International Financial Management - TSI-Turismo Sant Ignasi ...

Innovative Hospitality Management
MASTER PROGRAMME IN
INNOVATIVE HOSPITALITY MANAGEMENT
Syllabus
2011-2012 Academic Year
Course title: International Financial Management
Lecturers: Ewoud Jansen
je.jansen@fontys.nl
Stan Josephi
Josephi.s@nhtv.nl
Publication for the exclusive use of TSI Turismo Sant Ignasi, ESADE- Universitat Ramon Llull; and
Hogeschool Zuyd, Hotel Management School Maastricht
No reproduction permitted

Innovative Hospitality Management
MASTER PROGRAMME – COURSE SYLLABUS
COURSE: International Financial Management
CODE: M2 IFM
COURSE TYPE: Compulsory YEAR: 2011- 2012
ECS CREDITS: 5 ECTS
BLOCK: Maastricht
LECTURERS: Ewoud Jansen & Stan Josephi
1. General description of the course.
The course addresses two main areas of interest: Revenue Management (RM)
and Finance & Accounting (FA). Key principles of each area will be discussed.
The aim is to understand how these principles can be used in the planning and
decision making processes of businesses in the hospitality industry.
2. Competencies developed within the course (according.
Type
General
Specific
Basic
CC6 Problem Solving
CC8 Information Management & Research
CC9 Analysis & Synthesis of Data
SC10 Financial Management
Name/Code
BC1 Demonstrate Knowledge & Understanding
BC2 Apply Knowledge & Understanding and Problem Solving Abilities
BC3 Integrate Knowledge, Handling Complexity & Formulate Judgements
3. Content.
In the FA sessions, the following topics will be covered:
1. Financial Statements & Financial Planning
2. Ratio Analysis
3. Capital Budgeting Decisions
4. Marginal & Break Even Analysis
5. Budgeting & Analysis of Budget Variances

Innovative Hospitality Management
In the Revenue Management sessions, the process of revenue management will
be covered:
4. Course objectives.
a) Related to competencies.
The content of the course will enable to student to:
select, analyze and interpret relevant management information
use financial information to assist decision making
understand the basic requirements to manage the internal organization in
order to successfully implement revenue management
identify possible obstacles for the implementation of revenue management
and take decisions to overcome them
b) Related to content.
After successfully completing the module, students will be able to:
define and indentify the products and or departments in the hospitality
industry that are suitable for applying revenue management techniques,
focusing on key components and concepts;
explain how the process of a successful revenue management process
works and apply the necessary to implement these steps in a hospitality
organization;
understand and calculate key performance indicators such as RevPAR and
how they can be applied with an organization;
explain the relevant measures of forecasting and apply them to real-life
situations

Innovative Hospitality Management
select criteria that determine the optimum business mix for a hotel and
apply capacity management
advise hotels on effective pricing and distribution policies with the objective
to improve bottom-line performance;
take a holistic approach to revenue management with the aim of increasing
overall profitability for the company, bringing together all revenue
generating units of a hotel
compose financial statements
perform a financial ratio analysis
apply capital budgeting techniques such as pay back period, accounting
rate of return and net present value
perform capacity management decisions using marginal analysis
analyze budget variances
5. Required readings
Author/s (year) Jansen, E (2011)
Title (pages)
Accounting & Finance; a Basic Introduction
Publisher. City. Eleven International Publishers, The Hague
Comments Chapters 1 – 6, 8,10 & 13
Author/s (year) Hayes, D.K., Miller, A.A. (2011)
Title (pages)
Revenue Management for the Hospitality Industry.
Publisher. City. John Wiley & Sons, Inc. Hoboken, New Jersey:
Comments Chapters 1, 2, 4 – 8 & 12
Author/s (year) Various articles that will be provided at the start
of the course (complete list at point 11)
Title (pages)
Publisher. City.
Comments
Author/s (year) Jansen, E
Title (pages)
Finance & Accounting for Hospitality Industry
Publisher. City. NA
Comments
Assignments & Case Studies
Author/s (year)
Title (pages)
Publisher. City.
Comments
Total number of pages/ 450 pages, 105 hrs.
estimated hours

Innovative Hospitality Management
6. Exercises and assessments
Type Title Extension Dates
Individual Ratio Analysis Annual report March 30
Assignment
2012
7. Methodology and sessions chart.
Finance & Accounting
Session Content Methodology Output
1 Financial Statements Lecture, discussion, Worked Solutions
Financial Planning In-class assignments
2 Ratio Analysis Lecture, discussion, Worked Solutions
In-class assignments
3 Capital Budgeting Lecture, discussion, Worked Solutions
Cash Flow
Projections
In-class assignments
Capital Budgeting
Techniques
4 Break Even Analysis Lecture, discussion, Worked Solutions
Marginal Analysis In-class assignments
5 Budgets
Analysis of Variances
Lecture, discussion,
In-class assignments
Worked Solutions

Innovative Hospitality Management
Revenue Management
Session Content Methodology Output
1 Essentials of revenue
management
Lecture, discussion,
In-class assignments
Slides for the
exam
KPI’s for revenue
management
2 Forecasting
Lecture, discussion, Slides for the
Capacity
In-class assignments exam
management
3 Pricing and
restrictions
Lecture, discussion,
In-class assignments
Slides for the
exam
Distribution of hotel
inventory
4 Total Revenue
management
Lecture, discussion,
In-class assignments
Slides for the
exam
The future of RM
Group displacement In-class assignment
calculation
Working with
restrictions
In-class assignment
Q&A
8. Learning activities and distribution of work load (in student work
hours). 1 ECS = 30 hours student workload.
Workload distribution (RM) Hours (approx.)
Lectures 12 hours (4*3)
Reading and study
50 hours
Exam
2 hours
Total 64
Workload distribution (F&A Hours (approx.)
Lectures 15 hours (5*3)
Individual Assignment 14
Reading and study
55 hours
Exam
2 hours
Total 86

9. Evaluation procedure.
Innovative Hospitality Management
Evaluation activity % on grade Assessed competencies
Exam RM – 30 MPC
50% All (see point 2)
questions
Exam F&A – 3 open
questions
Individual Assignment Ratio
Analysis
37.5%
12.5%
10. Lecturer (Short CV)
Ewoud Jansen received his education and masters degree at Tilburg University,
the Netherlands. In addition he attended summer courses at the North Texas
State University in Denton Texas. Also he participated in workshops from visiting
professors of the University of Dallas in Paris, France.
He majored in Corporate Finance with a special interest in Mergers &
Acquisitions. He is the author of Accounting & Finance; a Basic Introduction and
also published on corporate governance and corporate social responsibility
issues. Today he is a senior member of the academic staff of the International
Business and Management Studies program at Fontys University in Eindhoven. In
this capacity he also gives guest lectures at partner universities in various
countries. In addition he acts as a trainer and consultant in international programs
and projects funded by organizations such as the EU, IMF and Worldbank.
Stan Josephi is a full-time senior lecturer at the NHTV Breda University of
Applied Sciences, where he is responsible for the Revenue Management program
within the curriculum. Besides that, he is currently undertaking his Doctoral degree
at the Maastricht School of Management, focusing essential features underlying
the revenue management process. After completing his Hotel Management
education in Leeuwarden, he worked for numerous years in the international hotel
industry in London, before switching to a consultancy role within revenue
management. Within his position as researcher, he has published and presented
articles on the challenges surrounding the education of revenue management, as
well as the decision making process Dutch hotel operators use to make specific
rates available.

11. Literature.
Innovative Hospitality Management
Books
Jansen, E. (2011), Accounting & Finance; a Basic Introduction.
The Hague, Eleven International Publishers, ISBN 978-90-5931-628-7
Hayes, D.K., Miller, A.A. (2011), Revenue Management for the Hospitality
Industry. Hoboken, NJ: John Wiley & Sons, Inc., ISBN 978-0-470-39308-6
Articles
Burgess, C. & Varini, K., Optimizing the Future of Hospitality Businesses, Oxford
Brookes University.
Davenport, T. (2006), Competing on Analytics, Harvard Business Review January
2006.
Enz, C. (2009), Key Issues of Concern in the Lodging Industry: What Worries
Managers, Cornell Hospitality Report Vol. 9 no 4.
Gross, R., Higbie, J & Cross, D. (2009), Revenue Management’s Renaissance: A
Rebirth of the Art and Science of Profitable Revenue Generation, Cornell
Hospitality Quarterly.
Kimes, S. (2011),
The Future of Hotel Revenue Management, Journal of Revenue and Pricing
Management Vol. 10 no 1.
Noone, B., McGuire, K. & Rohlfs, K. (2011),
Social Meets Hotel Revenue Management: Opportunities, Issues & Unanswered
Questions, Journal of Revenue and Pricing Management Vol. 10 no 4.
Palmer, A. & McMahon Beattie, U. (2008), Variable Pricing through Revenue
Management: a Critical Evaluation of Affective Outcomes, Management Research
News Vol. 31 no 3.
Pinchuk, S. (2007), Should Revenue Management be Called Displacement
Optimisation? Journal of Revenue and Pricing Management Vol. 6 no 4.
Pinchuk, S. (2009), Changing Revenue Management and Marketing Using a New
Customer Life Cycle System, Journal of Revenue and Pricing Management Vol. 8
no 1.
Vinod, B. (2004), Unlocking the Value of Revenue Management in the Hotel
Industry, Journal of Revenue and Pricing Management Vol. 3 no 2.

Innovative Hospitality Management
Yeoman, I. (2011),
Ten years of Revenue Management: Journal of Revenue and Pricing
Management Vol. 10 no 1.
12. Observations.
Being actively involved with the materials, both in class and outside, is essential to
understand and grasp the topics. An active and open minded mindset is expected
of all participants. Students must bring literature and a calculator to class.