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Master in International Tourism, Hospitality and Event Management (Academic Year 2019/2020)

Business Decision Making for the Hospitality Industry


Credits: 5
Content language:English
Course description

This unit explores the use of financial statements and financial tools for decision-making in a tourism/hospitality business context using financial ratios. 

The module aims to provide students with the analytical and communication skills necessary for the understanding of financial resources with an emphasis on problem- solving techniques in hospitality organisations.

Prerequisites
No prerequisites needed.
Objectives

The aims of this module are to encourage students to:

  • Identify and solve business problems by collecting, computing and interpreting both primary and secondary data.
  • Critically analyze different types of quantitative information and apply statistical tools to assist senior managers in key decision-making.
  • Demonstrate ability to use information and communication technology (ICT) in order to produce management reports for data analysis.
Program

The expectations and practice of the management role in hospitality and events

  • The importance of planning in management decision making and strategy formation
  • Introduction to decision making process
  • Decision theory and ethical decisions for sustainable tourism
  • Introduction to data science and basic numeracy skill
  • Exploratory data analysis, summarising and illustrating data using Excel and appropriate charts.
  • Estimation and confidence intervals.
  • Hypothesis testing using a variety of parametric and non-parametric tests.
  • Introduction to correlation and regression.
  • Using decision making techniques; decision trees, linear programming.
  • Basic decision modelling
  • Applying forecasting methods including time series.
  • Management planning tools; critical path analysis, Gantt charts.
  • Use of the above tools in creating a business report, and formatting and presenting this in a professional fashion.

 

Book
All didactic material is located in the Books and Articles section of the Module.
Exercises
By the end of the Module you have to submit an assignment essay on a topic that will be presented to you during the study of the Module.
Professor/Tutor responsible for teaching
Kyriakos Kouveliotis
Video professors
List of lessons
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis
Christos Lemonakis