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Summary

In this course, you will explore the vital financial strategies and practices that underpin success in the hospitality industry.

In our initial segment, we'll dive into the fundamentals of budgeting and forecasting, explaining their significance in the hospitality sector. You'll become well-versed in various budget types and essential decision-making tools. Moving forward, we'll navigate the challenges within budgeting, addressing unexpected obstacles and the pursuit of precision. We'll also discuss budgets as performance targets. In our final phase, we'll explore forecasting and financial modeling, covering different approaches and the mathematical and statistical formulas behind them.

Prepare for an enlightening exploration of financial management as it relates to the hospitality industry. This course equips you with the knowledge and skills needed to excel in this dynamic field.

Duration: 32 hours

Objective

The learner will be introduced to the different types of budgets, their advantages and disadvantages, and associated problems.  The importance of forecasting within the hospitality industry will be developed.

Learning Outcomes

1. Understand the use of various types of budgets.
2. Recognize problems associated with budgeting.
3. Engage with various budgets.
4. Understand the different approaches to forecasting.