Diploma Finance Hots Self Evaluation Report

572 words - 3 pages

Diploma Finance
HOTS Self-Evaluation Report

For: Mr Coy

Module: Hospitality Finance 2

Student Name: Nick Le

HOTS Team Name: N2A

Date: 14th, May, 2012

Abstract.
The assignment is self-evaluation report which assesses and analyse individual performance after running HOTs program. Besides that, this report also show the discuss about personal strengths and weaknesses and given the recommendations on how to improve the performance in future.

Introduction
HOTs is a practice program which it used for running and manage the finance system of the hotel. During the program running me and my team had learned a lot experience. Its help us understand more about finance and how to create the budget as well as how to run the system. After the result came out, it was ...view middle of the document...

After the result of first year came out was under what we plan on budgets. I realised that me and my team had made some mistake, that we were expenses too much to Staff Salary, Refurbishment and Advertisement. However, our plan were set to run this program in 3 years and the result at the end which have really high revenue, that was proved our team went on right way.
On the other hand, I strongly support the idea from my teammate that, if our team expenses more on advertisements that will help us sell our properties. The result of second year was proved that we are right. Our marketing was focus on the Weekday Corporate, Weekend Corporate via Business Express and the last one we was focus on liquor. Cause based on the previous report, we saw that liquor great market to invest and it became one of priorities for marketing.
However, we were made some mistake in year 3. First, we realised that we couldn’t expense the rooms early in year 1 and year 2, it could help increase the occupancy and profit. Second, the staff turnover rate was one of the problems me and my teammate had to face it. Therefore, we could have hired more staff and increased the pay earlier to maintain a lower staff turnover rate.
Recommendation.
After the result, me and my teammate was plan in the future that, if we have a chance to face this program again we’ll make a better result. In the future, I’ll focus more on the revenue income of all departments to make decision, hire more staff and keep advertising on our properties.
Conclusion.
After running the HOTs program I had learned a lot of great experience. This project was help me understand more about finance as well as how to working with a team and how to use and combine all idea to run and manage the hotel business. After this project I would like to say, I’m really glad to have a chance to face this program and I will do better in next time.

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