Statement of the evaluated competencies Operations Budget Assignment 1. Explain the importance of budgeting in operations and revenue management. 2. What are Variances and Corrective Actions. Explain with examples using the budgetary control process. 3. Why is forecasting so important and what key elements need to be considered prior to forecasting of an operation. Explain with specific examples in relation to hotels and restaurants. Hint (Market Intelligence) 4. What are the types of budgets in hospitality operations? 5. Who is reponsible for budgeting and what are the important steps in the process?