TASK 1 You are the Chief Financial Officer of the Sydney Harbour Marriott Hotel at Circular Qua, your venue has the following: 32 floors , 543 rooms , 52 suites 14 meeting rooms, 16,619 sq. ft of total meeting space 3 concierge levels You have 300 staff and you need to develop the finance system so that no department in your venue is caught short. This means you need to work collaboratively with the department heads to develop an annual budget with monthly allocations: 1. You will need to explain in detail how you will address the following points. You are responsible for the budgeting process within the organisation. 1 . a. What do you consider to be the definition of budgeting? b. Outline the budget cycle. c. Outline the firm's objectives and strategic plans. 2. Discuss how you think the budgeting process will enhance your management skills. 3. Discuss the types of budgets you might use and the features of each. 4. Outline the software programs you will use and an overview of what will be contained in each budget you need for the business. 5. Discuss the advantages and disadvantages of budgeting. 6. Explain what a performance report is and what function it performs in the budgeting process. 7. Discuss some of the behavioural aspects that you might encounter when you are preparing the budget for example sharing information with stakeholders. TASK 2 1. For the business outlined in part one of your assignment, determine the sources of revenue. 2 Estimate revenue: al The number of rooms (accommodation) let and the price The number of seats in the restaurant, turnover and average revenue per head For food iis For beverages 3 Estimate expenses: al A food cost percent b) A beverage cost percent cl A labour percent d' An overhead rate Complete a monthly budget for 12 months. 5. Determine the profit your business will generate for a year. 6. Complete a break even analysis on your business. 7. Complete a cash budget on your business. TASK 3 Now you need to use the information in part 1 and 2 of your assessment and decide on the following: 1. How you will review budget to assess actual performance against estimated performance 2. How you will prepare accurate financial reports. 3. How you will investigate and take appropriate action on significant deviations. 4. How you will analyse changes in the internal and external environment 5. How will you communicate the budget requirements to others? 6. What methods you will use to collect and record relevant information to assist in future budget preparation