Aim of Unit 11 is Resource Management in Hospitality
The main purpose of this unit is to provide a concept of procurement of resources in relation to the hospitality sector. This unit mainly aimed to show how procurement can be used as a strategy and the methods in financial accounting. The importance of this sector has been properly identified. Learners will be able to get a proper idea of the procurement strategies in the organization and provide review and evaluation of such strategies. It also aims to show how it procurement makes a contribution to profit and how a competitive edge could be developed with the adoption of such strategies.
LO1 Understand the principles and application of resource management to commercial operations.
The methods of selection, acquisition and maintenance and replacement criteria should be appropriately adapted with. As a result, it can be said that the principles of procurement identification of the supplier and selection criteria should be appropriately managed. Working with suppliers and stock control should be maintained. Proper methods and principles can help on development of the appropriate strategy for the procurement.
LO2 Understand the suitability of various forms of finance and taxation available in UK business in general and hospitality sector in particular
The internal criterion for the management of a variety of forms of taxation and hospitality sector in UK include management of the elements of working capital and the amount of free resources, generation of funds made internally, amount of profits that has been retained. The external factors are short, medium and long term providing appropriate risk and reward. The chief elements of income and corporation taxes, schedules and rates, tax debits and credits , allowances of capital has to be analyzed properly.
LO3 Understand how procurement issues and strategies contribute to the achievement of commercial objectives through purchasing power.
The systems and procedures for various standard specifications, contract lease and just in time method can be used. The role of procurement officer in maintaining quality and quality checks, wastage and budgetary restriction should be carried out effectively. The financial and physical risks, cost, customer and quality related risks should be analyzed. Management of procurement by choosing the right deal of indicators, sourcing the issues such as methods of supplying and buying, contract and terms of contract should be maintained. Evaluation of finance and delivery and pricing management through quantity discounts should be maintained. Pricing management and management strategies should be incorporated by controlling price increases, negotiating delivery schedules and growing profits for increased returns on finances should be enunciated
LO4 Be able to carry out a review and evaluation of procurement strategies and business performance within named organizations
The appraisal and evaluation of procurement strategies should be made in an appropriate way. Proper monitoring and redevelopment of strategies that meets the standard specification should be made. Evaluation made based on the Return on Investment, gains on productivity and benefits from human resources should be made in an appropriate manner.
Learning outcomes and assessment criteria
|Learning outcomes On successful completion of this unit a learner will:||Assessment criteria for pass The learner can:|
|LO1 Understand the principles and application of resource management to commercial operations||discuss the methods available for managing materials, devising specifications of requirements and the selection criteria to be applied discuss the principles involved when procuring equipment and the ongoing requirements over the life of that equipment|
|LO2 Understand the suitability of various forms of finance and taxation available to UK business in general and the hospitality sector in particular||analyse appropriate strategies for the efficient management of working capital to meet a range of financial needs evaluate the main sources of finance currently available to UK businesses in relation to their suitability in meeting long-, medium- and short-term needs compute personal and business tax liability for sole traders, partners and limited companies|
|LO3 Understand how procurement issues and strategies contribute to the achievement of commercial objectives through purchasing power||establish a process to manage the procurement function, outlining management strategies in relation to pricing techniques for a given commercial situation assess the role of the procurement officer, explaining the importance of the essential components, terms and conditions of a specimen contract evaluate the sourcing issues for a given procurement situation, analysing the management techniques used to appraise and evaluate suppliers|
|LO4 Be able to carry out a review and evaluation of procurement strategies and business performance within named organisations||4.1 demonstrate how review and evaluation can be used to assess procurement strategies, for a given commercial situation|
This unit links to the following related units:
Unit 18: Facilities Operations and Management
Unit 19: External Business Environment