Task 1
Your Tasks:
You are required to complete a draft budget based on information and factors that were determined during an executive meeting at Hotel Futura.
Your forecast needs to include the Dollar Figures and the % values for these affected by changes outlined below.
The % values must be listed for each expense item shown in the Expenses Analysis for each department.
You have met with the department heads of Hotel Futura and the following details have been discussed to prepare your draft budget for 2017:
Rooms Division:
Catering:
Banquet:
The Banquet Division will be directly affected by the new marketing campaign which has been directed at daytime seminars and corporate functions. For this purpose the kitchen has received specialised equipment including multiple combi steamers, hold-o-mats and sous-vide equipment.
Room Service:
Mini Bar:
The mini bar budget remains unchanged and increased staff costs are absorbed through different processes.
Bar Budget:
Task 2
Your Tasks:
You have provided the chief financial controller with the draft budget for 2017. Following the recent executive meeting where the draft budget was discussed, you are now required to establish the final budget reflecting the changes based on the latest actuals and variances as well as major road works which will affect Futura Restaurant and Bar during 2017.
Month |
Customer numbers |
Average Spend (Food) |
Average Spend (Beverage) |
January |
1850 |
$ 45.00 |
$ 9.70 |
February |
2000 |
$ 37.00 |
$ 9.70 |
March |
700 |
$ 42.00 |
$ 9.70 |
April |
1200 |
$ 48.00 |
$ 9.70 |
May |
1200 |
$ 36.50 |
$ 9.70 |
June |
600 |
$ 35.00 |
$ 9.70 |
July |
950 |
$ 34.00 |
$ 9.70 |
August |
800 |
$ 38.00 |
$ 9.70 |
September |
900 |
$ 29.00 |
$ 9.70 |
October |
650 |
$ 29.50 |
$ 9.70 |
November |
980 |
$ 35.50 |
$ 9.70 |
December |
2200 |
$ 48.00 |
$ 9.70 |
Task 3
Your Tasks:
Read the following 3 scenarios and answer the questions attached for each scenario.
Scenario 1:
The finance team has created budget forecasts for Hotel Futura based on carefully researched factors for the last 3 years and these were always very accurate. The recent budget which included all departments of the hotel was implemented 3 months ago and the forecasted figures for Food Cost and COGS/Beverages in both the Restaurant and the Bar Operations have blown out by nearly 4.5 percent.
What could be the reasons for this? List 5 examples of areas you would investigate and explain why.
Scenario 2:
Hotel Futura has successfully operated for 7 years. During this period, overall turnover has doubled, and during the past 3 budget periods annual budgets have been increased by 15% each year which was exceeded each time. During the last 6 months however, management has noticed that the opposite trend seems to be occurring now.
List 5 external factors which could contribute to this and explain which methods you would use to determine this.
Scenario 3:
You have successfully negotiated the draft budget with each department head of the Hotel which has now been approved by the director and implemented 6 weeks ago.
You have finalised the financial data of the Hotel for the next management meeting and noticed the following:
Department |
Budget |
Actual |
Variance |
Kitchen/Food Cost |
28% |
32% |
(-)$ 13467 |
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