What is unique about the context of the hospitality and tourism industry? How do leaders excel in this context? How do current managers and faculty members define/talk about/say is important about leading in the context of the hospitality and tourism industry?

/in /by

LEADERSHIP DEVELOPMENT PLAN

Assignment Overview

The LDP assignment synthesizes phase one & two of the HTM 301 course into a personalized plan. This assignment will help students to initiate a personalized plan for enhancing HTM competencies within the context of coursework, meaningful experiences, and professional passions.

Section One: Vision and Goals – This section asks students to envision their dream job consistent with their thoughts on the ideal leader and personal values. Students will represent their visions and goals in a visual representation in the form of a professional passions mind map.

Section Two: Reflections – This section guides students through a series of reflection questions where students synthesize what they learned about themselves and consider their own strengths and weaknesses related to their vision and goals.

Section Three: Competency Assessment – In this section, students list four specific behaviors for each of the 12 competencies. Students then synthesize their feedback and reflections to assess themselves on each competency.

Section Four: Personalized Development Activity – The final section of the LDP commits the student to enhancing their leadership competencies through the ongoing process of customized learning. Students identify three competencies they want to improve and, based on this, they develop an activity to complete in a future semester.

 

REQUIRED:

1. Completed Development Plan (all four sections, for HTM students specifically) represented on the students individual e-portfolio. Your mind map should be represented under the “professional passions” tab, while the rest of your LDP should be represented under “coursework highlights”. Do not simply upload links to documents, your work must be embedded onto your website.

Section One: Vision and Goals

About Me

Student Name ____________________________________

Section and Semester ____________________________________

Degree Emphasis ____________________________________

Current Job ____________________________________

Expected Graduation ____________________________________

My PRINT ____________________________________

The Ideal Hospitality Leader

What is unique about the context of the hospitality and tourism industry?

How do leaders excel in this context?

How do current managers and faculty members define/talk about/say is important about leading in the context of the hospitality and tourism industry?

How has my view of leading in the hospitality and tourism industry changed?

What are the behaviors for each of the competencies that are most connected to my vision of the ideal leader in the HTM context?

 

Provide a narrative about your vision of the ideal leader in the hospitality and tourism context and the leader you envision yourself becoming.

 

Career Goals

Use the following questions to guide you in your narrative. You do not have to answer each question one by one.

What are the possible ways to sustain the lifestyle I want in the experience economy?

What kind of work would take advantage of my talents, as I perceive them now?

What am I considering that I never thought possible before?

Even though the job doesn’t exist today, how would I really like to spend my time?

 

Based on what you know about your values, passions, and talents, what would be your dream career in the long term? Hint: Think Bigger.

What would be an ideal position/career/life choice for you 5 years after graduating?

 

List a short-term career goal – achieved by your graduation date.

Other Goals

What extra curricular things could I do to help toward my dream job?

What scares me that I should try to overcome?

What skills do I think I want to develop?

How can I get more involved in the industry in ways that suit my personality?

Who do I know that I should reach out to that might help with my career?

How can I learn more about the possibilities for me upon graduation?

 

Identify 3 goals for your college journey. Begin each statement I Will…

1. I will

2. I will

3. I will

 

Professional Passions Mind Map

Mind maps help you to organize and process complex and interwoven ideas and information. Using the information you’ve brainstormed on above, create a visual representation of your own mind map answering the following questions that correspond with the blue section of the mind map. Your map may be hand drawn or created using software of your choice. You will also need to write a short paragraph to accompany your map, providing a short description of what your map represents. Use the questions below to help guide you in creating your map and crafting your write up.

  • Your Big WHY? You need to know WHY you want to do the work. Write down exactly WHY you want to do your dream job, or reach certain goals. Clarity in this are will help you make intentional decisions moving forward.
  • Your Network: Who do you know? Think of people in your professional network that have been helpful in the past and those that could be helpful in the future. Describe ways in which you can work on building relationships with these people to help you get closer to your dream job.
  • Experience: What job do you have right now? Define your current role. What jobs, internships, externships or volunteer experiences have you had in the past? Write down the skills sets you’ve gained.
  • Execution Strategies: This is your roadmap. These are strategies that you will implement to step closer to your career goals.
  • Ideal Company: Who is your ideal company? If you don’t know, what does your ideal company look like? Do some research to see who aligns with your core values the best.
  • Ideal Professional Self: Describe your ideal professional self in 25 words or less. How do you want people to see you? What words or phrases do you want them to use when they describe you?

Section Two: Reflections

Simulation

 

Reflect on your strengths and weaknesses during the simulations. Identify the changes you would make if you were to take part in a second simulation. What areas do you think you could most improve upon?

 

My Perception and the Perceptions of Others

Use the following questions to guide you in your narrative. You do not have to answer each question one by one.

What did the industry observer say I did well/competency strengths?

How do my peers talk about my role on a team?

How did feedback from others surprise me?

What were the key lessons from my mentor network?

What disappointed me?

What exhilarated me?

What can I change/not change?

What would I do differently if I could?

What is my role in the outcomes of the semester?

Consider the questions above and synthesize what you learned about yourself this semester.

Section Three: Competency Assessment

For each competency, list four behaviors that convey the essence of the competency in action aligned with your vision of the ideal leader in hospitality and tourism. You may find it helpful to review the competency definitions article and industry interviews. Then, for each competency, assess yourself currently using the rating scale below. These ratings will serve as your baseline assessment, and you will reassess your own development in future semesters. Your ratings are for the purpose of learning and growth only—ratings will not influence course grades. Enter a number of 1 through 7 for yourself for each of the competencies.

Identify core competencies necessary for executing the strategy and evaluate them using the VRIO framework. Explain the investment and the anticipated impact of your proposed strategy on the company’s revenue and operating expenses.

/in /by

Team Project 2 – Strategy Formulation and Core Competencies

Objective: Building upon your team’s work from the first project, your team will now formulate an innovative and future-oriented strategy that can help your chosen company attain a competitive advantage over the next 5-10 years. You will also identify core competencies necessary for executing the strategy and evaluate them using the VRIO framework. Finally, you will explain the investment and the anticipated impact of your proposed strategy on the company’s revenue and operating expenses.

Instructions:

Strategy Formulation:

  • Based on your team’s analysis of the general and industry environments from Project 1, identify the key opportunities and threats that the company faces (It is expected you use the opportunities and threats identified in project 1, but if you need to change some, you may do so, but notify that in the paper).
  • As a senior manager of the company your team analyzed in team project 1, develop a forward-thinking and innovative strategy that tackles the identified opportunities and threats. In your description, make sure to include the following aspects of your strategy:
    • Type of strategy (e.g., cost leadership, differentiation, focus, backward integration, forward integration, product development, market development, etc.)
    • Target market segments
    • Key products or services
    • Geographic locations
    • Distribution channels
    • Any other relevant details
  • Clearly articulate the rationale for your proposed strategy, including why it is well-suited to address the identified opportunities and threats.
  • Discuss the potential benefits and risks associated with implementing your proposed strategy.

 

Core Competencies:

  • Identify the core competencies necessary for implementing your proposed strategy.
  • Evaluate each competency using the VRIO framework (Value, Rarity, Imitability, and Organization) and discuss how these core competencies contribute to your company’s competitive advantage.
  • Value: Assess whether the competency is valuable and helps the company exploit opportunities or neutralize threats in the environment.
  • Rarity: Analyze whether the competency is rare and not widely possessed by competing firms.
  • Imitability: Determine whether the competency is difficult to imitate or replicate, either due to cost or complexity.
  • Organization: Examine whether the company is organized to exploit the full potential of the competency, including having the right processes, systems, and management in place.
  • Identify strengths and weaknesses from the competencies evaluated. Address weaknesses to ensure successful implementation of the strategy.

 

Anticipated Financial Impact:

  • Investment Requirements: Identify the investment requirements for implementing the proposed strategy, considering aspects such as land, construction, equipment, legal fees, etc.
  • Useful Life Span: Estimate the useful life span of the strategy, determining how long it can provide competitive advantages for the company.
  • Changes in Revenue and Expenses: Explain the changes in revenue and/or expenses as a result of implementing the proposed strategy. Consider factors such as market share, customer acquisition, cost savings, or operational efficiency.

Presentation:

  • Prepare a clear and concise presentation that summarizes your team’s findings and recommendations.
  • Ensure that your presentation is well-organized and visually appealing, with appropriate use of graphs, charts, and other visuals.

Engage in a leadership role of your choice as a means for practicing the skills learned in K2. You will have the opportunity to pursue an experience in an area that interests you. Present your experience in a creative and engaging way.

/in /by

Leadership Experience

The purpose of this assignment is to have you engage in a leadership role of your choice as a means for practicing the skills learned in K2. You will have the opportunity to pursue an experience in an area that interests you. In addition, present your experience in a creative and engaging way.

This assignment will enhance the following competencies:

  • Planning                       Self Development
  • Communication          Coaching/Training
  • Professionalism           Strategic Decisions
  • Time and Priorities     Network
  • Spirit of Optimism

DESCRIPTION: Seek out an experience that lets you practice your people savvy/coaching skills over the semester. Present your experience in a creative and engaging way.

REQUIRED: Completion of an approved leadership experience (1 day-full semester) with documentation. The documentation must come from an official attached to your project. Please get my approval before proceeding. Creative method (i.e, video, slideshow, social media, portfolio, etc.) of bringing your experience to life. Use your imagination and creativity to highlight the experience.

Reflection through the creative method which includes:

  1. What happened during the experience (who, what, where, when, etc.) (Small percent of your grade)
  2. Linkage back to each step in the cycle (vision, setting expectation, etc.) (Critical)
  3. Lessons learned as a result of the experience (Very Critical)
  4. The impact of the experience on you and your leadership philosophy. (Very Critical)

Thoroughness is an important component in a reflection project, please consider that.

Prepare a Fishbone Diagram, listing the inputs to the process variability. In addition to the diagram itself, a description of each input and why it is important. Prepare Pareto Charts for the data you are being provided. Discuss the change(s) you are proposing to the process, and WHY you are making this change(s).

/in /by

Term Project Part 3 Analyze

In this phase, you will prepare several of the critical problem root cause identification tools commonly used in the Six Sigma Process.

Note:

In addition, you will prepare a Standard Operating Procedure (SOP) for use by the departments when this process is implemented. This should be Step 5 on your project sheet

Part 3 (Analyze)

Analyze Phase:

In this phase, you will prepare several of the critical problem root cause identification tools commonly used in the Six Sigma Process.

  1. Prepare a Fishbone Diagram, listing the inputs to the process variability. In addition to the diagram itself, a description of each input and why it is important.
  2. Prepare Pareto Charts for the data you are being provided.
  3. Discuss the change(s) you are proposing to the process, and WHY you are making this change(s).
  4. Prepare a REVISED Flowchart of the process with the changes incorporated.

Write out an inventory policy that explains what your restaurant’s goals are for food and alcohol inventory control, how it will be controlled, and the frequency for which control steps will be taken.

/in /by

Food and Beverage Management: Creating an Inventory Policy

You are the owner of a medium-sized full-service restaurant that sells food and alcohol. Write out an inventory policy that explains what your restaurant’s goals are for food and alcohol inventory control, how it will be controlled, and the frequency for which control steps will be taken.

Two pages of content with a minimum of two references on a separate page. APA format.

Start by explaining what is 4-day workweek in the introduction then discuss the 4-day workweek Impacts on general business & how it affect HR.

/in /by

Presentation about (4-day workweek in the hospitality industry)

This presentation is for HR class so it needs to focus on the HR perspective

  • start by explaining what is 4-day workweek in the introduction
  • then discuss the 4-day workweek Impacts on general business & how it affect HR.
  • and then focus on 4-day workweek Impacts on Hospitality and Tourism & how it affect HR
  • in this presentation discuss the benefits of “4-day workweek” for the employees and the business & the implementation challenges. & list some successful examples of companies doing the 4-day workweek.

It’s supposed to take around 8 to 10 minute maximum (so it’s not a long presentation)

What actions should Louise take? Would you share the comments on the cards with your staff ? Should you contact the people who wrote the comments? What do you say or do?

/in /by

Hospitality Question

Read the Case: Comments, (pages 205-206 of the textbook)

  • https://www.studypool.com/questions/download?id=2791375&path=uploads/questions/947864/20230331215139case_study_3_comments__please.pdf&fileDownloadName=attachment_3

Answer the following questions:

    • What actions should Louise take?
    • Would you share the comments on the cards with your staff ?
    • Should you contact the people who wrote the comments? What do you say or do?

Discuss the importance of recipe costing-why is it necessary. Identify the importance and use of food cost percentages. Identify guidelines for costing out a recipe.

/in /by

EXCEL SHEET OF MENU COSTING AND ENGINEERING OF FOOD PRODUCTS

• Discuss the importance of recipe costing–why is it necessary.
• Identify the importance and use of food cost percentages.
• Identify guidelines for costing out a recipe.
• Discuss menu pricing techniques.
• Introduction to menu engineering.

Calculate the market risk premium by subtracting the risk-free rate from the average annual return of the S&P 500 for the last 10 years obtained from Yahoo Finance .

/in /by

Estimating the cost of equity and WACC for hospitality and tourism companies.

Objective: The objective of this homework is to provide students with an understanding of cost of equity and WACC analysis in the hospitality and tourism industry sector. Students will be able to compare and contrast the cost of capital of two publicly traded companies, determine their cost of equity, cost of debt, and WACC, and provide critical analysis of their findings. By completing this homework, students will develop critical thinking and analytical skills, as well as a deep understanding of the factors that influence cost of capital.

Instructions:

Imagine that, as the CEO of a hospitality and tourism company, you want to estimate the cost of equity and weighted average cost of capital (WACC). It is crucial to know the cost of capital as it helps determine whether to accept or reject a new project or investment for your business. If the cost of capital is too expensive or poses a significant risk or much higher than competitor, it may not be financially feasible to pursue the project. Therefore, calculating the cost of capital helps inform strategic decision-making and resource allocation for the company. To calculate the WACC, you would use the previous work on the cost of debt and capital structure, and estimated cost of equity, and finally determine the WACC for two companies.

  1. Use the same companies from the previous homework for the cost of debt and capital structure.
  2. Use the capital structure and cost of debt information obtained from the previous homework.
  3. Use the 10-year Treasury bond rate as the risk-free rate in the calculation, obtained from the St. Louis Fed Reserve website. https://fred.stlouisfed.org/categories/22
  4. Calculate the average annual return of the S&P 500 for the last 10 years obtained from Yahoo Finance * This data is available on class ppt notes.
  5. Calculate the market risk premium by subtracting the risk-free rate from the average annual return of the S&P 500 for the last 10 years obtained from Yahoo Finance .
  6. Determine the beta for each company by averaging the betas obtained from at least three different sources, such as Yahoo Finance, Reuters, and Bloomberg.
  7. Determine the effective income tax rate from each company’s 10-K filing and use it as an alternative to the marginal tax rate in the calculation of the WACC.
  8. Calculate the WACC for each company using the following formula: WACC = (E/V x Re) + ((D/V x Rd) x (1 – ETR)), where E/V is the proportion of equity to the total assets, Re is the cost of equity, Rd is the cost of debt, D/V is the proportion of debt to the total assets, and ETR is the effective income tax rate.
  9. Write a brief report (1 page) summarizing your findings, including the cost of equity, WACC, and critical analysis of the similarities and differences between your company and competitor’s cost of capital and overall financial performance. Include an explanation of the potential factors that may influence these differences.

Choose two factors that differentiate the brands well and create a strategic map that visualizes the competitive landscape. The map should show the brands and their positions in relation to the two chosen factors. Summarize the findings from the strategic map by identifying opportunities and threats for the industry based on the map.

/in /by

Strategic group analysis and Porter’s Five Forces analysis

1.Evaluate each brand for five factors using a 1 to 5 scale or categorical evaluation. Example factors are size(small to large), location (local, regional, national, international), price/quality (low to high), location (urban, suburban, rural, airport), customer segment (business, family, leisure, luxury), and brand identity (traditional, trendy, eco-friendly).

2.Choose two factors that differentiate the brands well and create a strategic map that visualizes the competitive landscape. The map should show the brands and their positions in relation to the two chosen factors. Summarize the findings from the strategic map by identifying opportunities and threats for the industry based on the map.