Tutorials > Operations Budgeting For The Hospitality Industry

Operations Budgeting For The Hospitality Industry

Date: 13 July 2023 | Posted by: voska89

Free Download Operations Budgeting For The Hospitality Industry
Published 7/2023
MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHz
Language: English | Size: 3.12 GB | Duration: 6h 13m
Hotel management, budgetting and analyzing the financial results

What you'll 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
Requirements
Basic understanding of hotel and restaurant operations
Basic understanding of percentages
Basic understanding of math
Patience to follow along with numbers, facts and figures
Description
This course 'Operations budgeting for the hospitality industry' is based towards students who are interested in taking control of their budgets, revenues and 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 understanding of Variant analyses. This allows you to take control of your budget and fine tune it. You'll know how to pinpoint the problems in your budget and therefor find solutions to decrease expenses, increase profits and have more accurate budgets in the future.We will discuss why forecasting and standardization are important tools. Also we'll cover the more basic things like: what is a budget, who is responsible for setting up the budget and what different budgets do 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.
Overview
Section 1: Introduction
Lecture 1 Introduction
Section 2: The budget
Lecture 2 What is a budget
Lecture 3 The advantages of a budget
Lecture 4 The disadvantages of a budget
Lecture 5 The timespan of a budget
Lecture 6 The wishlist
Lecture 7 Budget types
Lecture 8 The budget committee
Lecture 9 The budget cycle
Section 3: The budget forecast and statements
Lecture 10 The departmental income statement
Lecture 11 The daily report
Section 4: Budget examples
Lecture 12 Rooms division
Lecture 13 Food and beverage
Lecture 14 Things to consider
Lecture 15 A new hotel / restaurant
Lecture 16 A budget overview
Section 5: The variant analyses
Lecture 17 The variant analyses
Section 6: Before we start with the variance analyses
Lecture 18 What do we need
Lecture 19 Why forecasting
Lecture 20 Standardization of the budget
Lecture 21 Why standardization
Lecture 22 A simple example
Lecture 23 The comparison
Section 7: The restaurant as an example for budgetting
Lecture 24 The variant analyses
Lecture 25 The budget food cost
Lecture 26 Before we start the calculations
Lecture 27 Food budget and actual results
Section 8: The sales variant analysis
Lecture 28 The sales variant analysis
Lecture 29 The sales volume
Lecture 30 The spending power
Lecture 31 The conclusion of the sales variant analysis
Section 9: The cost variant analysis
Lecture 32 The cost variant analysis
Lecture 33 The sales overview
Lecture 34 The cost volume
Lecture 35 The cost of food price
Lecture 36 The cost of food usage
Lecture 37 The conclusion of the cost variant analysis
Section 10: The labor cost variant analysis (part 1)
Lecture 38 The labor cost variant analysis (part1)
Lecture 39 Important for labor costs
Lecture 40 The budget hourly rate
Lecture 41 The actual hourly rate
Lecture 42 The comparison of hourly rates / wages
Lecture 43 The budget labor cost
Lecture 44 The actual labor cost
Lecture 45 The comparison of labor costs
Section 11: The labor cost variant analysis (part2)
Lecture 46 The labor cost variant analysis (part2)
Lecture 47 The volume
Lecture 48 The cost price
Lecture 49 The efficiency cost
Lecture 50 The conclusion of the labor cost variant analysis
Section 12: The other departments in the hotel
Lecture 51 The other departments in the hotel
Lecture 52 The banqueting department
Lecture 53 The rooms division
Lecture 54 The lounge bar
Lecture 55 The budget in percentages
Section 13: The conclusion
Lecture 56 The conclusion
Section 14: Documents
Lecture 57 Examples
Hotel managers,Tourism managers,Restaurant managers,Hospitality employees,Department heads,Finance managers

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