Introduction to Financial Management in Tourism (5cr)

Evaluation scale

H-5

Content scheduling

· Financial management as a concept in hospitality and tourism
· Profit and loss statement and Balance Sheet
· Value Added Tax (VAT) and legislation
· Basic financial statement analysis
· Excel as a tool in Financial Management
· Introduction to costs analysis and pricing
· Transparency in financial management
· Personal financial sustainability

Objective

Having completed this study unit
· You know the significance of financial management in tourism and hospitality.
· You know the basic concepts of financial management and the legislation related to it.
· You know the basic financial statement analysis as a tool for analyzing company’s success.
· You are able to make everyday financial decisions by applying financial mathematics
· You are able to use Excel in a basic financial statement analysis.
· You know the factors related to the personal financial sustainability.

Competences: Learning to Learn Competence, Sustainable Development Competence

Content

Content:
· financial management as a concept in hospitality and tourism
· basic concepts of financial management and legislation
· basics of financial mathematics
· basic financial statement analysis
· Excel as a tool in Financial Management
· personal financial sustainability

Location and time

This starts at week 12 and it ends at the end of week 18.
Lectures are organised in classrooms.

Materials

The course materials are introduced the Moodle.

Teaching methods

The implementation of the course progresses gradually in a classroom format. The implementation emphasizes self-directed and active learning (flipped classroom). The course includes familiarization with learning materials and source materials, independent exercises and learning tasks, and collaboration.

Exam schedules

The exam is during the week 18.
The group assignments and individual assignments are part of the evaluation during the study unit.

Retake exam is during the weeks 19 and 20.

Student workload

The scope of the study module is 5 ECTS credits, which means about 130 hours of work. Working is in lectures, exercises, group work, and independent and self-directed studying.

Assessment criteria, satisfactory (1)

Poor (1)
Basic Skills of Financial Management in Tourism and Hospitality:
You are able to make the basic financial statement analysis calculations with guidance. You know the significance of financial management in tourism and hospitality.
You are familiar with the basic concepts of financial management and the legislation related to it.
You can use Excel in a small-scale financial statement analysis with assistance.
You are familiar with the factors related to personal financial sustainability.

Satisfactory (2)
Basic Skills of Financial Management in Tourism and Hospitality:
You are able to make the basic financial statement analysis calculations.
You can explain the basic concepts of financial management and the legislation related to it.
You are able to use Excel in a small-scale financial statement analysis with guidande.
You can explain the factors related to personal financial sustainability.

Assessment criteria, good (3)

Good (3)
Basic Skills of Financial Management in Tourism and Hospitality:
You are able to make the basic financial statement analysis calculations in a good manner.
You understand the basic concepts of financial management and the legislation related to it.
You are able to use Excel effectively in a small-scale financial statement analysis.
You understand the meaning of different factors in personal financial sustainability

Very good (4)
Basic Skills of Financial Management in Tourism and Hospitality:
You are able to analyze the results of the basic financial statement analysis and make conclusions.
You have a good understanding of the basic concepts of financial management and the legislation related to it.
You are able to utilize Excel as a tool in financial statement analysis and evaluate the results.
You can analyze one’s own personal financial sustainability.

Assessment criteria, excellent (5)

Excellent (5)
Basic Skills of Financial Management in Tourism and Hospitality:
You are able to critically analyze the results of the basic financial statement analysis and make suggestions.
You have an overall understanding of the basic concepts of financial management and the legislation related to it.
You are able to utilize Excel as a tool in financial statement analysis effectively and critically evaluate the results of calculations.
You can critically analyze one’s own personal financial sustainability and foresee the effects of different factors .

Assessment criteria, approved/failed

Approved/Failed:
You are able to make everyday financial decisions by applying financial mathematics