About This Chapter
Hospitality Management - Chapter Summary
The simple and comprehensive lessons in this chapter cover managerial concepts for several areas of the hospitality industry. As you move through the chapter, you can look into management procedures and operations of specific parts of the industry, such as financial management, crisis management, strategic management and project management. You can also learn about the roles of human resource management and understand how the hospitality industry manages technology.
These lessons are designed to be simple and engaging, which allows you to quickly learn and retain essential hospitality management principles. You'll find highlighted definitions and illustrative examples to help you remember key topics. You can access these lessons at any time using any computer or mobile device. The chapter also includes self-assessment practice quizzes to help you make sure you fully understand the material you learn.
How It Helps
Individuals who want to advance their careers in the hospitality industry should understand how different areas of the industry are managed. If you are thinking about making a transition into the hospitality industry, these lessons can help you narrow down which management area you want to pursue, such as human resources, finances or risk management. Equipping yourself with this knowledge can also set you apart from the competition when interviewing for entry-level or managerial positions in the hospitality industry.
By the end of this chapter, you'll be able to:
- Understand the roles of human resources management and project management in the hospitality industry
- Know how technology is managed in the industry
- Analyze the industry's financial management, including revenue management and managerial accounting
- Have an awareness of risk management and strategic management procedures
- Determine how the hospitality industry manages crises
- Develop an understanding of the industry's waste management operations
1. Human Resources Management for Hospitality
Effective human resources management can make or break a hospitality business. In this lesson, you'll learn about the importance of strong employees and the ways human resources can contribute to business success.
2. Project Management in the Hospitality Industry
This lesson will cover the various aspects of managing a project in the hospitality industry. The key is to modify your project management approach to take into account the unique aspects of businesses in the hospitality industry.
3. Managing Technology in the Hospitality Industry
This lesson discusses the importance of managing technology in the hospitality industry and provides examples of technologies that are important to managing hospitality.
4. Revenue Management for the Hospitality Industry
This lesson provides a definition of revenue management, a tool that is used to predict customer demand for a given product, and explores its application and importance in the hospitality industry.
5. Financial Management in the Hospitality Industry
This lesson reviews the basic concepts of financial management in the hospitality industry. It also explores the concept of yield management used by hotels to maximize revenue.
6. Financial Accounting for the Hospitality Industry
In this lesson, we'll review the basic financial statements used in the hospitality industry. We'll also cover a few key ratios used in analyzing the financial strength of a hospitality business.
7. Managerial Accounting for the Hospitality Industry
This lesson examines managerial accounting in the hospitality industry. Managerial accounting is a critical activity as it encourages measurement and analysis of information with the aim of meeting organizational goals.
8. Risk Management in the Hospitality Industry
Hospitality providers face a unique set of risks to their daily operations. In this lesson, you'll learn more about specific risks and steps for implementing a risk management plan to mitigate them.
9. Strategic Management in the Hospitality Industry
The hospitality industry offers a wide variety of services to consumers. It's a very competitive industry, so it's important to establish and operate with helpful management strategies. This lesson reviews four important hospitality strategies.
10. Crisis Management in the Hospitality Industry
Being prepared for a crisis begins before a disastrous situation unfolds. In this lesson, you'll learn more about best practices in navigating crisis situations in the hospitality industry.
11. Waste Management in the Hospitality Industry
Providing rooms for guests can be very costly for hotels. One way to reduce that cost is to reduce wasteful habits. In this lesson, we'll learn about waste management habits and tips for the hospitality industry.
12. Occupancy Rate: Definition & Formula
If you've ever been curious how hotels and resorts figure out how many rooms are being rented at their facility, this lesson will give you some insight. In this study, you'll learn more about occupancy rates.
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Other chapters within the Hospitality & Tourism Management Training course
- Hospitality Industry Basics
- Operating in the Hospitality Industry
- The International Hospitality Industry
- Customer Service & Housekeeping
- Restaurant Services & Types
- Menu Planning
- Food Preparation
- Food Storage & Emergency Preparation
- Inventory Control
- Marketing in Hospitality
- Financial Management in Hospitality