Operations budgeting for the hospitality industry

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.