FINANCE AND ECONOMICS FOR THE EVENTS AND TOURISM INDUSTRY

SHE Level 5
SCQF Credit Points 15.00
ECTS Credit Points 7.50
Module Code MMN224961
Module Leader John Lennon
School Glasgow School for Business and Society
Subject Tourism and Events
Trimesters
  • A (September start)
  • B (January start)
  • C (May start)

Summary of Content

This module will focus on the broader finance and economic techniques relevant to the tourism sector. Students will be introduced to financial and management accounting through case studies and the expertise of the Moffat Centre. Feasibility and economic impact measurement will be considered through case studies.

Syllabus

Fundamentals of cost and management accounting Management accounting; analysis of trading and operational information (profit and loss accounts, balance sheets, cash flow statements) Cost accounting; cost classification, cost benefit analysis Cost volume profit analysis and break-even analysis Forecasting and viability Investment appraisal Application of financial planning and management in the tourism and events sector Financial feasibility studies Economic impact assessment; economic and employment, 'Multipliers'- direct, indirect and induced

Learning Outcomes

On successful completion of this module, the student should be able to:1. demonstrate the knowledge and key skills needed in financial planning and economic decision making in the tourism and events sector2. analyse critically financial statements and understand the relationship between cost, profit, assets and liabilities 3. understand the broader issues relating to economic investment appraisal and impact analysis in respect of the tourism and events sector

Teaching / Learning Strategy

Financial and Economic principals and teaching will be illustrated through the analysis of case studies based upon projects undertaken by the Moffat Centre in recent years. Students will receive learning inputs that are then demonstrated in case studies with international application and contexts. This will provide real world experiences to ensure that students are developing key finance and economic techniques necessary for them in their professional careers. This module will equip students with the knowledge required for making financial decisions in event and tourism management. The module will be delivered using the traditional lecture and seminar approaches, but will also include elements of experiential learning through the use of case studies and site visits; this will allow students to put their theoretical understanding into an applied context underpinning the learning outcomes of this module. The module will be assessed in two forms. A class test will assess the students understanding of financial management and economic evaluation techniques. The coursework will require the stu dents to apply the ke y theories associated with feasibility and decision making in the context of financial management in the events and tourism sector.

Indicative Reading

Cooper C FletcherJ Fyall A Gilbert D and Wanhill S (2008) Tourism Principles and Practice, Pearson Education -567 Dwyer L Forsyth P and Dwyer W (2010) Tourism Economics and Policy, Channel View Publications Stabler M Papatheodorou A and Sinclair M (2010) The Economics of Tourism, Routledge Vanhove N (2005) The Economics of Tourism Destinations, Elsevier Capitalism without Capital. The Rise of the Intangible Economy. Jonathan Haskel & Stian Westlake Princeton, University Press Accounting and Financial Analysis in the Hospitality Industry (Hospitality Management Essentials Series) 1st Edition by Jonathan Hales (Author), Hubert B. Van Hoof? (Author) Financial Management for Hospitality Decision Makers (Hospitality, Leisure and Tourism) Paperback - 12 Jun 2002 by Chris Guidling, Butterworth Heinemann The Economics of Tourism Destinations: Theory and Practice, by Norbert Vanhoven, Routledge

Transferrable Skills

By the -1 end -1 of this module students should -1 have -1 gained competence -1 in the following key -1 areas: -360b7 Fundamentals -1 of financial, cost -1 and management -1 accounting -360b7 Economic -1 impact -1 analysis b7 Financial -1 planning -1 and management -1 of costs -1 in the context -1 of the -4 Tourism -1 and Events Sector b7 Investment -1 appraisal techniques, b7 Monitoring -1 and -1 economic -1 evaluation -1b7 Communication skills b7 Interactive -1 and -1 group skills b7 Problem solving skills b7 Ability to -1 plan -1 and manage -1 learning b7 Self-Confidence b7 Self-reliance -1b7 Creativity -1 and Innovation b7 Independence -1b7 Regard for -1 others -3b7 Time Management

Module Structure

Activity Total Hours
Lectures (FT) 12.00
Independent Learning (FT) 78.00
Seminars (FT) 20.00
Assessment (FT) 36.00
Practicals (FT) 4.00

Assessment Methods

Component Duration Weighting Threshold Description
Coursework Assignment 1.00 70.00 45% Course Work Assignment (week 14) 2500 words
Open book assignment 1.00 30.00 45% Open book assessment giving students 24 hours to respond to 2 questions from a choice of 5.