HTM 2030 Lecture Notes - Lecture 10: Comparator

• School: University of Guelph
• Department: Hospitality and Tourism Management
• Course: HTM 2030
• Professor: William Murray

Document Summary

Standard cost: relationship between actual and standard costs, comparing costs is a managerial function, standard costs are those created and planned, actual costs are those that occurred during operations, the deviations between the two are called variance . Actual costs < standard costs =favourable: comparisons. Defined in c2 as the agreed-upon costs of goods or services against which to compare costs . Actual cost of food sold as calculated in. Using standard costs as a comparator against actual costs allows management to measure operating effiency. Periodic calculation: advantage of saving time and resources: daily comparison, actual portion sales are complied and compared against sales projections, forecast, uses calculation portion costs and popularity indexes to anticipate sales, costs and. The sales projection calculated before the meal service period gross profit: a useful tool to determine a suitable menu for customer enjoyable that is also profitable.