Question

Which department managers in a hotel would benefit from understanding a bit about financial management? What should they know? When you are in a position of authority, how would you ensure these managers learned the things that you identified?

Answer 1

Department managers in a hotel would benefit from understanding a bit about financial management in the following way

Explanation:

• Teamwork: Almost every job within the hospitality industry involves teamwork. ...
• Multi-tasking: No day is the same within the hospitality industry. ...
• Flexibility: ...
• Attention to Detail: ...
• Industry Awareness: ...
• Time Management: ...
• Communication: ...
• Interpersonal Skills:

Financial management includes

• Financial management requires forecasting various elements such as demand, inventory availability, market share, and total market.
• Revenue management is an extremely important concept within the hospitality industry, because it allows hotel owners to anticipate demand and optimise availability and pricing, in order to achieve the best possible financial results.
• Revenue Management is the application of analytics that predicts consumer behaviour at the micro-market level to optimise product availability and price to maximise revenue growth. The primary aim of a revenue management strategy is selling the right product to the right customer at the right time for the right price.