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HOSP 265 Cost Management

Field Experience Report

100 points

Description

Hospitality Entrepreneurs/Managers/Business Leaders have played a significant role and have made a continuing contribution to the growth of the hospitality industry. Your assignment is to analyze and apply the information gathered from the field trips to create provide an in-depth n executive summary on our guest speakers/tours.

Assignment Format: 100 points

Title/ Cover Page (5 points)

• Student Name:_____________________________________

• HOSP 265 Section : __________

• Day/Date:__________

• Creative Title of Paper or Name of hospitality Speaker/Tour

Body of Paper (points)

5. Create a narrative for each of the following learning objectives by using the speaker’s presentation/discussion/tour as the information contributed to your understanding of the following hospitality cost management concept/topics (90 points).

A. Function of Cost Control

1. What is done to control Costs?

2. Create a managerial framework/system for Cost Control Procedures

B. Management Information Systems

1. How can MIS systems help in controlling costs?

2. Provide examples of how MIS is being used within hospitality Operations?

C. Forecasting

1. Recall examples of hospitality forecasting procedures that are being used

D. Menu Pricing and Control

1. Appraise the Menu Pricing Strategies discussed by our tour sites.

2. Describe the Menu Price Control Procedures used by our tour sites.

E. Labor Cost and Control

1. Identify general hospitality Labor cost concerns

2. Compare the strategies used by our tour sites for Controlling and Reducing Labor Costs

3. Analyze the Effective Employee Scheduling Strategies provided

F. Food Cost and Control

1. Identify general hospitality Food Cost Concerns

2. Identify the strategies and tactics for Controlling and Reducing Food Costs

3. Explain effective Purchasing Strategies

4. Explain the strategies and techniques use to control Portion size

5. Identify and explain the Food Preparation Controls used

G. Beverage Cost and Controls

1. Identify general hospitality Beverage Cost Concerns

2. Identify the strategies and tactics for Controlling and Reducing Beverage Costs

3. Explain effective Beverage Purchasing Strategies

4. Identify and explain the beverage Portion Control Strategies

H. Internal Control

1. Describe the internal components that comprise Operations Security

2. Explain how to control Theft

3. What are Loss Prevention strategies?

I. Financial Statement Analysis

1. Which Hospitality Financial Ratios are the best indicators for operational success?

2. Explain the managerial purpose for Analyzing Income Statements

3. Explain the managerial purpose for Balance Sheet Analysis