tailieunhanh - Lecture Managerial Accounting for the hospitality industry: Chapter 10 - Dopson, Hayes

Chapter 10 - Forecasting in the hospitality industry. In this chapter, you will learn how managerial accountants can accurately forecast revenues as well as how they utilize this information to maximize profit and increase operational efficiency. | Chapter 10 Forecasting in the Hospitality Industry The Importance of Accurate Forecasts Forecast Methodology Utilizing Trend Lines in Forecasting Chapter Outline Learning Outcomes Identify reasons why accurate revenue forecasts are important. Forecast restaurant and hotel revenues. Utilize trend lines in the forecasting process. The Importance of Accurate Forecasts One of the first questions restaurateurs and hoteliers must ask themselves is very simple: “How many guests will we serve today? This week? This year?” The answers to questions such as these are critical, since these guests will provide the revenue from which basic operating expenses will be paid. Labor required to serve the guests is also determined based on the manager’s “best guess” of the projected number of customers to be served and what these guests will buy. The Importance of Accurate Forecasts Forecasts of future revenues are normally based on a careful recording of previous sales, since what . | Chapter 10 Forecasting in the Hospitality Industry The Importance of Accurate Forecasts Forecast Methodology Utilizing Trend Lines in Forecasting Chapter Outline Learning Outcomes Identify reasons why accurate revenue forecasts are important. Forecast restaurant and hotel revenues. Utilize trend lines in the forecasting process. The Importance of Accurate Forecasts One of the first questions restaurateurs and hoteliers must ask themselves is very simple: “How many guests will we serve today? This week? This year?” The answers to questions such as these are critical, since these guests will provide the revenue from which basic operating expenses will be paid. Labor required to serve the guests is also determined based on the manager’s “best guess” of the projected number of customers to be served and what these guests will buy. The Importance of Accurate Forecasts Forecasts of future revenues are normally based on a careful recording of previous sales, since what has happened in the past in an operation is usually the best predictor of what will happen in that same operation in the future. With accurate sales records, a sales history can be developed for each foodservice outlet you operate, and better decisions will be reached with regard to planning for each unit’s operation. The Importance of Accurate Forecasts Managers utilizing forecasts and forecast data understand some basic truths about forecasts. These include: Forecasts involve the future. Forecasts rely on historical data. Forecasts are best utilized as a “guide.” Forecast Methodology If only historical data was used to predict future data, forecasting (at least for operations that are already open) would seem to be simple. In fact, in most cases, variations from revenue forecasts are likely to occur. When a variation does occur, experienced managers know that some of it can be predicted. Assume that a restaurant has been, for the past several months, experiencing a 10% increase

• Kế toán - Kiểm toán
• Hospitality industry
• Managerial accounting
• Accounting fundamentals
• Financial statements
• Management of revenue
• Forecast methodology
• Hospitality law
• The hospitality industry
• Hospitality managers
• Hospitality business structures
• Significant hospitality contracts
• Legally managing property
• Prevention philosophy
• Legal responsibilities
• Legally selecting employees
• Management in the hospitality industry
• Food service
• Service industry
• Hospitality careers
• Hospitality management