Hospitality Financial Management
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|Lab hours per week|
The goal of an organization is to maximize the value of its shares, while operating within the laws and restrictions reflecting the social goals of society. The function of financial management is to raise and employ funds in a manner consistent with the stockholders desire to maximize wealth while remaining a responsible corporate citizen.
Firms with these stated objectives need plans in order to accomplish those objectives. This plan is referred to as a budget or profit plan and the process of preparing it is referred to as budgeting. A business budget (profit plan) is a management plan covering all phases of operations for a definite period in the future. It is a formal expression of the policies, plans, objectives and goals established by management for the concern as a whole and for each subdivision thereon.
As money and profit are the lifeblood of most business activities, this course is designed to allow the student to identify and explore the factors that are relevant to financial decision making and budgeting. The course focuses on the learner’s ability to use a variety of standard problem solving tools of financial management and budgetary control methods.