Description
For this assignment, assume you are the manager of a restaurant at the same hotel property from your A1 assignment. A special event was recently held in your restaurant, and you have been asked by the Director of Food & Beverage to analyse the results of the events, relative to the event budget that was originally forecast.
You are required to provide an oral report (pre-recorded and presented as a video, no more than 8 minutes long), that includes the following two parts:
1. a variance analysis of the event held in your food outlet, including explanation and recommendations; and
2. an appraisal of the impacts of the variances from Part 1 on the strategic objectives stated in the BSC performance plan for your food outlet.
In particular, your case material will include the following:
1. The planned budget for the special event held in your restaurant, and the actual results for the event;
2. Four (4) strategic objectives (one for each BSC dimension) for your restaurant (to guide your response to Part #2).
Here is an overview of what is expected of you in the two parts of this assignment:
1. Variance analysis, explanation & recommendations:
• Conduct a variance analysis (using the template in your A2 case materials) on your event budget/actual results
• Explain the impact of the variances on profitability
• Provide logical and specific reasons for why each variance occurred
• Suggest recommendations for how to address similar issues in the future
2. Impact on strategic objectives:
• Explain the impact the variances (from Part #1) will have on the four strategic objectives of your food outlet
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