HOSPITALITY FINANCIAL MANAGEMENT
In this course, students will examine the role of accounting within a business with a focus on sources of external finance (borrowing), taxation and bankruptcy costs in terms of the main types of business organisations such as sole proprietors, partnerships, private limited companies and public limited companies. Students will also identify the risk and return associated with different levels of financial leverage (borrowing) and operational leverage (investment in automation). Additionally, students will learn the main investment appraisal techniques, allowing them to evaluate proposed investments in large projects such as a new restaurant or hotel from a number of financial perspectives.
PEOPLE AND TALENT MANAGEMENT
This course will integrate and further develop human resources strategies such as compensation and benefits, learning and development, and human resources planning. Students will learn the theory and practice of negotiation and conflict resolution. They will explore trends such as workforce diversity in an international work environment. Students will be encouraged to reflect upon their own people and talent management skills in managing teams. Emphasis is placed on the importance of implementation and application of human resources strategies to the workplace.
MODELS FOR PROBLEM SOLVING AND DECISION MAKING
This course is designed to expand the students’ skills in building and using models to analyse and control their business situations, whether it is for a cost / profit analysis or assigning tasks to people. Many problems with solutions are used that are related to the hospitality industry such as workforce scheduling, production planning, task assignment, transportation, capital budgeting and other decision analyses. The models explored in the course are based on the use of Microsoft Excel and Solver.
CUSTOMER RELATIONSHIP MANAGEMENT
This course examines customer relationship management (CRM) and its application in marketing, sales and service. Effective CRM strategies help companies align business processes with customer-centric strategies using people, technology and knowledge. Companies strive to use CRM to optimise the identification, acquisition, growth and retention of desired customers to gain competitive advantage and maximise profit. Emphasis is placed on both conceptual knowledge and hands-on learning using a leading CRM tool. The course will also address relationship marketing with organisations and consumers/households (B2C).
REVENUE AND PRICING MANAGEMENT
Students will learn to design an effective revenue and pricing strategy by identifying challenges and developing solutions to generate profits using a revenue simulation tool. They will investigate the evolution of pricing and the changing mindset of the consumer in the contemporary distribution landscape both online and offline. They will critically evaluate current trends in hospitality to embrace the skills necessary for successful revenue managers in today’s hotels and restaurants.
DATA ANALYTICS FOR BUSINESS OPTIMISATION
The course intends to equip students with the skills required to understand and interpret quantitative data. The course takes a broad view on how statistical data analytics have developed as a means for hotel managers to make decisions. Statistical terminology and techniques, descriptive and inferential statistics and probability theory are covered. Descriptive and predictive analytics, including linear regression and different forecasting techniques are applied to the hospitality industry. The course objectives are to understand how quantitative data analytics impact managerial judgments, as well as to enhance the capacity to deal with data using statistical techniques.
And 1 elective course as required