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Key Management Functions in the Hospitality Industry Flashcards

Key Management Functions in the Hospitality Industry Flashcards
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Trend Analysis and Forecasting

Managerial accountants use things that happened in the past to try to predict things that will happen in the future when they perform this task.

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Capital Budgeting

This is the task performed by managerial accountants when they determine if assets should be purchased or not based on a business's capital expenditures.

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Constraint Analysis

Individuals working as managerial accountants can assess how inefficient the business processes used by a company are with this process.

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Margin Analysis

This process allows managerial accountants to find out how much profit a business makes on certain sales.

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Downsizing

Your business does this when it cuts back on the number of people it employs.

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Turnover

This process occurs when an employee decides to quit or resign from his or her position.

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Internal Recruitment

Businesses do this when they fill a position with an employee who is already working for them.

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External Recruitment

You engage in this process when you hire someone who is not part of your organization to fill a position.

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Autonomous Work Group

Employees placed in this kind of group are responsible for organizing and controlling themselves. They may be responsible for planning strategies used by their company.

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POLC Framework

This outlines the four functions of management, which include: planning, organizing, leading and controlling.

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Crisis Management Plan

This details how to handle a serious situation in your business. You should first look at your resources, then identify tragedy protocols and set up a procedure for communications.

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Vulnerability Analysis

You complete this process when you assess possible problems that could occur before they take place.

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24 cards in set

Flashcard Content Overview

You can work with this set of flashcards to focus on the pillars of revenue management and strategic hospitality management. You'll also find cards that address vulnerability analysis, margin analysis, and constraint analysis. Factors associated with hiring and firing employees are also covered by these flashcards.

Front
Back
Vulnerability Analysis

You complete this process when you assess possible problems that could occur before they take place.

Crisis Management Plan

This details how to handle a serious situation in your business. You should first look at your resources, then identify tragedy protocols and set up a procedure for communications.

POLC Framework

This outlines the four functions of management, which include: planning, organizing, leading and controlling.

Autonomous Work Group

Employees placed in this kind of group are responsible for organizing and controlling themselves. They may be responsible for planning strategies used by their company.

External Recruitment

You engage in this process when you hire someone who is not part of your organization to fill a position.

Internal Recruitment

Businesses do this when they fill a position with an employee who is already working for them.

Turnover

This process occurs when an employee decides to quit or resign from his or her position.

Downsizing

Your business does this when it cuts back on the number of people it employs.

Margin Analysis

This process allows managerial accountants to find out how much profit a business makes on certain sales.

Constraint Analysis

Individuals working as managerial accountants can assess how inefficient the business processes used by a company are with this process.

Capital Budgeting

This is the task performed by managerial accountants when they determine if assets should be purchased or not based on a business's capital expenditures.

Trend Analysis and Forecasting

Managerial accountants use things that happened in the past to try to predict things that will happen in the future when they perform this task.

Hospitality Industry: Technology Management

Individuals who focus on this track and assess how useful different technologies, such as Wi-Fi, are and work to make them better if the need arises.

Hospitality Industry: Project Management

Employees working in this field need to consider their approach, the personnel with whom they work, and the components that increase value in their business.

Revenue Management Pillars: Pricing Strategy

You use this to determine what to charge for a service or product so that it meets the needs of your clients.

Revenue Management Pillars: Distribution Mechanisms

These tools allow customers to purchase your services or goods. A website for your business is an example.

Revenue Management Pillars: Marketing Strategy

The steps you take to entice customers to buy services or products from you.

Hospitality Industry: Risk Management

You use this process when identifying, analyzing, and avoiding risks in business. This can involve ensuring you stay compliant with regulations and performing security audits.

Americans with Disabilities Act (ADA)

This law requires businesses in the hospitality industry to ensure individuals with disabilities may reach their public areas and park at their facilities.

Strategic Hospitality Management: Being a Good Corporate Citizen

You can achieve this step in strategic hospitality management by making decisions that are moral, honest, and ethical. You can also support the community.

Strategic Hospitality Management: Increasing Customer Value

This aspect of strategic hospitality management focuses on implementing new, special services that raise customer satisfaction.

Strategic Hospitality Management: Building the Brand/Franchise

Businesses accomplish this by determining how they want to market themselves to attract their desired target market.

Strategic Hospitality Management: Achieving Operational Excellence

Your business works on this aspect of strategic hospitality management when you focus on ensuring that your customers' basic needs are met.

Ecologic Footprint

This is the impact a business has on the environment. You can reduce this by encouraging customers to reuse towels or to recycle any used goods.

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