Prepare and Monitor Budget

Topics: Management, Budget, Marketing Pages: 4 (949 words) Published: September 11, 2012
Assessment Task 1: Element 1 Prepare Budget Information Research Assignment.

1.Mountain View Hotel organisational chart, profit or cost center and people who are involved in the budget committee.

People who involve in budget committee are: General Manager, Resident Manager, Sales and Marketing Manager, Food and beverage Manager, Hotel Accountant, Maintenance Manager, Front Office Manager and Housekeeping Manager.

2.As the Executive Chef you are responsible for developing your activity centers budget. The general Manager has told all profit center managers to increase net profit by 5%, and maintain current departmental labour cost. He has advised that there will be a major advertising campaign to increase mid week occupancy. List 2 other things you will want to know to begin drafting your departmental budget, where/who you will get the information from and the positive and negatives of using this information.

Answer:

1.I would need to examine the accounting record document in related with finance on loss, profit, expenses, sales chart and company revenue.

2.Past performance in comparison between actual and budgeted figures

Head Department in each section require providing thus information to Hotel Account in order to examine the budget matters.

The advantages of using the internal information:
The information can be investigate and easy to locate the data and source. •Confidential as possible
Able to support each other with discussion and ideas.

The disadvantage is:
The records and resources are limited from internal, because the company require to knowledge resources from external such as the market, economy and business associations.

3.Provide web links for external data sources and a brief description of how they will assist you in predicting business and expense trends for your department

Answer:

1.Restaurant and catering Victoria, http://www.restaurantcatervic.asn.au/Industry info/currentnews.asp

This...

Bibliography: Book of Prepare and monitor budgets, William Angliss, Element 1: Prepare budget information, page 18,19,20,23.
Restaurant and Catering Victoria, access on 28 July 2012, http://www.restaurantcatervic.asn.au/Industry info/currentnews.asp
Fair Work Australia, access on 28 July 2012, http://www.fwa.gov.au/
Herald Sun news, July 06 2012, Aussie hotel prices to rise, access on 29 July 2012
http://www.heraldsun.com.au/travel/australia/australian-hotel-prices-to-rise/story-e6frfhbf-1226418066545
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