HTF 100 Study Guide - Final Guide: Perpetual Inventory, Lead Time, Average Variable Cost

• School: Ryerson University
• Department: Hospitality/Tourism
• Course: HTF 100
• Professor: Zhen L U

Document Summary

F&b is a supporting departments for the rooms . *when f&b, restaurants are doing poorly, usually banquets make up for the loss. Key areas = receiving make sure it"s what you ordered! Menu mix pricing your low cost items at 33% - ie: dessert (a higher percentage) so that the extra profit compensates for the cost of the high cost items. Therefore high cost items can be priced at a lower % to make it more attractive because if you give a higher % for high cost goods, it won"t sell. Par stocks sit down with chef to see what is needed to maintain the par amount. System of storing stuff because products are perishable fifo. Hedging agreement with the bank for a certain period that the currency conversion rate is fixed. Biggest challenge = controlling labour and f&b costs. Vision mission long range plan (5yrs) business plan (could be just 1yr; objectives) marketing plan operating.