Hospitality Management for Budget Efficiency

Question:

Answer:

Introduction

In this respective paper, the overall analysis of the budget has been ascertained in order to cumulate the features of the overall budget has been ascertained in order to understand the feasibility of the management, which has prepared the overall budget. The overall process of the budget has been entailed with the staffs so as to generate a good and feasible purpose of organizing the event. Moreover, in the respective tasks, analysis of the budget plan has been entailed so as to justify the event procedure, apart from this reflection of the outlined expenses has been assessed so as to ensure the benefits and advantages of maintaining increased expenditure.

A) The overall allocation of the funds have been ascertained in this particular portion of the report so as to understand the budgetary efficiency for operating the event management program by the company. Upon considering the overall allocation of the funds required for operating the budget overall aspects of budget management has been portrayed. The allocation has been showcased underneath:

According to the appendix all the cost allocation have been done in order to ascertain the activities of celebrating the Harmony week on behalf of International Hotel Group. The overall plan has been ascertained so as to showcased the underlying profit after generating the total cash flow as well as different activities to allocate the cost.

B)

Plan for the event

The overall event has been pursued in the International Hotel Group and in this particular event of Harmony, leaders from different culturally diversified background has taken the participation. So for accommodating each and every leaders, the overall budgeting plan has been adopted so that they will be highly comfortable for each and every thing they want. The overall planning starts from the aspects accommodating each and every leaders with five star suits through which they may feel very much comfortable. Each and every areas are surrounded with projectors, microphones, as well as different sound system so that the level of enjoyment can be felt in a charming way. On the next part of the plan, proper planning to provide foods to the guests has been dealt. They have been served as buffet in the dinner and apart from these, dietary requirements have been provided with this. Different decorations have been made so as to ensure the beautification of the programme. Moreover, the recreation hall has been given to them so as, they can easily enjoy the time elegantly. A staff meeting has been held so as to cumulate the understanding in order to which all the methods of performing efficient activities have been done.

Accomplishment of plan

The plan has been accomplished by providing 30 spacious rooms to the leaders and their respective staffs, which is fully equipped. They were served with quality food as buffet and dietary requirements. It is from the operation, the recreation hall has been given to them so as that they can enjoy in a spacious place. Musical night on behalf of the hotels has been adhered so that the overall place looks beautiful. The lights have been also place into the lawns, trees as well as different tables and also in the chairs. On table is surrounded with 10 chairs. Overall, 15 tables have been supplied to the team so that they can enjoy the moments beautifully. Small bouquets are presented to the respective guests so that they can fully enjoy the event without any uncomfortable characteristics (Phillips & e Costa, 2012). Thus, the allocation of the funds in the respective budgets has been made in order to maintain the event. Thus to accomplish this particular plan, allocation of funds are necessary for the Hotel. The proper indication of the resources has been measured in order to cumulate the basic characteristics of committing department as well as program. The overall estimation of the expenses has been generated in order to consider the significance of covering the shortfalls.  

Involvement of team

Involvement of team to succeed the particular event is immense important. In order to maintain all the planned characteristics the team plays a significant role in operating an excellent event for the hotel. The team of personnel has been segregated into respective division. They have been given as a charge to look after the foods given to the guests. They have to measure the quality of the foods, whether they have been prepared with quality ingredient or not. Other members have to look after the amusements as well as different equipments that have been properly placed and have to ensure that no discrepancies will be held during when the overall program will be going on. Another team will look after the accommodation services. They have to be prepared for any queries aroused for the guest and will have to ensure that the guest will not face any problem in their respective rooms. In these respects, other team members should develop the budget that have to be charged to the company that are throwing this particular events. The allocation of the different expenditure up to the respective limits has been ascertained in order to understand the actual income as well as expense for the planned event (Crites, et al., 2012).

C) Usage of cash flows and cash surplus to measure the operations

In this particular section, the overall cash flow has been ascertained so as to judge the overall expense as well as income borne by the respective Hotel.

According to the respective cash flow, it can be easily said that the overall financial specification and the budget has propagated the instance of a profit or the cash surplus for $7800. It will be utilized by the hotel to pay for the cleaning purpose and providing incentives to every member that have perceived the diligence and have provided immense support to the guests. 

D) Accounting Statement

The overall cash surplus has been ascertained and it will be highly showcased in to the respective profit and loss statement. Thus, the analysis of the total profit has been accustomed in the statement of income that regulates the observation to control the perspectives to ensure the viability of maintaining the profits. Apart from this, for assessing the overall financial position, the statement of financial position as well as the balance sheet has been ascertained for the hotel. This will specify the resources that have been allocated for giving support to the respective event taken place in the hotel.

In this respective section, the overall analysis of the different procedure of the budget statement for the event has been entailed.

A)

Standard Operating Procedure

It is one of the most cumulative approach that has been required to organize for completing the overall budget plan.

The plan has been designed with the help of management officials as well as the team. After the creation of plan for the event, overall review has been made and apart from this the senior manager has given a mere approval. After the approval, the complete solution has been published and used then it has been tracked and updated in order to consolidate the achievement of a successful budget plan that can help the hotel to lead in the future (Elmaghraby, 2010).

Budget Interpretation

The budgetary interpretation has followed the justification to execute the overall perception of upholding the business activities in order to strengthen the financial perspectives for the hotel. As per the budgetary allocations, the allocated expenses are considered to be achieved according to which it has been expelled out. So proper treatment of expense has been made as per the aspects of accommodating the guest. Minimum amount of funds can be saved by propagating the expense of lights, which has sufficed that the operation may not require light son the respective tables as well as chairs. As there was ample amount of light present in the recreation area, thus no such light have been required for more. Thus, it can attain the decreased cost of expense allocated in the budget. Therefore, this would be the easiest perception to increase the profit by decreasing the cost of expense from the budget.

Locate as well as interpret breakdowns to colleagues

The overall breakdown of the colleagues that has supported the overall operation for the event can be said upon the derivatives that are as follows:

The manager has been surrounded with the respective junior managers, apart from this the junior managers have been distinguished as per the respective supervisors. Again, the supervisors are differentiated among the respective stewards that has supplied all the materials to complete the overall event in a proper manner.

B) Demonstration of Skills so as to assess the abilities and techniques

The overall techniques, provided by the respective team have possessed efficient supply of valuable things to the respective stewards so as to complete the overall event with quality. Accountability of what will be required as well as what have been needed has been effectively managed. In order to justify the event, all the purpose of controlling the allocation of different needs have been assessed effectively. Apart from this, consideration of presence of mind in arranging the effective purpose of maintaining the quality has been ascertained by the respective team that are engaged in completion of project.

Reflection to outline the improvements

I as a manager have understood that the allocation of the budget statement and completing overall process of the event is an important perspective to check the ability of my fellow colleagues who are showing diligence in the esteemed Hotel and also it is also about the fame of our hotel in which the event have been taken place. Thus from the observation it can be said that the team should be much more efficient in order to handle the queries of the guests. They should be aware regarding the discrepancies faced by the guest. Apart from this, the actual allocations of the needs of the guests have to be ensured so that the effective measurement and the fame of the hotel may be increased. Apart from this cordial relationship among the guests should be kept so as to feel them more comfortable just like their home.

References

Phillips, L. D., & e Costa, C. A. B. (2012). Transparent prioritisation, budgeting and resource allocation with multi-criteria decision analysis and decision conferencing. Annals of Operations Research, 154(1), 51-68.

James, C. M. (2016). RAROC based capital budgeting and performance evaluation: a case study of bank capital allocation.

Froot, K. A., & Stein, J. C. (2011). Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach.Journal of Financial Economics, 47(1), 55-82.

Crites, R., Lee, Y., & Kennedy, R. (2012). U.S. Patent Application No. 10/113,905.

Grendel, A., & Welter, M. (2013). U.S. Patent No. 8,423,428. Washington, DC: U.S. Patent and Trademark Office.

Elmaghraby, S. E. (2010). Optimal resource allocation and budget estimation in multimodal activity networks. In Proceedings of the IEPM Conference, Istanbul.