Advance Diploma Hospitality of Management

The budget analysis of the hotel is based on existing budget report and the proposed budgets for improvement are shown below as follows: The present budget estimation has total expenditure of $67000. The cost of the various item such as Accommodation, Equipment, Food/Catering, Recreational Hall, Round tables with chairs, Lights on the last day for music carnival, Small stage for speeches and individual performance, small bouquets and transportation facilities provide to the customers comprises of the various costing components in the financial budgeting procedure. It has been observed that the rooms with single bed will cost $200 per night. The total cost for the required 30 beds have been observed as $16000. The equipments required such as projectors, microphones and sound system has further requirements of $2800. The food and catering cost is $19000. These costs include the food which is given in the menu list, dietary requirements and room service related costs. The recreation hall further needs an accommodation capacity of 200 people. This cost has been estimated to be $ 9000. The cost related to the tables and chairs has been estimated to be $ 10000.These items include 15 tables, consisting of 11 table and ten chairs. The expenses of the lighting charges for the purpose of last day celebration on the occasion of carnival and musical night are estimated to be $ 6950. The small stage setup for the purpose of speech and performance of the individual members has been observed as $1900. This particular cost is based on the area of the stage wh ich is 5x7 meters. The cost for the purpose of floral decoration has been observed AS $1700. The several cost components for this purpose includes entry decoration, stage decoration and decoration in the centers and buffet. The costs for 28 small bouquets have been observed as $1850. This component includes selection of the bouquets of orange, red and white color of flowers. The transport of the passengers of the cost has been estimated as $ 49000. This cost includes the cost involved in taking the guest for the purpose of sightseeing. The cost for the aforementioned items has been observed as $57000. This shows that as the budget of the company is $67000 the company will earn a profit of $ 10,000.  Ã‚   The recommended budget has been suggested to the International Hotel Group for the purpose of improving the present budget activities and increasing the profit aspect of the company. According to the revised budget the accommodation charges for the rooms with single beds has been estimated to be $ 9000 as the cost 30 bed has been considered as $300 per night. The equipment charges related to the projectors, microphones and sound system has been reduced to $ 1000. Based on the revised budget the cost related to the food and catering business has been reduced to $ 5040. The cost of the recreation hall has been observed as $8570. The costs related to the round tables with chairs have been further reduced to $1050. The cost of the small stage for the purpose of speech and individual performance has been reduced to $ 580. The cost associated with the floral decorations has been reduced to $640. The cost of the 28 small bouquets of various colors has been further reduced down from $ 1850 t o $ 560. The transportation cost of the passengers has been brought down from $ 4900 to $ 550. Based on the above discussed cases it has been observes that the present cost of the related items of the Hotel is $30010. Based on the estimated total budget aspect the total profit after the revised budget report has been observed as $ 36990. This shows an increase of more than $ 26000 than the existing budget. The various cost drivers associated has been changed on the basis of prioritizing the importance of the cost component based on the individual activities. For example previous provision of the deluxe rooms in the expected budget has been reduced by providing standard rooms. The cost of the flower decoration has been reduced from the previous estimation of $ 1700 to $ 640. This reduction has been done by considering inferior quality of flowering rather than including superior set of flower in the previous set of budget report. Due to the similar reason the price the small bouquets has also been reduced in compare to the existing budget.   It can observe that of the recrear5ion hall has been reduced to a great extent as the charge of recreational hall is more or less fixed in nature. The comparison of the budget report shows that the cost of $ 9000 has been reduced to only $ 8570 in the new budget proposal. Hence we can see that on the basis of new budget, the company is able to increase the profit amount by more than 40%.  Ã‚   Fatahi, S., Nozari, S.M. and Nejad, M.J., 2014. An investigation of the Impact of Performance Audit on Improving the Productivity of (Financial and Budget) Public Sector Capital Resources. Advances in Environmental Biology, pp.512-522. Keating, S.B., 2014. Financial Support and Budget planning for Curriculum Development or Revision. Curriculum Development and Evaluation in Nursing, p.169. SHAN, B. and CAI, J., 2013. Development of Executive Control System of Financial Budget Based on Web in Vocational Colleges [J]. Journal of Tianjin Vocational Institutes, 4, p.022.   Wei, F., 2015. Research on Financial Budget Performance Audit Platform Construction By Information System.

Strategic Financial Management Essay Example | Topics and Well Written Essays - 3000 words

Strategic Financial Management - Essay Example Fourth, minimising the exposure to some types of risk may provide firms with more freedom to fine-tune their capital structure. Finally, investors may find the financial statements of firms that do hedge against extraneous or unrelated risks to be more informative than firms that do not may. With the increasing awareness and concerns from the customers the financial institutions are required to disclose information at higher scale at the same time the security of information is an important concern. This not only increases the concerns of the customers but also increase the need of information provision by the financial institutions in order to open themselves up to customers and partners for revenue growth. I hope that the readers and the concerned people will find this information useful and that it helps establish organisational direction for a very complex issue. Derivatives have been used to manage risk for a very long time, but they were available only to a few firms and at high cost, since they had to be customised for each user. The development of options and futures markets in the 1970s and 1980s allowed for the standardisation of derivative products, thus allowing access to even individuals who wanted to hedge against specific risk. The range of risks that are covered by derivatives grows each year, and there are very few market-wide risks that you cannot hedge today using options or futures. In 1999, Mian studied the annual reports of 3,022 companies in 1992 and found that 771 of these firms did some risk hedging during the course of the year. Of these firms, 543 disclosed their hedging activities in the financial statements and 228 mentioned using derivatives to hedge risk but provided no disclosure about the extent of the hedging. Looking across companies, he concluded that larger firms were more likely to hedge than smaller firms, indicating that economies of scale allow larger firms to hedge at lower costs. (Mian, 1996) As supportive evidence of the large fixed costs of hedging, note the results of a survey that found that 45% of Fortune 500 companies used at least one full-time professional for risk management and that almost 15% used three or more full-time equivalents. (Dolde, 1993) The evidence on whether risks hedging increases value is mixed. In a book on risk management, Smithson presents evidence that he argues is consistent with the notion that risk management increases value, but the increase in value at firms that hedge is small and not statistically significant (Smithson, 1999). In summary, the benefits of hedging are hazy at best and non-existent at worst, when we look at publicly traded firms. While we have listed many potential benefits of hedging including tax savings, lower distress costs and higher debt ratios, there is little evidence that they are primary motivators for hedging at most companies. In fact, a reasonable case can be made that most hedging can be attributed to managerial interests being served rather than increasing stockholder value. The questions need to be answered while undertaking the study will be as follows: What is risk What are the regulatory requirements for global financial institutions How does Information security risk affect financial institutions What are the Confidentiality risks What are the Availability

Who needs Superstars Essay Example | Topics and Well Written Essays - 1000 words

Who needs Superstars - Essay Example A corporate superstar is someone that shines above al of the rest and the article refers to the fact that there is not enough talent in corporate America. There are the Bill Gates and the Donald Trumps of the business world but every organization needs their own Gates and Trumps and having just one in the organization is not enough. However, Article 18 points out that the Gates and Trumps of the corporate world are rare. The article likens them to unicorns, the mythical beast with special powers and explains that many corporations dedicate their resources to discovering a unicorn. It also examines the fact that there are not enough unicorns out there and presents a solution to this problem. There article also includes a discussion of what a corporation has to do with the unicorn once they find it. If one of these corporate superstars is expected to perform to their capabilities and display their talent they must be challenged. The difficulty in this is that talent is so rare it is easier for an organization to dedicate their resources to working with a group of normal individuals to acquire talent out of the group of them. Article 18 also details the problems that organizations have with structure. It describes initiative programs put into motion by corporations but and also details how most times these initiatives are not followed through with. It is necessary for the talent in the company to be challenged in order for them to prosper but Article 18 points out that in most companies this is not done. Application The premise of talent can be applied to my life and my place of work. Where I work everyone does what they are supposed to do to keep their jobs and not much more. I work with some very intelligent people who actually are probably very talented. However, their talent does not rise to the top because they are not challenged. I believe that there is routine in the workplace and this gives an atmosphere for mediocrity. The work environment is one of routine and if initiatives were given and followed through with, I think that more people might go the extra step and their true talent and potential would surface. I think that potential is a very important word in this discussion because its as if not enough people perform to their potential. At my workplace, the employees walk around like robots and do their tasks in a routine manner giving nothing extra. However, it is important to point out that hard work is not rewarded in the company I work for. That brings up another point that needs to be addressed and that is does hard work have to be rewarded or should it be expected I feel that talented people in an organization are those individuals that put one hundred percent effort into everything that do. I also that they do this not to be rewarded but because that is how they perform and that is what makes them talented. The problem is how to get the talent out of people. The question that is being examined in this portion is how to apply this premise to a place of work. As I pointed out my placer of work is filled with individuals who do what is expected of them and nothing more. Would initiatives work I believe some motivation would be helpful but as Article 18 pointed out an initiative program needs structure and must be followed through with. I think that at my place of work there would be no structure to an initiative plan. I do feel it would be embraced at the beginning but would eventually fade out and everyone's attitude would be back to where it is now. This brings up the point of being rewarded and expecting it. I know all