UNIT
11: RESOURCE MANAGEMENT IN HOSPITALITY
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LO1
Understand the principles and application of resource management to commercial
operations
Methods: selection; acquisition; maintenance; replacement
criteria Principles: procurement strategy; specification; supplier
identification; selection criteria; working with specialist suppliers; stock
control
LO2
Understand the suitability of various forms of finance and taxation available
to UK business in general and the hospitality sector in particular
Internal: managing the elements of working capital to free
resources; internally generated funds; retained profits External: short-,
medium- and long term; caring; risk and reward Cost of capital: equity and loan
capital costs; weighted average cost computations Systems: the main features of
income and corporation tax; schedules; rates; personal and capital allowances;
tax credits and debits
UNIT 11: RESOURCE MANAGEMENT IN HOSPITALITY
LO3
Understand how procurement issues and strategies contribute to the achievement
of commercial objectives through purchasing power
Systems and processes: standard specification; tendering;
estimating/quoting; methods of procurement eg centralised, contract, lease; Pareto
analysis; ‘just in time’ (JIT); equipment; materials; services; terms and
conditions Procurement officer: role; assessing operational needs; selecting
suppliers; quality and quantity control; timing; discounts; receipt and control
of purchases; wastage factors; company policies; budgetary restrictions Risks:
financial; physical; task duplication; direct and indirect costs; effect on the
internal and external customer; quality issues; legal implications; effect on
process and outcome activities of organisations Managing procurement: profit
opportunities; direct and indirect cost-saving opportunities; minimising risk;
maximising profit; approved supplier lists; evaluating the ‘best deal’;
performance indicators and benchmarking Contract: definition; different forms;
parties; essentials for a valid contract; rules of offer and acceptance; terms
eg express/implied, conditions/warranties; vitiating factors eg
misrepresentation, fundamental mistake; breaches; fraud Sourcing issues: method
of supply eg buying products/services, tendering, subcontracting/outsourcing;
value for money; hygiene factors; range; choice; service guarantee; legal and
contractual compliance; trace origin data; yield; methods of payment; credit
and price; negotiating skills Evaluation: communication; finance; delivery;
compliance with specified requirements; packaging; industrial relations;
attitude to customers; sample testing and defect elimination Pricing
management: techniques; negotiating price reductions; controlling or resisting
price increases; quantity discounts; prompt payment discounts Management
strategies: competition between suppliers; developing profit margins to
increase financial returns; releasing cash and capital by minimising stock;
negotiating extended credit; determining the right quality for the right
application; negotiating and developing delivery schedules
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LO4
Be able to carry out a review and evaluation of procurement strategies and
business performance within named organisations
Review: standard specifications; terms and conditions;
monitoring; redeveloping strategy; contemporary developments; comparing and
contrasting purchasing options Evaluate: cost models eg return on investment
(ROI), productivity gain, human resource benefits
UNIT
11: RESOURCE MANAGEMENT IN HOSPITALITY
Learning outcomes and assessment criteria
Learning outcomes
On successful completion of this unit a learner will:
LO1 Understand the principles and application of resource management to
commercial operations
Assessment criteria for pass
Assessment criteria for pass
The learner can:
1.1 discuss the methods available for managing materials,
devising specifications of requirements and the selection criteria to be
applied
1.2 discuss the
principles involved when procuring equipment and the ongoing requirements over
the life of that equipment
LO2
Understand the suitability of various forms of finance and taxation available
to UK business in general and the hospitality sector in particular
2.1 analyse appropriate strategies for the efficient
management of working capital to meet a range of financial needs
2.2 evaluate the main sources of finance currently available
to UK businesses in relation to their suitability in meeting long-, medium- and
short-term needs
2.3 compute personal and business tax liability for sole
traders, partners and limited companies
Get assignment help for this unit at assignmenthelpuk@yahoo.com
Get assignment help for this unit at assignmenthelpuk@yahoo.com
LO3
Understand how procurement issues and strategies contribute to the achievement
of commercial objectives through purchasing power
3.1 establish a process to manage the procurement function,
outlining management strategies in relation to pricing techniques for a given
commercial situation
3.2 assess the role
of the procurement officer, explaining the importance of the essential
components, terms and conditions of a specimen contract
3.3 evaluate the
sourcing issues for a given procurement situation, analysing the management
techniques used to appraise and evaluate suppliers
LO4
Be able to carry out a review and evaluation of procurement strategies and
business performance within named organizations
4.1 demonstrate how review and evaluation can be used to
assess procurement strategies, for a given commercial situation
UNIT 11: RESOURCE MANAGEMENT IN HOSPITALITY
Guidance
Links
This unit can be linked to the following units:Unit 18: Facilities Operations and Management Unit 19: External Business Environment.
Links
This unit can be linked to the following units:Unit 18: Facilities Operations and Management Unit 19: External Business Environment.
This unit links to the following Management NVQ units:
B8: Ensure compliance
with legal, regulatory, ethical and social requirements
D2: Develop productive working relationships with colleagues
and stakeholders
E1: Manage a budget
E2: Manage finance
for your area of responsibility
E3: Obtain additional
finance for the organisation
F3: Manage business processes.
Essential requirements
Purchasing and procurement textbooks must be supported by
case studies. Access to procurement sections of local organisations, if
possible, provides a useful information source. Part-time learners working in
procurement can be used as a resource by sharing their experiences of different
business approaches to procurement.
Employer engagement and vocational contexts
A visiting speaker in resource management, from the
hospitality sector, will enhance delivery of this unit.
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