The Significance Of Cost Control In Hotel Industry

Project and Seminar material for Public Administration

Project and Seminar material for Public Administration


Abstract


This project topic “The Significance of Cost Control in Hotel Industry” tends to examine the control of cost in most Hotels, taking cognizance of their productive cost, selling and distribution cost as it applies to the Hotel Industry. Again it is to set up effectively the prevention of material and time wastage that is, cost control is very important because it is centered around improving profitability and effective use of resources. This is important so as to provide an insight study of cost control that is applicable in the hotel outfit. The researcher is able to introduce the purpose of the study, significance of the study, scope and limitations and the hypothesis. There is also literature to highlight the cost control in hotel industry: method of the research work is highlighted. Data collection, sampling techniques and administering of questionnaires to staff of Agura Hotel. The recommendations are part of the personal observations made during the research work.


Chapter One


1.0 Background Of The Study

Many academic and purchasing Accountants consider cost control as the major benefit derived from the use standard. Cost control can be defined as the appraisal process and actions taken to keep cost .within tolerable limits as prescribed by Management. These limits can differ from one operation to the next. For instance, the head of food and Beverage Department in a Hotel Industry might set a tolerance standard to attend to guests quite different from that of Laundry Department.

Standard from the basis upon which determinations are made that cost has gone out of control. Actions can then be taken to remedy the situation in future. If this standard is set carefully, they provide better guidelines than previous period actual costs. Rossell JH (1983).

An important part of the management task in a Hotel Industry is to ensure that operations, department, process and cost are under control and that its constituent parts are working efficiently towards agreed objectives. These are numerous control systems within a typical Hotel Industry. For example, material control, stores control, room control, quality control, profit control and product control. The detail analysis and location of all expenditure, the calculations of job and product cost, the analysis of losses and scraps, the monitoring of labour and department efficiency and the other outputs of the costing system provide sound basic information for financial control.

Management are also concerned to know what cost will be in future so that appropriate plans and decisions can be made in good time. Also, having some standards or targets against which to compare actual cost greatly assists the control functions.

It cannot be emphasized too strongly that if information produced by costing system is not useful for control, for managerial decision making or for planning usefulness, the following should not be prepared. To ensure cost control and its usefulness, the following factors should be considered.

  1. Is the costing system appropriate to the organization?
  2. Do the reports, statements and analysis produced by the costing system contain the relevant information for intended purpose?
  3. Are they addressed to the person responsible for planning/decision making/control?
  4. Are the reports and statements produced at appropriate intervals early enough to be effective?
  5. Is the information produced in a relevant form and to a sufficient degree of accuracy for the intended purpose?

It follows from these factors that every costing system will, in certain respects be unique, because it must be designed to suit the particular organization, products and processes and personalities involved. Of all the numerous control, stores control and quality control due to the limit of the scope of the research work.

Effective and efficient cost control will be discussed which basically requires an agreed plan that sets objectives and goals to be achieved etc. more will be discussed in section 2.3 of this chapter.

The significance of cost control in an organization cannot be over emphasized amongst which are:

To indicate to management any inefficiency and area of waste either of materials, labour, expensive use of machinery, equipment and other productive resources.

To provide accurate cost data for goods pricing policy, more will be seen in section 2.4 of this chapter.

Finally, cost control is faced with some problems which include ineffective delegations of authority, lack of defined goals of an organization, lack of timely reporting etc. details discussion or problems associated with cost will be section 2.5 of this chapter.


1.1 Introduction

This research work o cost control and its significance is designed specifically for Hotel Industry in Nigeria background. It is prepared with immense Contribution to those who recognize the importance of cost control in Hotel Industry, especially in the recent increase in Hotel Industry in Nigeria.

A Hotel Industry is mostly set up chiefly for profit motive. To achieve this, cost control must be effectively set


Complete Material For The Significance Of Cost Control In Hotel Industry


Project Material Download

3,000 Naira


The Complete Material will be Sent to You in Just 2 Steps

Quick & Simple…


Step One Purchase

Make a Mobile Transfer or POS Payment of ₦3,000 to any of the Account Below

Access Bank PlcAccount No.: 0811003731
Name: Samphina Academy
Account Type: Current
Zenith BankAccount No.: 1225513212
Name: Samphina Academy
Account Type: Current

Or CLICK HERE To Pay With Debit Card

FOR CLIENTS OUTSIDE NIGERIA
CLICK HERE To Pay With Debit Card ($15)
GHANA – Make Payment of 60 GHS to MTN MoMo, 0553978005, Douglas Osabutey 

Step Two Purchase

Send the Following Details on WhatsApp ( 08143831497) After Payment

  • Payment Details
  • Email Address 
  • The Significance Of Cost Control In Hotel Industry

The Complete Material Will Be Sent To Your Email Address After Receiving Your Details
T & C Apply


  Contact Our Help Desk


⚠️ Need a different topic? Perform a quick search



Get A Complete Business Plan For Any Business In Nigeria

Business Plan for Businesses in Nigeria

  Business Plans in Nigeria


Disclaimer


This research material “The Significance Of Cost Control In Hotel Industry” is for research purposes and should be used as a guide in developing your research project / seminar work. For no reason should you copy word for word (verbatim) as samphina.com.ng will not be liable for any who copied the material.

The aim of providing this material is to reduce the stress of moving from one school library to another all in the name of searching for research materials. This service is legal because, all institutions permit their students to read previous projects, books, articles or papers while developing their own works. According to Austin Kleon “All creative work builds on what came before”.

samphina.com.ng is only providing this material “The Significance Of Cost Control In Hotel Industry” as a reference for your research. The paper should be used as a guide or framework for your own paper. The contents of this paper should be able to help you in generating new ideas and thoughts for your own research. Use it as a guidance purpose only.

Samphina Academy

Samphina Academy is an Online Educational Resource Center that is aimed at providing students with quality information and materials to aid them in succeeding in their academic pursuit.