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Lecture Introduction to management in the hospitality industry (10/E): Chapter 16 - Barrows, Powers, Reynolds

Chapter 16 - Planning in hospitality management. This chapter’s objectives are to: Identify the benefits of a formal employee performance appraisal program, explain the rationale for each of the four steps in a progressive disciplinary program, describe the role of employee improvement efforts as an integral part of the performance management process,. | Planning in Hospitality Management Chapter 16 Copyright © 2010 by John Wiley & Sons, Inc. All Rights Reserved WHY STUDY PLANNING? Whatever work you do, your job will be easier and quicker if you can plan it As a supervisor or manager, you must learn to plan the work of others You must think of your own career as a business DIMENSION OF PLANNING IN ORGANIZATIONS PLANNING CONCEPTS A plan is a reasoned means of moving toward a selected goal and may include: Rules Methods and procedures Standards Budget A plan may have both strategic and tactical elements PLANNING IN ORGANIZATIONS Strategic Issues Product and service strategies Human resource strategies Community relations strategies GOAL SETTING Characteristics of Well-Thought-Out Goals: Who What Where When Why How Goal Congruence Management must design and present goals in such a way that they align with the individual’s goals Failure to consider the interchange between organizational and individuals’ goals will lessen efficiency Similarly, policies should call forth programs of action, strategies, and tactics LONG-RANGE PLANNING TOOLS Return on Investment P = Payback period OS = Operating savings NI = Net Investment P = NI OS LONG-RANGE PLANNING TOOLS Break-Even Point BEP = Break-even point MR = Marginal revenue (revenue less variable cost) FC = Fixed costs (the cost that will occur regardless of volume of sales if the decision is made to go ahead S = Sales VC = Variable cost MR = S – VC BEP = FC MR LONG-RANGE PLANNING TOOLS Cost-Benefit Analysis Also referred to as cost-effectiveness analysis First step is to make explicit those costs and savings that can be identified Next, consider all ramifications that may result from changes or failure to act This leads to new plans, strategies, and . | Planning in Hospitality Management Chapter 16 Copyright © 2010 by John Wiley & Sons, Inc. All Rights Reserved WHY STUDY PLANNING? Whatever work you do, your job will be easier and quicker if you can plan it As a supervisor or manager, you must learn to plan the work of others You must think of your own career as a business DIMENSION OF PLANNING IN ORGANIZATIONS PLANNING CONCEPTS A plan is a reasoned means of moving toward a selected goal and may include: Rules Methods and procedures Standards Budget A plan may have both strategic and tactical elements PLANNING IN ORGANIZATIONS Strategic Issues Product and service strategies Human resource strategies Community relations strategies GOAL SETTING Characteristics of Well-Thought-Out Goals: Who What Where When Why How Goal Congruence Management must design and present goals in such a way that they align with the individual’s goals Failure to consider the interchange between organizational and individuals’ goals will lessen efficiency Similarly, policies should call forth programs of action, strategies, and tactics LONG-RANGE PLANNING TOOLS Return on Investment P = Payback period OS = Operating savings NI = Net Investment P = NI OS LONG-RANGE PLANNING TOOLS Break-Even Point BEP = Break-even point MR = Marginal revenue (revenue less variable cost) FC = Fixed costs (the cost that will occur regardless of volume of sales if the decision is made to go ahead S = Sales VC = Variable cost MR = S – VC BEP = FC MR LONG-RANGE PLANNING TOOLS Cost-Benefit Analysis Also referred to as cost-effectiveness analysis First step is to make explicit those costs and savings that can be identified Next, consider all ramifications that may result from changes or failure to act This leads to new plans, strategies, and tactics