0518_68_INE_Finance and Funding in TTS - 3000 words

Department of Travel, Tourism and Hospitality Management

HND Assignment Brief

Session: February 2018

Programme title BTEC HND in Travel and Tourism Management

Unit number and title 2 Finance and Funding in the Travel and Tourism Sector

Assignment No/Title 1 of 1 Written report involving 4 tasks

Unit Leader

Assessor (s) Kofi Barimah and Dan Sookun

Final assignment submission deadline

-

Late submissions

-

The learners are required to follow the strict deadline set by the College for submissions of assignments in accordance with the BTEC level 4 – 7 submission guidelines and College policy on submissions. They should also refer to Merit and Distinction criteria that require evidence of meeting agreed timelines and ability to plan and organise time effectively without which the learner may not expect to receive a higher grade.

Resubmission deadline

TBA

Feedback

In class feedback will be available from draft submissions on a task by task basis as a formative assessment as well as summative feedback in the form of initial submission.

Final feedback will be available within 2 weeks of the assignment submission date.

General Guidelines

 The work you submit must be in your own words. If you use a quote or an illustration from somewhere you must give the source.

 Include a list of references at the end of your document. You must give all your sources of information.

 Make sure your work is clearly presented and that you use correct grammar.

 Wherever possible use a word processor and its “spell- checker”.

Internal verifier N Saleem

Signature (IV of the brief) *

Nazimudeen Saleem Date 01/03/2018

Department of Travel, Tourism and Hospitality Management

ICON College of Technology and Management HND in Travel and Tourism Management

Unit 02: Finance and Funding in the Travel and Tourism Sector (L 5) Session: February 2018

This assignment will be assessed by 4 written task reports and 1 in-class tests. Task 1 for LO 1: __________________________________________________________________ Context and Scenario: The Akaglo Tours Company (ATC) is planning a summer holiday trip to a Maldives Holiday Beach lasting one month. ATC will charter a cruise yacht that carries only its tourists. The company will also book a number of beach chalets to accommodate its tourists. Both the cruise yacht and the beach chalets will cost ATC £500,000, excluding meals at the chalets. The organizers of the chalets will charge the company £1,250 per tourist for meals. ATC charges £7,500 per tourist for the one-month holiday trip. A. Examine the concept of CVP analysis and explain its importance in the financial

management of a travel and tourism business such as ATC [P1.1].

B. Provide an analysis of pricing methods that ATC can use to determine the price to charge each tourist on the trip [P1.2].

 M1: To achieve M1, you should have applied effective approach to study and analyse the appropriate pricing method with justification to be used by ATC. [Task 1 B].

C. Analyse the factors that will influence the profit ATC will earn on the holiday trip [P1.3].

 D1: Using the data provided in the scenario above, evaluate the viability of the

holiday trip if 90 tourists book to go on the trip and draw a conclusion with justification whether ATC should organize the trip if it wants to earn a profit of at least £100,000 [Task 1 C] (in-class test).

Task 2 for LO 2: ________________________________________________________________ Context and Scenario: ATC wants to improve its decision making procedures by adopting modern management accounting decision making techniques. For this reason, the finance director requires you, as a newly employed finance officer to draft a guide for use by colleagues. A. Explain the different types of management accounting information that could be used in

ATC [P2.1]. M2: You should have identified a range of techniques (such as variance analysis) that can be applied in improving activities and performance within the company and determined how variance analysis can be used in a Travel and Tourism sector company.

B. Assess the use of investment appraisal techniques as decision-making tools [P 2.2] using an example from ATC or other relevant company.

Department of Travel, Tourism and Hospitality Management

Task 3 for LO 3: _________________________________________________________________ Context and Scenario: You have been asked by the finance director to write a paper that explains financial statements analysis to the directors of ATC.

A. Download the main financial statements of any travel and tourism company and interpret the financial statements using appropriate ratios for profitability, liquidity, efficiency, and investment [P3.1].

 M3: Present and communicate appropriate findings in manner suitable for presentation to the board.

 D2: For this, you should have planned, organised and managed substantial activities to collect data and analyse the company financial statements and to present to the class orally (Class presentation)

 D3: Apply creative thinking in concluding whether the company is financially stable in the long term on the basis of your analysis of profitability and liquidity (D3).

Task 4 for LO 4: _________________________________________________________________ Context and Scenario: In future trips, instead of going to hire beach chalets for its tourists, ATC intends to construct its own hotel at the Maldives, having obtained a suitable site. That will cost £250 million. A. Analyse the sources of funding, both internal and external) the company can obtain in

developing the new hotel [P4.1]. Relevant Information

1. Assessment Criteria Related to the Learning Outcomes

Learning outcomes Pass Criteria

LO1 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

LO2 Understand the use

of management

accounting

information as a

decision-making 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 investment appraisal management accounting

information as a decision-making tool

Department of Travel, Tourism and Hospitality Management

2. Basis for Merit and Distinction Criteria

Merit (M1, M2, M3) Distinction (D1, D2, D3)

Descriptors Indicative characteristics Descriptors Indicative characteristics

M1

Identify and apply

strategies to find

appropriate

solution

 An effective approach to study

and research has been applied

D1

Use critical

reflection to

evaluate own

work and justify

valid conclusions

 Conclusions have been

arrived at through

synthesis of ideas and

have been justified

M2

Select/design and

apply appropriate

methods/techniqu

e

 Relevant theories and

techniques have been applied

D2

Take

responsibility for

managing and

organising

activities

 Substantial activities,

projects or investigations

have been planned,

managed and organised

M3

Present and

communicate

appropriate

findings

 The appropriate structure and

approach has been used

D3

Demonstrate

convergent/lateral

/creative thinking

 Innovation and creative

though have been

applied

3. Preparation guidelines of the Coursework Document a. All coursework must be word processed. b. Document margins must not be more than 2.54 cm (1 inch) or less than 1.9cm (3/4

inch). c. Font size must be within the range of 10 point to 14 point including the headings

and body text (preferred font size is 11). d. Standard and commonly used type face such as Arial should be used. e. All figures, graphs and tables must be numbered. f. Material taken from external sources must be properly refereed and cited within

the text using Harvard standard g. Do not use Wikipedia as a reference. h. Word limit must be strictly followed.

4. Plagiarism and Collusion

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

Department of Travel, Tourism and Hospitality Management

Any act of plagiarism or collusion will be seriously dealt with according to the College regulations. In this context the definition and scope of plagiarism and collusion are presented below: Plagiarism is presenting somebody else’s work as your own. It includes copying information directly from the Web or books without referencing the material; submitting joint coursework as an individual effort. Collusion is copying another student’s coursework; stealing coursework from another student and submitting it as your own work. Suspected plagiarism or collusion will be investigated and if found to have occurred will be dealt with according to the college procedure. (For details on Plagiarism & Collusion please see the student hand book)

5. Submission

a. Initial submission of coursework to the tutors is compulsory in each unit of the course. b. Student must check their assignments on ICON VLE with plagiarism software

Turnitin to make sure the similarity index for their assignment stays within the College approved level. A student can check the similarity index of their assignment three times in the Draft Assignment submission point located in the home page of the ICON VLE.

c. All Final coursework must be submitted to the Final submission point into the unit (not to the Tutor). A student would be allowed to submit only once and that is the final submission.

d. Any computer files generated such as program code (software), graphic files that form part of the coursework must be submitted as an attachment to the assignment with all documentation.

e. Any portfolio for a unit must be submitted as a hardcopy to examination office. f. The student must attach a tutor’s comment in between the cover page and the answer

in the case of Resubmission.

6. Good practice a. Make backup of your work in different media (hard disk, memory stick etc.) to avoid

distress for loss or damage of your original copy.

7. Extension and Late Submission a. If you need an extension for a valid reason, you must request one using an Exceptional

Extenuating Circumstances (EEC) form available from the College examination office and ICON VLE. Please note that the lecturers do not have the authority to extend the coursework deadlines and therefore do not ask them to award a coursework extension. The completed form must be accompanied by evidence such as a medical certificate in the event of you being sick.

b. Late submission will be accepted and marked according to the college procedure. It is noted that late submission may not be graded for Merit and Distinction.

c. All Late coursework must be submitted to the Late submission point into the unit (not to the Tutor). A student would be allowed to submit only once and that is the final submission.

8. Submission deadlines : as above (page 1)

Submit to: Online to the ICON VLE only