gained the work experience in
working for another field as a
part time administrative
officers in ABC agency.
Experience in Similar Sector
(Administrative Experience)
It include the experience of
candidates in the industry. To
make administration in a
workplace, person have
sufficient skills to make
successful administrative
quality and experience for the
job.
In the job, O carry all the role
which are part of the Help desk
administrator in Ritz-Carlton
Hotel.
Having great working
experience help me to improve
my IT skills that Ritz-Carlton
Hotel require for the process of
application. I also faced the
pressure in workplace and also
working in such conditions.
Personal and communication skills are more important in an organisation. By the skills,
employers can determine the ability in candidates in an organisation. Acquirement in employers
helps to motivate the employees so that they can work effectively in their workplace. Managers
also try to get effective communication so that they can resolve the issues of employees so that
they can work for a longer period in an organisation (Ping and Hongjuan, 2013).
M2 Importance of employability and personal skills in recruitment and retention of staff
The importance of employability make direct impact in candidates knowledge for
attaining and maintaining the employment. By using job description help to determine the skilled
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persons as per the job. It is necessary that candidates have some skill and capability so that they
can explore each and every situations in an organisation. In Ritz-Carlton hotel, organisation need
to focus in their very curial points and hire such a candidates which are fit for the organisation.
By making effective communication all the issues are resolved easily and also make good
relationship between employers as well as employees. Thus, employability, personal skills make
positiver impact in an organisation's growth.
2. THE IMPACT OF NON-FINANCIAL RESOURCES
P3 Covered in PPT
M1, D1 Impact of physical and technical resources improve the performance of an organisation
As per the above discussion it has been ascertained that there are various technical and
physical resources which required to operate and survive the business in the market. In the
absence of this material and machinery no business firm can carry out its functioning and
activities in the market. Physical resources are tangible asset for company which aid in operate
the business activities like land, machine, office tools etc. On the other hand technical resources
are that systems and tools which needed to effectively produce and create a product and services.
In this includes energy, information, people capital, time, intellectual property, software licenses
etc. It assists in staring the business activity and carry out that for attaining business objective
(Pettersen, Aarstad, Høvig and Tobiassen, 2016).
3. THE ROLE OF FINANCIAL RESOURCES
P4 Sources of internal and external available in the organisation
To
Heather and Annabel Dean
Subject: Explaining the internal and external sources availability
Profit is a type of financial gain from business activity which is higher than expenses. Such kind
of profit is a type of internal sources which help the Ritz-Carlton Hotel to increase their
efficiency. Such profit help the manager of the hotel to pay bonus, incentives to the employees
so that they can perform well. Firm also reserve amount of profit so that they can fulfil their
future need. On the other hand, saving is type of income which are generated from reducing
expenses, minimising the cost. Thus, Ritz-Carlton hotel reduce the cost and also terminate those
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employees which gave nothing to the firm. In this way, both the two internal factor saving and
profit make effect in organisation.
External factors include all those type of funds in which company can take from outside of the
company. It include overdraft, loans, commercial mortgages, venture capital, leasing, factoring
and selling shares. Loans are taken by the firm son that they can expand their business in world
wide level (Mamaqi, 2014). By selling the shares company also invite their investor to invest
the capital in large level. Leasing and venture capital is also a part of fund which are taken by
the company. Through leasing, firm's owner give the right to the other person to use their assets
and property. Thus, all the available internal and external sources of finance help[ the
hospitality firm to expand their business and also increase their efficiency.
Thanks
P6 Illustrate the use of budgets as a mean of exercising break even
To analysis the break even point of Scrumptious cupcakes Ltd. is will be calculated as
follows:
1. Break Even Point= Fixed cost/Sales price per unit- Variable cost per unit
Here, Fixed cost= £4300
Sales price per cupcakes= £1.75
Variable cost= 60P
4300/1.75-60= 73.81
Break even point= Fixed cost/ Contribution margin
4300/73.81= 58.25
2. In second case,
Here, Fixed cost= £4100
Sales price per cupcakes= £1.75
Variable cost= 55P
4100/1.75-55= 76.99
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Break even point= Fixed cost/ Contribution margin
4100/76.99= 53.25
Budget is essential part for an organisation estimating the budget, company can achieve
their desire goals. Cash budget help to determine the actual cash outflow and inflow in an
organisation (Jaros, 2016). By using this company can measure the efficiency and make effective
control in cost. As per the above graph, break even point shows such pointy in which company
can recover its financial conditions. If Hospitality firm reach the BEP point then company will
earn their profit. There are two types of expenses fixed and variable in Ritz-Carlton Hotel. Fixed
cost include fixed expenditures like salaries, rent etc. Variable expenditure include all those
factors which make influence by production units.
Budget are given below:
As per the above budget it is clear that company sales revenue is decreases in second year
with 2000P, bills are higher with 50P. It shows that company need to improve their financial
position and need to increase its sales so that budgets can fulfil the need of each department.
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M3, D3 Evaluate the impact of budget
If the cost and budgets are not estimated properly, it will make negative impact on
business operational activity. Budget helps to reserve some amount as per determined plan, due
to the profit company will extent their business. In other side, lack of managing budgets make
neutral impact in business operational activity. It is essential for Ritz-Carlton Hotel to make
effective control in their cost. Due to increases in expenditure will create high burden in
organisation. To make effective control is important so that manager can estimate the actual
requirement of funds in a particular area. By controlling the budget manager of the hotel
understand the fall and rise in the accounting period by which company increases its
performance and provide quality of products or services to the customers (HU and TAN, 2013).
4. INCOME STATEMENTS, BALANCE SHEET AND RATIOS
P5, P7, M3 and D3 covered in a ppt
CONCLUSION
As per the above detailed it have been concluded that business resources are essential for
an organisation. In this Ritz-Carlton Hotel use to hire an individual in the post of Help desk
administrator. Job specification is rechecked by the firm and various activities are performed by
the company to hire right person in a right place. It also discovered the various financial and non-
financial resources which make great impact in company's operational activity. At last by
analysing the income statements, balance sheet company was determined their actual position in
a market (Azevedo, Iacob, Almeida, van Sinderen, Pires and Guizzardi, 2013).
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REFERENCES
Journals and Books
Azevedo, C. L., Iacob, M. E., Almeida, J. P. A., van Sinderen, M., Pires, L. F. and Guizzardi, G.,
2013, September. An ontology-based well-founded proposal for modeling
resources and capabilities in ArchiMate. In Enterprise Distributed Object
Computing Conference (EDOC), 2013 17th IEEE International (pp. 39-48).
IEEE.
HU, Y. and TAN, Q., 2013. Mathematical Models of Chinese Medicinal Resources in Desert and
Oasis Area. Journal of Chengdu University (Natural Science Edition), 2, p.003.
Jaros, S., 2016. Book Review: AG uide to P rofessional D octorates in B usiness & M
anagement.
Mamaqi, X., 2014. Human Resources and Business Result: An Empirical Approach Based on
RBV Theory. Human Resources. 1. p.10510.
Pettersen, I. B., Aarstad, J., Høvig, Ø.S. and Tobiassen, A. E., 2016. Business incubation and the
network resources of start-ups. Journal of Innovation and Entrepreneurship. 5(1). p.7.
Ping, Y. L. L. D. W. and Hongjuan, L. M. Y., 2013. Study of the Regional Cooperation and
Information Resources Sharing in Academic Libraries [J]. Library Work in
Colleges and Universities, 1, p.016.
Staub, S., Khoury, S. and Jenab, K., 2015. Mapping SAP-Six Sigma Resources to Agile
Management Processes. International Journal of Industrial Engineering &
Production Research. 26(3). pp.163-173.
Stock, L., 2013. Ins de usiness Law.
Wang, C. H., Chu, W. and Chen, C. N., 2013. Ownership, resources, and business-group effects
on affiliate performance: Evidence from Taiwan. Journal of Management &
Organization. 19(03). pp.255-278.
Online
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Business Resources. 2014. [Online]. Available
through:<http://www.businessdictionary.com/definition/business-resources.html>. [Accessed on
21 June 2017].
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