Course Information Undergraduate prospectus

Financial Planning and Revenue Management for Hospitality

Course summary

Course code: FINA1113
Level: 6
Credits: 30
School: Business Faculty
Department: Marketing, Events and Tourism
Course Coordinator(s): James Kennell

Specification

Pre and co requisites

None.

Aims

The aims of this course are to provide: A critical understanding of the role of financial planning in hospitality management; Practical skills in financial planning; A critical understanding of the role of revenue management within hospitality businesses; Practical skills in revenue management

Learning outcomes

On successful completion of this course a student will be able to:

1 Analyse the role of financial planning in hospitality organisations
2 Create financial plans for hospitality organisations
3 Apply skills in financial planning to solve complex problems in case studies in the hospitality industry
4 Evaluate the significance of revenue management in the hospitality industry
5 Apply skills in revenue management to solve complex problems in case studies in the hospitality industry
6 Work in teams to analyse and creatively overcome challenges facing hospitality businesses, using advanced financial techniques

Indicative content

• Financial planning for hospitality
• Key principles of revenue management – pricing, value, differential pricing, demand and demand forecasting, the role of the revenue manager
• Inventory management
• Distribution channel management
• Using metrics to manage revenue
• Room Pricing
• Food &Beverage Outlet Pricing
• Food &Bevarage Costs
• Cost benefits of Refurbishment
• Analysis of Capital Improvements
• The costs of Staffing
• Displacement Analysis

Teaching and learning activity

Lectures, tutorials, directed and self-managed research, reading and information analysis (e.g. case studies, journal and newspaper articles including international case studies

The second term of this course will be delivered through the use of a strategic hospitality management simulation program, through which students will develop strategic financial plans and revenue management strategies, which they will then apply, monitor and evaluate in real-time in teams.

Assessment

On-line test: 40% weighting. Pass mark 40%.
Equiv. 2000 words.
Students will complete an on-line test which will assess their ability to apply key financial and revenue management techniques.
Learning outcomes 1 - 4.

Simulation: 60% weighting. Pass mark 40%.
Equivalent to 3,000 words.
Students will work in teams on a computer simulation that will allow them to develop and demonstrate their skills in financial and revenue management.