Posted: July 7th, 2015

Due to a slow-down in the global economy, it is expected that overall sales revenue for 2014 will not be as high as expected

Portfolio Activity – SITSBM14 Strategic Business Management
Version 5
PORTFOLIO ACTIVITY ASSESSMENT TASK BRIEF Course
SIT60313 Advanced Diploma of Hospitality Subject Title
SITSBM14 Strategic Business Management Unit(s) of Competency
BSBFIM601A Manage Finances
BSBMGT617A Develop and Implement a Business Plan Title of Assessment Task
Portfolio Activity Submission Date
Week 7
Introduction
This activity incorporates the performance outcomes, skills and knowledge required to run a business operation and covers the steps required to develop and implement a business plan. It also combines the performance outcomes, skills and knowledge required to undertake budgeting, financial forecasting and reporting requirements, and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to estimates, allocating funds, managing budgets and reporting on financial activity
Instructions
Lyca Hotel’s F&B Department
In the table below there is exists data from the previous year 2013 and the budgeted figures for 2014
Profit and Loss Statement – F&B Department – Lyca Hotel
Previous Year’s Figures
$ 2013
%
Budgeted Figures
$ 2014
%
Income
Sales
874524
100%
995742
100%
COGS
306083
35%
368425
37%
Gross Profit
568441
65%
627317
63%
Expenditure
Salaries
131179
15%
149361
15%
Casual Labour
174905
20%
209106
21%
Insurance
9853
1%
9957
1%
Laundry Expenses
43726
5%
49787
5%
Replacements
34981
4%
39830
4%
Cleaning and Maintenance
17490
2%
19915
2%
License Fees
8745
1%
9957
1%
Menus and Beverage Lists
8745
1%
9957
1%
Total Expenses
427898
49%
497871
50%
Net Profit
140542
16%
129446
13%
Portfolio Activity – SITSBM14 Strategic Business Management
Version 5
1. What would be an appropriate way of circulating the budget to ensure that the appropriate staff are clear about their objectives and financial responsibilities?
2. What systems could be in place to ensure that there is no misappropriation of funds and that financial transactions are recorded properly?
3. After reviewing the Profit and Loss statement, identify and explain areas that could be improved for 2015
4. Due to a slow-down in the global economy, it is expected that overall sales revenue for 2014 will not be as high as expected. Overall revenue is predicted to decrease by 20%. As a result, the 2014 budgeted figures are incorrect. Revise the 2014 budget to deal with this new information
5. With your new budget in place, what kind of measures can be implemented to ensure that tracking and auditing can be performed to detect discrepancies between the actual and budgeted allocations?
6. The following is the income statement for the Inca Lodge Hotel for 2013 and 2014. Using comparative variance analysis, complete the Variance $ column and the Variance % column (to 1 decimal point) and also state of the variance is favourable or unfavourable
Description
2013
2014
$ Variance
% Variance
Fav / Unfav
Revenue
Rooms
267,500
313,950
F&B
138,750
135,750
Telecommunications
5,500
7,351
Total Revenue
411,750
457,051
Salaries and Wages
Rooms
88,530
103,991
F&B
67,500
63,511
Telecommunications
1,250
1,980
Total Salaries and Wages
157,280
169,482
Expenses
Cleaning
3,719
4,010
Guest Supplies
8,931
7,531
Flowers
585
585
Music and Entertainment
1,389
1,791
Travel Agents Commission
11,553
10,107
Cost of food
25,318
23,115
Cost of Beverage
2,189
2,279
Total Expenses
53,684
49,418
Net profit before tax
200,786
238,151
Portfolio Activity – SITSBM14 Strategic Business Management
Version 5
Criteria Instructions
1. Developing a business plan
2. Monitoring performance
3. Responding to performance data
4. Planning for financial management
5. Establishing budgets and allocating funds
6. Implementing budgets
7. Reporting finances
Submission Instructions
The work is to be submitted in class within the due week. Your work should be clearly marked with your name
Checklist:
 All questions to be attempted
Assessment Process
 All items must be submitted.
 All items must be satisfactorily answered / addressed / completed in order for you to achieve a “Satisfactory” outcome for this assessment.
 Please note that this is one assessment from the range of assessment tasks you will complete. You must complete all assessment tasks in this subject. Please refer to your subject outline for information on the other assessment tasks.
 Clear, constructive and accurate feedback will be given to you on your results and performance via the learning portal as well as in class.
 The assessment items you submit will be retained by the college as evidence of your performance.
College Policies and Procedures relating to assessments, and associated forms, are available via http://www.think.edu.au/about-think/thinkquality/our-policies

Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00
Live Chat+1-631-333-0101EmailWhatsApp