Financial Management and Stock Control
Code: 104066 ECTS Credits: 3| Degree | Type | Year | Semester |
|---|---|---|---|
| 2500894 Tourism | OT | 4 | 0 |
Contact
- Name:
- Carmen Ruiz Aguado
- Email:
- carmen.ruiza@uab.cat
Teaching groups languages
To check the language/s of instruction, you must click on "Methodolody" section of the course guide.
Prerequisites
No previous requirement is necessary to study this subject.
Objectives and Contextualisation
The subject will help the students to know the basic aspects to consider to a correct revenue management application in different type of business. The students also know how to create different rates and how to segment the demand to achieve the maximum business profitability at any moment.
Learning objectives:
- To learn about the origins and the principles of Revenue and Yield management
- To train the forecast capability after analyzing the different reports obtained by the hospitality companies
- To create different demand calendars and assign the appropriate dynamic rates depending on the different elements to consider: markets, segmentations, holiday periods, distribution channels, etc.
- To calculate the suitability of prices depending on occupancy rates to obtain the higher profit
- To know when to accept or reject a group as per the Revenue Management principles
- To know when apply the Revenue and Yield Management technics and which techniques are the most suitable for each kind of tourism business
- Teamwork based on respect for diversity and plurality of ideas, people and situations.
- To develop the analysis capability
Competences
- Apply the concepts related to tourism products and businesses (economy and finance, human resources, commercial policy, markets, operations and strategy) in the different parts of the sector.
- Develop a capacity for independent learning.
- Have a business vision, pinpoint the customer's needs and pre-empt possible changes in the environment.
- Propose creative alternative solutions to problems arising in the field of tourism management, planning, businesses and products.
- Take decisions in situations of uncertainty, taking into account potential consequences of these decisions in the short, medium and long term.
- Use communication techniques at all levels.
- Work in a team.
Learning Outcomes
- Apply budget control techniques for costs management, variance analysis and efficiency management.
- Apply policies on purchasing management.
- Apply the concepts of financial, accounting and resources management with regard to the tourism product and business, in the different parts of the sector.
- Develop a capacity for independent learning.
- Evaluate investment projects.
- Have a business vision, pinpoint the customer's needs and pre-empt possible changes in the environment.
- Identify the information provided by the financial statements and determine the economic and financial situation of a business.
- Issue technical accounting reports on a company's financial situation, suggesting solutions to problems and ways to improve.
- Take decisions in situations of uncertainty, taking into account potential consequences of these decisions in the short, medium and long term.
- Use communication techniques at all levels.
- Work in a team.
Content
- Introduction to Revenue Management
- Internal Revenue management
- External Revenue management
- The development of the profession
Methodology
Teaching language:
Degree in tourism: English
Degree in tourism in English: English
The teaching methodology of the subject combines the master classes that are applied for the teaching of some key concepts with the practical classes where to apply all the covered aspects to the master classes.
Annotation: Within the schedule set by the centre or degree programme, 15 minutes of one class will be reserved for students to evaluate their lecturers and their courses or modules through questionnaires.
Activities
| Title | Hours | ECTS | Learning Outcomes |
|---|---|---|---|
| Type: Directed | |||
| Lectures | 12 | 0.48 | 3, 1, 2, 7, 10, 9, 6, 5 |
| Test | 2 | 0.08 | 3, 1, 8, 7, 10, 9, 6 |
| Type: Supervised | |||
| Practical activities | 6 | 0.24 | 3, 1, 8 |
| Type: Autonomous | |||
| Practical activities | 10 | 0.4 | 3, 1, 2, 4, 8, 7, 10, 9, 6, 11, 5 |
| Study | 17 | 0.68 | 3, 1, 2, 4, 8, 7, 10, 9, 6, 5 |
Assessment
The evaluation of this subject follows two models:
a) Continuous assessment. The final grade of the subject will be calculated as follows: performance of class exercises (30% of final mark), analysis practical activities (30% of final mark) and exam (40% of final mark.
b) Unique evaluation. Students who choose the unique evaluation system will have to submit a portfolio with 6 practical activities (40% of the final grade), complete the subject questionnaires (15% of the final grade), and take an exam (45% of the final grade).
"The resit of the subject through unique evaluation will follow the same procedure as for the rest of the students, and to be eligible for re-evaluation, it will be necessary for the student to have obtained a minimum of 3.5 in the set of evidences that comprise the unique evaluation."
Re-evaluation. For students who have not passed the unique evaluation exam and have obtained a grade between 3.5 and 4.9, there will be a re-evaluation exam. The maximum grade to be obtained in this exam is 5 out of 10.
Assessment Activities
| Title | Weighting | Hours | ECTS | Learning Outcomes |
|---|---|---|---|---|
| Analysis practical activities | 30% of final mark | 13 | 0.52 | 3, 1, 2, 4, 8, 7, 10, 9, 6, 11, 5 |
| Class exercises | 30% of final mark | 13 | 0.52 | 3, 1, 2, 4, 8, 7, 10, 9, 6, 11, 5 |
| Continuous assessment test | 40% of final mark | 2 | 0.08 | 3, 1, 2, 8, 7, 9, 6, 5 |
Bibliography
Huefner, Ronald J. Revenue Management : a Path to Increased Profits / Ronald J. Huefner. Second edition. New York, New York (222 East 46th Street, New York, NY 10017): Business Expert Press, 2015. Print.
Gallego, Guillermo., and Huseyin. Topaloglu. Revenue Management and Pricing Analytics by Guillermo Gallego, Huseyin Topaloglu. 1st ed. 2019. New York, NY: Springer New York, 2019. Web.
Helmold, Marc. Total Revenue Management (TRM) Case Studies, Best Practices and Industry Insights / by Marc Helmold. 1st ed. 2020. Cham: Springer International Publishing, 2020. Web.
Kimes, Sheryl. Sherri Kimes. https://www.sherrikimes.com/
Talluri, Kalyan T., and Garrett Van Ryzin. The Theory and Practice of Revenue Management / Kalyan T. Talluri, Garrett J. van Ryzin. 1st ed. 2004. Boston, Massachusetts: Kluwer Academic Publishers, 2004. Web.
Talón, Pilar, Lydia. González, and Mónica. Segovia Pérez. Yield revenue management en el sector hotelero : estrategias e implantación / Pilar Talón Ballestero, Lydia González Serrano, Mónica Segovia Pérez. Collado Villaba, Madrid: Delta, 2012. Print.
Software
No specific software is used