Business Finance Homework Help

I’m studying and need help with a Tourism question to help me learn.

According to this chapter, three general approaches can be used in monitoring beverage operations. List the three and discuss each briefly.

Most bar managers are interested in their monthly cost percents. Why? For what purpose are the figures used?

The beverage manager of the Smart Hotel uses a single beverage cost percent for the entire month to monitor beverage operations. What are the disadvantages of relying exclusively on this figure as a means of monitoring operation?

Would you advise a bar manager who relied wholly on the monthly cost percent as a monitoring device to consider adopting a daily method? Why? What would be the advantages and disadvantages of the daily method, as compared with the monthly method?

As compared with the cost percent methods, would you consider the standard cost method more useful or less useful for monitoring opera- tions? Why?