Operations budgeting for the hospitality industry

Operations budgeting for the hospitality industry, available at $34.99, has an average rating of 4.69, with 57 lectures, based on 8 reviews, and has 52 subscribers.

You will learn about What a budget is Who is responsible for setting up a budget The types of budgets Departmental budgets How to read a daily budget report The advantages and disadvantages of budgeting How to interpret increases and decreases according to the budget Use your budget as a guideline to optimize results How to analyze the actual results compared to the budget in detail Understand why having a budget is key in your establisment How sales volume plays a role How price management plays a role How all departments are responsible for each other How direct cost variance analysis works How labor cost variance analysis works How sales variance analysis works How to use variance analyses This course is ideal for individuals who are Hotel managers or Tourism managers or Restaurant managers or Hospitality employees or Department heads or Finance managers It is particularly useful for Hotel managers or Tourism managers or Restaurant managers or Hospitality employees or Department heads or Finance managers.

Enroll now: Operations budgeting for the hospitality industry

Summary

Title: Operations budgeting for the hospitality industry

Price: $34.99

Average Rating: 4.69

Number of Lectures: 57

Number of Published Lectures: 57

Number of Curriculum Items: 57

Number of Published Curriculum Objects: 57

Original Price: $89.99

Quality Status: approved

Status: Live

What You Will Learn

What a budget is
Who is responsible for setting up a budget
The types of budgets
Departmental budgets
How to read a daily budget report
The advantages and disadvantages of budgeting
How to interpret increases and decreases according to the budget
Use your budget as a guideline to optimize results
How to analyze the actual results compared to the budget in detail
Understand why having a budget is key in your establisment
How sales volume plays a role
How price management plays a role
How all departments are responsible for each other
How direct cost variance analysis works
How labor cost variance analysis works
How sales variance analysis works
How to use variance analyses

Who Should Attend

Hotel managers
Tourism managers
Restaurant managers
Hospitality employees
Department heads
Finance managers

Target Audiences

Hotel managers
Tourism managers
Restaurant managers
Hospitality employees
Department heads
Finance managers

This course ‘Operations budgeting for the hospitality industry’ is based towards students who are interested in taking control of their budgets, revenuesand expenses.

If you want to figure out how your hotel or restaurant property is doing compared to the budget and want to learn how to find out what elements are responsible for your business losing money or overachieving, then this course is for you.

Together we will discuss all the elements needed to set up a budget and a standard costing system for your property and how to compare it to the actual results. And how to interpret the results, so you’ll make better decisions.

By the end of this course you will have a solid foundation and understandingof Variant analyses. This allows you to take control of your budget and fine tune it. You’ll know how to pinpoint the problemsin your budget and therefor find solutions to decrease expenses, increase profitsand have more accurate budgets in the future.

We will discuss why forecastingand standardizationare important tools. Also we’ll cover the more basic things like: what is a budget, who is responsiblefor setting up the budget and what different budgetsdo we work with.

You will learn how to use important techniques that will help you better manage your hotel or restaurant. You’ll learn what Sales variant analysis, Cost variant analysis and Labor cost analysis is and how to use these tools to potentially increase revenues.

Course Curriculum

Chapter 1: Introduction

Lecture 1: Introduction

Chapter 2: The budget

Lecture 1: What is a budget

Lecture 2: The advantages of a budget

Lecture 3: The disadvantages of a budget

Lecture 4: The timespan of a budget

Lecture 5: The wishlist

Lecture 6: Budget types

Lecture 7: The budget committee

Lecture 8: The budget cycle

Chapter 3: The budget forecast and statements

Lecture 1: The departmental income statement

Lecture 2: The daily report

Chapter 4: Budget examples

Lecture 1: Rooms division

Lecture 2: Food and beverage

Lecture 3: Things to consider

Lecture 4: A new hotel / restaurant

Lecture 5: A budget overview

Chapter 5: The variant analyses

Lecture 1: The variant analyses

Chapter 6: Before we start with the variance analyses

Lecture 1: What do we need

Lecture 2: Why forecasting

Lecture 3: Standardization of the budget

Lecture 4: Why standardization

Lecture 5: A simple example

Lecture 6: The comparison

Chapter 7: The restaurant as an example for budgetting

Lecture 1: The variant analyses

Lecture 2: The budget food cost

Lecture 3: Before we start the calculations

Lecture 4: Food budget and actual results

Chapter 8: The sales variant analysis

Lecture 1: The sales variant analysis

Lecture 2: The sales volume

Lecture 3: The spending power

Lecture 4: The conclusion of the sales variant analysis

Chapter 9: The cost variant analysis

Lecture 1: The cost variant analysis

Lecture 2: The sales overview

Lecture 3: The cost volume

Lecture 4: The cost of food price

Lecture 5: The cost of food usage

Lecture 6: The conclusion of the cost variant analysis

Chapter 10: The labor cost variant analysis (part 1)

Lecture 1: The labor cost variant analysis (part1)

Lecture 2: Important for labor costs

Lecture 3: The budget hourly rate

Lecture 4: The actual hourly rate

Lecture 5: The comparison of hourly rates / wages

Lecture 6: The budget labor cost

Lecture 7: The actual labor cost

Lecture 8: The comparison of labor costs

Chapter 11: The labor cost variant analysis (part2)

Lecture 1: The labor cost variant analysis (part2)

Lecture 2: The volume

Lecture 3: The cost price

Lecture 4: The efficiency cost

Lecture 5: The conclusion of the labor cost variant analysis

Chapter 12: The other departments in the hotel

Lecture 1: The other departments in the hotel

Lecture 2: The banqueting department

Lecture 3: The rooms division

Lecture 4: The lounge bar

Lecture 5: The budget in percentages

Chapter 13: The conclusion

Lecture 1: The conclusion

Chapter 14: Documents

Lecture 1: Examples

Instructors

Jeroen Offergelt
Teacher business management, nutrition & personal trainer.

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3 stars: 1 votes
4 stars: 1 votes
5 stars: 6 votes

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