Excel

Course title	Financial Plan of Hospitality Companies
Course code	Citi3064
Credit points (ECTS)	3
Total Hours in Course	81
Independent study hours	81
Date of course confirmation	20/06/2023
Responsible Unit	Institute of Food
Course developers
Dr. sc. ing., prof. Ilze Beitāne
Prior knowledge
Citi3063, Hospitality Business Management Ekon3153, Economics PārZ2052, Hospitality Businesses
Course abstract
The aim of course work to strengthens the theoretical knowledge of financial supervision and planning of hospitality companies, by practically analysing the financial indicators of previous periods and drawing up development plans for future periods. Students gain knowledge and experience in analysing the economic indicators of hospitality companies, making calculations, setting prices, etc.
Learning outcomes and their assessment
Knowledge – is an understanding of the formation of an optimal price for the products of hospitality companies; have knowledge of financial planning and supervision of hospitality companies - course work. Skills – able to plan, analyse, evaluate economic performance indicators of hospitality companies; able to perform cost analysis, calculate the price of the hospitality company's product - course work. Competence – able to perform market analysis of raw materials and products of the hospitality company; able to analyse and evaluate the economic activity of hospitality companies - course work.
Course Content(Calendar)
1. Supply factors of hospitality companies. 2. Conducting market research of the hospitality company. 3. Development of the price policy of the hospitality company's product offer. 4. Development of the marketing mix description of the hospitality company. 5. Calculation of the performance characteristics of the hospitality company. 6. Calculation of the price of hotel services. Budgeting of income and expenses of the hotel company. 7. Calculation of hotel indicators that characterize accommodation. 8. Analysis of the hotel's financial indicators. 9. Determination of variable and fixed costs in the restaurant. 10. Product cost price calculation. Cost of food, price formation, control. 11. Analysis of food on the menu. 12. Analysis of revenue impact factors in a restaurant. Optimization of product usage. 13. Analysis of financial indicators of the restaurant. 14. Analysis of financial indicators of the restaurant. 15. Designing the course work. Defence of the course work. 16. Defence of the course work. In part-time studies, all topics indicated for full-time attendance are implemented in full
Requirements for awarding credit points
An assessment is received if a course work has been submitted and defended.
Description of the organization and tasks of students’ independent work
The student independently develops and defends a course work on the finances of a particular company, using literature and internal documents of the company. The chosen company can be a place of internship.
Criteria for Evaluating Learning Outcomes
The joint assessment of the course work consists: the calculation part of the course work - 60%; the description part of the course work – 30%; the defence of the course work – 10%.
Compulsory reading
1.Jack A. Financial planning and analysis and performance management. Hoboken New Jersey: John Wiley & Sons, Inc. 2018, 612 lpp. 2.Forands I. Viesnīcas menedžments. Rīga: Latvijas Izglītības fonds, 2011. 232 lpp. 3.Millere I. Ēdināšanas uzņēmuma vadītāja rokasgrāmata. Jelgava: LLU, 2017, 254 lp. E-grāmata. 4.O’Fallon M.J., Rutherford D.G. Hotel Management and Operations. 5th ed. ISBN: 978-0-470-55287-2, 2015. 512 lpp E-grāmata
Further reading
1.Feinstein A.H. Purchasing: selection and procurement for the hospitality industry. Hoboken, NJ: Wiley, 2012. 688 p. 2.Gregoire M.B. Foodservice organizations: a managerial and systems approach. Ninth edition. Boston: Pearson, 2017, 516 pages.
Notes
Course work – a mandatory course in the program Catering and hotel management”: full-time students - in the 7th semester and part-time students - in the 9th semester.