Module 5 – Discussion
The topic of these two weeks is cost-volume-profit analysis, which is commonly known as the break-even analysis. It is a method used to determine how changes in costs and volume can affect a company’s operating income and net income.
This discussion is an opportunity for us to dive deeper, think critically, and call on in-depth thinking as we engage in conversation. Your initial post should be at least 150 words and include three parts: Remember, Understand, and Analyze (use these 3 hashtags in front of your answers)
- #Remember How many different types of costs are discussed in this module? Please explain each of them.
- #Understand Why breakeven? Without knowing the breakeven point, what could happen?
- #Analyze Is cost behavior important to management in the hospitality industry? Please use a real-world hospitality example to support your opinion with regard to cost behavior.
Module 6 – Discussion
- #Remember What are the objectives of budgeting?
- #Understand What are some of the advantages of an effective budgeting process?
- #Analyze How may budgeting help with hospitality business operations? Please use a real-world hospitality example to explain this question.
Module 7 – Discussion
In previous modules, you learned how to use cost behavior to do the break-even analysis, how to prepare budgets, and evaluate performance. In these two weeks, we focus on short-term business decisions. You will use your knowledge of cost behavior to make short-term business decisions, such as accepting or rejecting an order. To start with this module, let’s first discuss how pricing affects short-term decisions.
- #Remember What are the differences between price-takers and price-setters?
- #Understand Are hospitality businesses price-takers or price-setters?
- #Analyze Please provide a specific example to support your opinion.