Unit 2 Finance and Funding in Travel and Tourism

Aim of Finance and Funding in the Travel and Tourism Assignment

The travel and tourism sector is run by proper Funding and financial support. Thus, this Finance and Funding in the Travel and Tourism Assignment makes the students understand costs, profit and volume, management accounting and supply of Funding in the travel and tourism industry. Moreover, it helps the student understand the importance of acquiring information regarding cost, profit, and volume in the travel and tourism sector decision-making process. This Finance and Funding in the Travel and Tourism Assignment focuses on the macro and micro levels of financial practices to understand the analytical skills for making better decisions.

Learning outcomes

1 Understand the importance of costs, volume and profit for management decision making in travel and tourism.

2 Understand the use of management accounting information as a decision-making tool in travel and tourism businesses.

3 Be able to interpret financial accounts to assist decision making in travel and tourism businesses.

4 Understand sources and distribution of funding for public and non-public tourism development.

LO1 Understand the importance of costs, volume and profit for management decision- making in travel and tourism

Decision making plays a significant role in the better growth of any industry. Therefore, this section sheds light on the importance of costs, volume and profit for effective decisions. The students will acquire knowledge in Finance and Funding in Travel and Tourism Assignment about direct, indirect, and variable and fixed costs. This section also considers the importance of earning profit by different methods such as cost-plus pricing, market-led, absorption, top-down and marginal costing. Finance and Funding in Travel and Tourism Assignment will provide profit factors, including current trends, social environment, seasonal variations, planning, and staffing.

LO2 Understand the use of management accounting information as a decision-making tool in travel and tourism businesses

This part will focus on management accounting information, including budgets, financial statements, variance analysis, MIS, and forecasts. Finance and Funding in Travel and Tourism Assignment will also provide information on the current trends, investment, forecasting, raising capital, current issues and new products and services for better decisions.

LO3 Be able to interpret financial accounts to assist decision-making in travel and tourism businesses

Finance and Funding in Travel and Tourism will provide information regarding the methods used to understand financial accounts such as cash flows, balance sheet, and profit and loss account of the tour and travel industry. The progress of the industry is analysed by measuring financial accounts. Thus, Travel and Tourism Assignment will focus on measuring factors such as capital gearing, return on capital employed, acid test ratio, current ratio, creditor’s payment period, debtors’ collection period, net profit per cent, and stock turnover ratio gross profit per cent.

LO4    Understand sources and distribution of funding for public and non-public tourism development

This section provides information regarding financial support for public and non-public tourism sectors. Finance and Funding in Travel and Tourism will help the students acquire knowledge about funding sources such as the Department of culture, media and sport, the deputy prime minister’s office, and Funding through non-governmental public bodies (NGPB). Travel and Tourism Assignment also discusses the capital projects requiring Funding in various aspects, such as activities for improvement. Moreover, the learners will also be able to identify the non-public Funding required for handling the activities of the tour and travel industry.

Learning Outcomes of Finance and Funding in the Travel and Tourism Assignment and Assessment Criteria

Learning outcomes On successful completion of Finance and Funding in the Travel and Tourism Assignment will:	Assessment Criteria for passing The Student can:
LO1 Understand the importance of costs, volume and profit for management decision-making in travel and tourism	explain the importance of costs and volume in the financial management of travel and tourism businesses analyse pricing methods used in the travel and tourism sector analyse factors influencing profit for travel and tourism businesses.
LO2 Understand the use of management accounting information as a decision-making tool in travel and tourism businesses	explain different types of management accounting information that could be used in travel and tourism businesses assess the use of management accounting information as a decision-making tool.
LO3 Be able to interpret financial accounts to assist decision-making in travel and tourism businesses	3.1 interpret travel and tourism financial accounts.
LO4 Understand sources and distribution of funding for public and non-public tourism development	4.1 analyse sources and distribution of funding for the development of capital projects associated with tourism.

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