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Final

HTF 100 Study Guide - Final Guide: Perpetual Inventory, Lead Time, Average Variable Cost


Department
Hospitality/Tourism
Course Code
HTF 100
Professor
Zhen L U
Study Guide
Final

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FINAL NOTES HTF 201
HTF 201
INCLASS NOTES (BEFORE MIDTERM)
January 27th Guest Speaker
Why is F&B Cost Control Important?
-making sure you’re profitable: 80:20 Rule
-“F&B is a supporting departments for the rooms”
-Prime costs = 75-85%
-Beverage = 20%
-Food costs = 28-33%
-Labour costs = 25-30%
-Gross profit = 20% of F&B operations
*when F&B, restaurants are doing poorly, usually banquets make up for the loss
Where does F&B control start?
-key areas = Receiving – make sure it’s what you ordered!
Ordering
Storage – critical
Waste
*starting point = your menu!
Why is a standard recipe so important?
-tells you food cost (FC)
-portion control!!!!!
-ensures you’re not dishing out too much
-consistency
-guides your pricing decisions
-menu mix – pricing your low cost items at 33% - ie: dessert (a higher percentage) so that the extra profit compensates for
the cost of the high cost items
-therefore high cost items can be priced at a lower % to make it more attractive because if you give a higher % for
high cost goods, it won’t sell
-ordering and receiving – 2 critical elements
-par stocks – sit down with chef to see what is needed to maintain the par amount
-system of storing stuff because products are perishable FIFO
-hedging – agreement with the bank for a certain period that the currency conversion rate is fixed
-biggest challenge = controlling labour and F&B costs
Sequence of Planning
Vision Mission Long Range Plan (5yrs) Business Plan (could be just 1yr; objectives) Marketing Plan Operating
Budget
4 Basic Steps in the Control Process:
1. Establishing standards
2. Training the staff
3. Measure/compare results with standards
4. If not up to par, take corrective action
5. Evaluate
6. Revise (go back to step 1)
Control Points in F&B
1. Menu Planning – items determine what needs to be purchased
2. Purchasing – connect with suppliers; best quality for the best price, select/negotiate with supplier
3. Receiving – make sure it’s what you ordered
4. Storing – right temperature; FIFO
5. Issuing – controller auditing to check for variables
6. Preparing
7. Cooking Production Activities (3)
8. Holding
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FINAL NOTES HTF 201
9. Serving – can affect revenue
10. Service
11. Customer Satisfaction
Menu Items
-4 types:
1. Stars – high popularity and profitable
2. Plowhorses – popular but not profitable
3. Puzzles – profitable but not popular
4. Dogs – neither popular nor profitable
February 3rd
Quality and Quantity Standards
-important; who sets it? Could be F&B manager, could be chef
-purchase specification
-standard recipe and yields; therefore consistency and prevents loss
Ingredients Mark-Up
1. Determining ingredients’ standard cost
2. Determining the multiplier to mark-up the ingredients’ costs = total food revenue/total entrée costs
3. Base selling price = ingredient cost x multiplier
iClicker
Which of the following control points is most likely to be the focus of the correlative action
a. Preparing
b. Serving
c. Issuing
d. Purchasing
Menu engineering classifies menu items that are low in popularity and high in contribution margin as:
a. Puzzles
b. Plowhorses
c. Stars
d. Dogs
Guest Speaker – SilverWare POS
-many back up servers in case one dies
-inventory software notifies you when you’re low on supplies then communicates with suppliers and through that allows
you to restock your products (e-purchasing)
-helps you keep track of inventory when arrives
-cloud-based system allows you to manage data (both in and out)
Ie: finding out the different prices of the same drink in different locations
Menu Pricing
(Formula will be provided on the test)
-food cost % does not include labour cost; so must consider labour cost when applying the food cost % (FC%)
1. Standard recipes must be available.
2. Pre-costing with current costs.
3. Standard recipes must be used (otherwise your costing won’t work).
Purchase Specification
-standard quality = whatever the customer’s POV of quality is
-try to forecast and empathize what you would want if YOU were the customer
-meets to the 5 senses
-management’s POV also important bc they’re the ones ordering the inventory and has the connection to suppliers
-ranking of produce
-written purchase specification must include – product name, intended use, general description
-packaging, portion size, container size, product size, geographic origin
-should be allowed to request to test products (ie: cook it) to see what the yield would be
February 10th
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