Profitability management in tourism and hospitality businessLaajuus (5 cr)

Objective

You demonstrate your understanding of the basics of management accounting in hospitality business.
You are able to assess the profitability of enterprises.
You demonstrate your understanding of the cost and activity-based accounting.
You are able to apply the most common pricing methods.
You demonstrate your understanding of the basics of budgeting.

Content

What is the role of management accounting in decision making?
What do the revenues and costs consist of in hospitality business?
How to apply the cost-volume-profit analysis when assessing the profitability of enterprises?
What are the principles of cost and activity-based accounting?
How to set the price for different kind of products and services?
What is the role of budgeting in financial planning?

Accomplishment methods

Students can
a. use professional vocabulary systematically.
b. look for information in the key information sources of the field.
c. identify interrelated tasks.
d. work together with customers, users and target groups.
e. use the key models, methods, software and techniques of the professional field.
f. work as team members in a goal-oriented way.
g. justify their actions according to the ethical principles of the professional field.