J/601/1742 Explain the importance of costs and volume in financial management of travel and tourism businesses.

Finance and Funding in the Travel and Tourism Sector

Unit aims

To develop the skills to interpret and apply financial information for management purposes within a travel and tourism business

Learning Outcomes

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

1.1 Explain the importance of costs and volume in financial management of travel and tourism businesses

1.2 Analyse pricing methods used in the travel and tourism sector

1.3 Analyse factors influencing profit for travel and tourism businesses

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

2.1 Explain different types of management accounting information that could be used in travel and tourism businesses

2.2 assess the use of management accounting information as a decision-making tool

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

3.1 Interpret travel and tourism financial accounts

4. 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.