Essay M5X01922 :Financial Management for the Hotel Industry – Management Assignment Help

Assignment Task:

TASK:

Module Learning Outcomes
(from module syllabus)

• Upon the successful completion of this module, the student should be able to demonstrate the ability to:
• Critically analyse and evaluate the informational requirements of management, particularly in relation to decisions involving revenues, costs and other financial criteria using appropriate methods and techniques;
• Demonstrate a critical understanding of how to monitor and evaluate financial performance within the Hotel Industry;

TASK DESCRIPTION
Task 1
Analysis of the Financial Statements (85% of total marks overall)
The Holiday Inn, in London Regents Park is part of the IHG group of Hotels. As the Company Accountant, you have been tasked to produce a report for the Chief Executive addressing the following:
Calculate suitable ratios for 2019 and 2020 to aid the analysis of the financial information included within the attached financial statements. You should discuss the trends seen in these ratios in detail, and draw appropriate conclusions about the profitability, liquidity and gearing of the hotel chain.
Discuss why an understanding of ratios and their fluctuations is essential for Hotel management in analysing the information seen in their financial statements.
Discuss the benefits and limitations of using ratio analysis to aid decision making within the hotel and tourism industry (2000 words)
 

Task 2
Presentations (15% of total marks overall)
Produce and deliver a 5 minute presentation which gives a brief overview of the report contents and conclusions.
You will be to produce a recording of your presentation, or present live via Teams.
 

PROFIT AND LOSS ACCOUNT

• 20192020
• £000£000£000£000
• Sales7,9723,971
• Less: cost of goods sold
• Opening stock 780 650
• Purchases 200 210
• Less:Closing Stock(650) (580)
• 330 280
• Gross Profit 7,6423,691
• Less:Expenses
• Rent 90 90
• Rates 80 80
• Motor Expenses 50 45
• Advertising 70 60
• Light and Heat 68 40
• Depreciation 70 72
• Insurance 50 50
• Repairs 90 10
• Bad Debts 70 9
• Salaries 140 80
• Loan Interest 10 5
• 788 541
• Net Profit for the Year 6,854 3,150
• Balance Sheet at 31st August
• 20192020
• £000£000£000£000
• Fixed Assets (at net book value)14,80014,800
• Current Assets
• Stocks 650 580
• Debtors 1,000 800
• Cash at Bank 700 450
• Cash in Hand 5 5
• 2,355 1,835
• Current Liabilities
• Trade Creditors 1,0501,200
• Accruals 150 70
• Bank Overdraft 150 180
• 1,305 1,450
• Net Current Assets1,050 385
• Total Assets Less Current Liabilities 15,850 15,185
• Long – Term Liabilities
• Bank Loans 110 110
• 15,740 15,075
• Represented by:
• Capital 8,886 11,925
• Profit for the Year 6,854 3,150

NOTE: The guidance offered below is linked to the five generic assessment criteria overleaf.
Engagement with Literature Skills
Your work must be informed and supported by scholarly material that is relevant to and focused on the task(s) set. You should provide evidence that you have accessed an appropriate range of sources, which may be academic, governmental and industrial; these sources may include academic journal articles, textbooks, current news articles, organisational documents, and websites. You should consider the credibility of your sources; academic journals are normally highly credible sources while websites require careful consideration/selection and should be used sparingly. Any sources you use should be current and up-to-date, mostly published within the last five years or so, though seminal/important works in the field may be older. You must provide evidence of your research/own reading throughout your work, using a suitable referencing system, including in-text citations in the main body of your work and a reference list at the end of your work.
Guidance specific to this assessment: You should show a wide level of reading, a minimum of 25 references, from a variety of sources including textbooks, academic journals and academic based websites. You may cite company information and newspaper/magazine articles but take care with issues of reliability and validity.
 

Knowledge and Understanding Skills
At level 5, you should be able to demonstrate: sound knowledge and critical understanding of the well-established concepts and principles of the subject area and the way in which those principles have developed; knowledge of the main methods of enquiry in the discipline. Knowledge relates to the facts, information and skills you have acquired through your learning. You demonstrate your understanding by interpreting the meaning of the facts and information (knowledge). This means that you need to select and include in your work the concepts, techniques, models, theories, etc. appropriate to the task(s) set. You should be able to explain the theories, concepts, etc. meaningfully to show your understanding. Your mark/grade will also depend upon the extent to which you demonstrate your knowledge and understanding.
Guidance specific to this assessment: Use a selection of the models/theories discussed in the course relating to each topic to provide a framework for your audit. You do not need to explain these in depth, but introduce them briefly before analysing and applying them.

Cognitive and Intellectual Skills

You should be able to critically analyse information, and propose solutions to problems arising from that analysis, including the critical evaluation of the appropriateness of different approaches to solving problems. Your work must contain evidence of logical, analytical thinking, evaluation and synthesis. For example, to examine and break information down into parts, make inferences, compile, compare and contrast information. This means not just describing what! But also justifying: Why? How? When? Who? Where? At what cost? At all times, you must provide justification/evidence for your arguments and judgements. Evidence that you have reflected upon the ideas of others within the subject area is crucial to you providing a reasoned and informed debate within your work. Furthermore, you should provide evidence that you are able to make sound judgements and convincing arguments using data and concepts, with an understanding of the limits of knowledge, and how this influences analyses and interpretations. Sound, valid conclusions are necessary and must be derived from the content of your work. Where relevant, alternative solutions and recommendations may be proposed.
Guidance specific to this assessment: The tasks themselves specify what is required of you. Take care to answer each question fully, and answer only the question set. You may find it helpful to keep the tasks to hand when writing to remain focused on them. Make sure you draw conclusions from the content of your work and highlight any key recommendations.
 

Practical Skills
At level 5, you should be able to use/deploy a range of established techniques within the discipline, and apply underlying concepts and principles outside the context in which they were first studied, including, where appropriate, the application of those principles in an employment context. You should be able to demonstrate how the subject-related concepts and ideas relate to real world situations and/or a particular context. How do they work in practice? You will deploy models, methods, techniques, and/or theories, in that context, to assess current situations, perhaps to formulate plans or solutions to solve problems, or to create artefacts, some of which may be creative. This is likely to involve, for instance, the use of real world artefacts, examples and cases, the application of a model within an organisation and/or benchmarking one theory or organisation against others based on stated criteria. You should show awareness of the limitations of concepts and theories when applied in particular contexts.
Guidance specific to this assessment: You should deploy your chosen techniques, models and/or theories to your chosen organisation. Use material from your research and wider reading to illustrate the points you make. Where possible you should show awareness of the limitations of the models used when applied to the case itself.
 

Transferable Skills for Life and Professional Practice
Your work must provide evidence of the qualities and transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making. This includes demonstrating: professional development to advance existing skills and acquire new competences that will enable you to assume significant responsibility within organisations; that you can initiate and complete tasks and procedures, whether individually and/or collaboratively; that you can use appropriate media to effectively communicate information, arguments and analysis in a variety of forms to specialist and non-specialist audiences; fluency of expression; clarity and effectiveness in presentation and organisation. Work should be coherent and well-structured in presentation and organisation.
Guidance specific to this assessment:
You should write a report in a recognised format. All writing should be academic style, formal, focused, concise and subject specific. It should use a font of Arial 12 point or Times New Roman 12 point, and be 1.5 or double spaced. All graphs, charts, and figures in the main body must be clearly referenced beside or beneath. Where possible they should not be on separate pages but should be incorporated within the text.
Essential Resources:
Resources listed on the lecture schedule and on Moodle
The student handbook
The UWTSD website

Presentations: Marking Criteria and student feedback
This section details the extent to which the assessment criteria are demonstrated by you, which in turn determines your mark. The marks available for each category of skill are shown. Lecturers will use the space provided to comment on the achievement of the task(s), including those areas in which you have performed well and areas that would benefit from development/improvement.
Generic Assessment Criteria Marks available Marks
awarded
1. Engagement with Literature Skills
. 20 2. Knowledge and Understanding Skills
20 3. Cognitive and Intellectual Skills
20 4. Practical Application Skills
10 5. Transferable Skills for Life and Professional Practice
30 Assessment Mark (Assessment marks are subject to ratification at the Exam Board. These comments and marks are to give feedback on module work and are for guidance only until they are confirmed. ) Late Submission Penalties (tick if appropriate) %
Up to 1 week late (40% Max) Over 1 week late (0%) AUDIT REPORT MARKING CRITERIA AND STUDENT FEEDBACK
This section details the extent to which the assessment criteria are demonstrated by you, which in turn determines your mark. The marks available for each category of skill are shown. Lecturers will use the space provided to comment on the achievement of the task(s), including those areas in which you have performed well and areas that would benefit from development/improvement.
Generic Assessment Criteria Marks available Marks
awarded
1. Engagement with Literature Skills
. 10 2. Knowledge and Understanding Skills
20 3. Cognitive and Intellectual Skills
30 4. Practical Application Skills
30 5. Transferable Skills for Life and Professional Practice
Level 5
In accordance with the Framework for Higher Education Qualifications, at the end of Level 5 students will be expected to have developed sound knowledge and critical understanding of the well-established concepts and principles in their field of study, and of the way in which those principles have developed. They will have learned to apply those concepts and principles more widely outside the context in which they were first studied, including, where appropriate, the application of those principles in an employment context. They will have knowledge of the main methods of enquiry in the subject area, and ability to evaluate critically different approaches to problem solving. They will possess an understanding of the limits of their knowledge, and how this influences their analyses and interpretations. They will be able to use a range of established techniques to initiate and undertake critical analysis of information, and to propose solutions to problems arising from that analysis. They will be able to effectively communicate information, arguments and analysis in a variety of forms to specialist and non-specialist audiences, and deploy key techniques of the discipline effectively. They will be able to undertake further training, develop existing skills and acquire new competences that will enable them to assume significant responsibility within organisations. They will have the qualities and transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making.

 

Views and findings mostly unsupported and non-authoritative.
Referencing conventions used incoherently or largely absent. Poor engagement with essential reading. No evidence of wider reading. Reliance on inappropriate sources, and/or indiscriminate use of sources. Heavily reliant on information gained through class contact. Inconsistent and weak use of referencing. Engagement with a limited range of mostly relevant and credible sources. Some omissions and minor errors.
Referencing conventions evident though not always applied accurately or consistently. Engagement with an appropriate range of literature, including sources retrieved independently. Some over-reliance on texts. Referencing may show minor inaccuracies or inconsistencies. Engagement with a wide range of literature, including sources retrieved independently.
Selection of relevant and credible sources. Very good use of referencing, with no/very few inaccuracies or inconsistencies. Engagement with an extensive range of relevant and credible literature. Consistently accurate application of referencing. Exceptional engagement with an extensive range of relevant and credible literature. High-level referencing skills consistently applied.
Knowledge and understanding (Sound knowledge and critical understanding of the well-established concepts and principles in their field of study; knowledge of the main methods of enquiry in the discipline.) Major gaps in knowledge with unsatisfactory, uncritical understanding of the subject matter. Much irrelevant material. Substantial inaccuracies. Significantly flawed understanding of the main methods of enquiry in the discipline. Fragmentary knowledge, with only superficial critical understanding. Some significant inaccuracies and/or irrelevant material. Incomplete or partially flawed understanding of the main methods of enquiry in the discipline. Limited but adequate knowledge and critical understanding of the well-established concepts and principles within the subject area, with a few gaps in the selection of material. A narrow critical understanding of the main methods of enquiry. Knowledge is reasonably detailed and accurate. A good critical understanding of the well-established concepts and principles and the main methods of enquiry, with minor gaps in the selection of material. Knowledge is reasonably extensive. Exhibits very competent critical understanding of the well-established concepts and principles of the subject and the main methods of enquiry. Breadth and depth of knowledge. Excellent, detailed knowledge and highly critical understanding of the well-established concepts and principles of the subject and the main methods of enquiry. Exceptionally detailed knowledge and outstanding critical understanding of the well-established concepts and principles of the subject and the main methods of enquiry. May go beyond established theories.
 

Cognitive and intellectual skills

(Critical evaluation and analysis of concepts and principles; argument and judgement; the limits of their knowledge, and how this influences their analyses and interpretations.) Wholly or almost wholly descriptive work. Little or no critical evaluation and analysis of concepts and principles.
Failure to develop arguments, leading to illogical or invalid judgements. Unsubstantiated generalisations or opinion, made without use of any credible evidence.
Largely descriptive work, with superficial use of critical evaluation and analysis of concepts and principles. Weak development of arguments and judgements. Information accepted uncritically, uses generalised statements made with scant evidence and unsubstantiated opinions. Ideas sometimes illogical and contradictory. Limited attempt at critical evaluation and analysis of concepts and principles, tending towards description.
Some evidence to support arguments and judgements but these may be underdeveloped, with a little inconsistency / mis-interpretation or failure to fully recognise limits of knowledge.
Some critical evaluation and analysis of concepts and principles, though descriptive in parts.
An emerging awareness the limits of their knowledge and ability to use evidence to support the argument though with some tendency to assert/state opinion rather than argue on the basis of reason and evidence.
Mostly valid arguments and logical judgements. Sound critical evaluation and analysis of concepts. Is selective in the range of evidence used and synthesises rather than describes. Ability to devise arguments that show awareness of different stances, and use evidence convincingly, to support appropriate and valid judgements. Excellent critical evaluation and analysis of concepts and principles leading to logical, evidence-based, reasoned arguments and judgements. Explicit recognition of other stances and a strong awareness of the limits of their knowledge.
A capacity for independent thought and ability to ‘see beyond the question’, suggesting some grasp of the broader field and wider concepts. Outstanding critical evaluation and analysis of concepts and principles. Uses evidence exceptionally well to connect ideas, and support highly logical and persuasive, arguments and judgements. Evidence of independent thought and ability to ‘see beyond the question’, suggesting a clear grasp of the broader field and wider concepts. Perceptive recognition of the limits of their knowledge, and how this influences their analyses and interpretations.
 

Practical skills

• (Apply underlying concepts and principles more widely outside the context in which they were first studied; use a range of established techniques; propose solutions to problems arising from analysis.) Limited or no use of established methods, materials, tools and/or techniques.
• Little or no appreciation of the context of the application.
• Limited understanding of the application of theory to practice or making appropriate links between the two.
• Very weak problem-solving skills outside the context in which they were first studied. Rudimentary application of established methods, materials, tools and/or techniques but without consideration and competence. Flawed appreciation of the context of the application.
• Weak understanding of the application of theory to practice, with only occasional evidence of making appropriate links between the two. Weak problem-solving skills outside the context in which they were first studied.
• An adequate awareness and mostly appropriate application of established methods, materials, tools and/or techniques.
• Basic appreciation of the context of the application. Theoretical knowledge and understanding applied in practice, but not always making logical links between the two.
• Can identify problems and propose basic solutions outside the context in which they were first studied. A good and appropriate application of established methods, materials, tools and/or techniques.
• Clear appreciation of the context of the application. Mainly consistent, accurate and logical application of theory to practice, making appropriate links between the two.
• Can identify problems and propose mostly appropriate solutions outside the context in which they were first studied. A very good application of a range of established methods, materials, tools and/or techniques.
• Very good consideration of the context of the application, with perceptive insights. Consistent, accurate and logical application of theory to practice, making appropriate links between the two. Can identify problems and propose appropriate solutions outside the context in which they were first studied.
• Evidence of some creativity. An advanced application of a range of established methods, materials, tools and/or techniques.
• The context of the application is well considered, and insightful.
• Consistent, accurate and logical application of theory to practice, making well-developed links between the two. Can identify problems and propose excellent, creative solutions outside the context in which they were first studied. Exceptional levels of application and deployment skills using established methods, materials, tools and/or techniques. Consistent, accurate and logical application of theory to practice, making highly developed links between the two. Can identify routine and non-routine problems and propose quite sophisticated, creative solutions outside the context in which they were first studied.
• Transferable skills for life and professional practice
• (Effectively communicate in a variety of forms
• to specialist and non-specialist audiences; the qualities and transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making.) Communication medium is inappropriate or misapplied.
• Work is poorly structured, disorganised and/or confusingly expressed. Very weak use of language and/or very inappropriate style. Failure to work effectively as part of a group. Little or no evidence of the skills for employment requiring the exercise of personal responsibility and decision-making.
• Communication medium is poorly designed and/or not suitable for the audience.
• Work is poorly presented in a disjointed manner. It is loosely, and at times incoherently, structured, with information and ideas often poorly expressed. Weak use of language and/or inappropriate style. Flawed approach to group work, meeting only partial obligations to others. Limited evidence of the skills for employment requiring the exercise of personal responsibility and decision-making. Can communicate in a suitable medium for the audience but with some room for improvement.
• Mostly ordered presentation and structure in which relevant ideas / concepts are reasonably expressed. Work may lack coherence in places. Can work as part of a group, meeting most obligations to others but perhaps with limited involvement in group activities.
• Demonstrates the basic skills for employment requiring the exercise of personal responsibility and decision-making, with some areas of minor weakness. Can communicate effectively in a suitable medium for the audience, but may have minor errors.
• Mostly coherent, organised work, in a suitable structure and is for the most part clearly expressed. Can work effectively independently and/or as part of a team, with clear contribution to group activities.
• Demonstrates the skills for employment requiring the exercise of personal responsibility and decision-making, with some areas of strength and some of minor weakness. Can communicate well, confidently and consistently in a suitable medium for the audience.
• Work is coherent, fluent, well-structured and organised. Can work very well autonomously and/or as part of a team, with very good contribution to group activities.
• Demonstrates very good skills for employment requiring the exercise of personal responsibility and decision-making, with just occasional minor weakness. Can communicate professionally confidently and consistently in a suitable medium for the audience.
• Work is coherent, very fluent and is presented proficiently. Can work autonomously with initiative. Where relevant can work professionally within a team, showing leadership skills as appropriate, and meeting obligations. Demonstrates excellent skills for employment requiring the exercise of personal responsibility and decision-making and an appetite for further development.
• Can communicate with an exceptionally high level of professionalism, highly suitable for the audience.
• Work is exceptionally coherent, very fluent and is presented professionally. Can work exceptionally well within a team, showing leadership skills. Demonstrates exceptional skills for employment requiring the exercise of personal responsibility and decision-making and an appetite for further development.