Week 5 - Purchasing Simulation & Analysis The assignment for week five will be a little bit different. This week you will get a little practical experience controlling the purchasing function in a restaurant. The simulation exercise will allow you to gain experience examining how various factors influence purchasing. Objectives CO-1: Explain the purchasing function within different types of hospitality organizations. Within the simulation process, students will examine the interrelationship between managing operations and purchasing, such as menu planning, forecasting volume, and waste in a food service environment. Through planning and trial and error, students will make decisions to improve profitability and observe the impact of those decisions on achieving profitability goals. CO-2: Summarize generally accepted principles and procedures of selection and procurement as well as their applications in the hospitality industry. Following the completion of the simulation exercise, students will provide an assessment of their performance that explains decisions and outcomes in relation to standard principles and procedures of purchasing they may have experienced within the simulation, such as monitoring waste, guest feedback, and establishing pars for high or low use items. CO-3: Evaluate the relationship between AP prices, EP costs, cost of ownership, and value One focus