About This Chapter
Key Management Functions in the Hospitality Industry - Chapter Summary
The hospitality industry encompasses a wide variety of sectors, offers numerous services and employs an abundance of workers that all need to be managed. Take a look at key management functions that ensure the industry operates smoothly at every level. Lessons are available any time to ensure you're able to learn at your own pace. With each lesson is a short quiz designed to assess your hospitality industry knowledge. If you need to clarify details in this chapter, be sure to send your questions to our experts. Completing this chapter enables you to:
- Discuss the hospitality industry's management of projects and revenue
- Explain the purpose of managerial accounting in the hospitality industry
- Share the importance of managing technology in hospitality
- Describe risk, strategic and crisis management in the industry
- Discuss the importance of waste management in hospitality
- Provide details about hiring and firing staff and other aspects of human resource management
- Examine the gap between traditional functions in management and the actual behavior of managers
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. Human Resource Management: Hiring and Staffing
In this lesson, we will explore the role a manager plays in human resource management, including hiring and staffing. We will also look at the circumstances affecting employment decisions such as promotion, turnover, downsizing, job redesign and termination.
10. Gaps in Management: Traditional Functions vs. Actual Behavior
This lesson explains the gap that appears between traditional functions of management (planning, organizing, leading, and controlling) and the actual behavior of managers.
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Other chapters within the Hospitality 101: Introduction to Hospitality course
- Hospitality Industry Overview
- Leadership & Management in the Hospitality Industry
- Communication & Decision-Making in the Hospitality Industry
- Improving Service in the Hospitality Industry
- Planning & Organizing in the Hospitality Industry
- Control Systems & Issues in the Hospitality Industry
- Hotel Classifications & Operations
- Food, Beverage & Alcohol Operations
- Restaurant Organization & Operations Overview
- Tourism & Recreation
- Gaming Industry Overview
- Meetings, Conventions, Expositions & Special Events
- Studying for Hospitality 101