(HTM 301) Financial Decision Management
Principles of managerial accounting applied to hospitality and tourism. The use of financial statements to analyze operations and to make management decisions. Ratio analysis, pricing, cost control, budgeting, variance analysis, cash management, investments, and project feasibility are considered.
1. Understand the unique aspects of the hospitality and tourism industry in regards to accounting and finance.
2. Strengthen their Excel skills.
3. Read and analyze a hospitality profit and loss statement (income statement).
4. Establish and monitor internal controls.
5. Create and use an operating budget.
6. Establish competitive and profitable prices.
7. Use cash effectively.
8. Make well-informed investment decisions.
9. Understand the purpose and importance of hospitality feasibility studies.