3214THS Financial Management for Tourism and Hotels

Task:

Task 1 (T1): Strategy Map – Property & Departmental Level

1 Based on your research related to your business, you are required to develop a cohesive vision and mission statement as well as matching strategic objectives with performance measures in a strategy map1 for the allocated department. This task includes:

Brief introduction of the premises.

Provide a clear vision and mission statement for your allocated department.

Develop a departmental specific strategy map including strategic objectives with corresponding measures

You need to provide a minimum of 2 strategic objectives including the initiatives

2 how to achieve each objective for each BSC dimensions, and

2 measures for each objective across diverse dimensions, e.g. financial and nonfinancial.

In line with the strategic objectives from 1.1.3. (i), clearly identify one financial and one non-financial key performance indicator (KPIs) for the departmental manager and evaluate how the strategic objectives may affect the manager’s decision making by providing examples.

1. Discuss how the four types and specific event’s induced sales volatility affect your operational department’ management during the whole year of 2020 (starting 01.01.2020 – 31.12.2020). This task requires:

2. Identify specific time periods or events causing fluctuations in departmental sales during the year 2020 (at least one for each sales volatility type and one for a special event).

3. Discuss the impact of each example from task 2.1.2 on total sales revenues.

4. Discuss actions taken by the departmental manager to address these forecasted sales volatilities in the operational planning process and decisionmaking.