Identifying managers' information needs in hotel companies

Jones, Tracy A.

doi:10.1016/b978-0-7506-3586-8.50013-0

Cited by 6 publications

(5 citation statements)

References 3 publications

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“…It was a surprise finding that the total response was near neutral. The result, however, is similar to that of Jones (1995) when her Chi‐square statistic was not significant to her question of whether or not property managers tried to understate revenues or overstate costs. One possible explanation for the near neutral response is from the work of Collier and Gregory (1995), who found that the budget approval process was iterative.…”

Section: Survey Resultsmentioning

confidence: 51%

“…The three textbooks consulted for this study, Adams (2006), Hales (2005), and Schmidgall (2006), all mentioned that budgets may be used as a standard for actual performance. Many studies, Brown (1995), Collier and Gregory (1995), Field (1995), Haktanir (2006), Harris and Mongiello (2001), Jones (1995), Jones (1998), and Jones (2006), indicated that budgets were used as a standard for actual performance. With such overwhelming evidence in prior studies, the authors of this study expected a Likert‐scale score that was close to 5 for the survey question regarding budgets used as a standard for actual performance.…”

Section: Survey Resultsmentioning

confidence: 99%

“…If so many reviews are conducted, and, therefore, the possibility of many changes being made to the budget, it becomes important for a clear communication of expectations among stakeholders. The possible results of clear expectations among stakeholders include avoiding gamesmanship (Collier and Gregory, 1995; Mongiello and Harris, 2006), motivation and commitment to the control system (Brown, 1995; Jones, 1995), and an effective performance measurement tool (Haktanir, 2006).…”

Section: Survey Resultsmentioning

confidence: 99%

“…Using a process similar to this study, Jones conducted a content analysis study of hospitality management accounting textbooks, which then guided two surveys of hospitality organizations operating in the UK, one in 1997 and one in 2004. In a fourth study that included interviewing 86 managers in 15 UK hotels, Jones (1995) found that the most common measure of all managers was that of comparing actual results to the annual budget.…”

Section: Literature Reviewmentioning

confidence: 99%

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Hotel management company forecasting and budgeting practices: a survey‐based analysis

Steed

2009

International Journal of Contemporary Hospitality Management

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PurposeThe purpose of this study is to investigate and document current US hotel management company practices in budgeting and forecasting, and to recommend a process to improve accuracy and efficiency.Design/methodology/approachKey corporate financial executives of hotel management companies operating in the USA were surveyed. Different from prior studies that surveyed the US property‐level managers, or European hotel operators, the study surveyed the authors of budget guidelines of US hotel management companies with at least ten units or 1,000 rooms, to discover and document the budgeting and forecasting practices of multi‐unit hotel management companies. Chi‐square and t‐tests for equality of means were used to identify the differences between large and small hotel management companies.FindingsMany concepts were identified that are not found in hospitality management textbooks. Current budgeting and forecasting methods used in the industry present opportunities for improving accuracy. There are also opportunities for time efficiencies, which may lead to improved participant satisfaction. Some significant differences were identified in budgeting and forecasting processes between large and small management companies.Research limitations/implicationsThe findings may not apply to independently owned and operated hotels, or small hotel management companies. Future research may focus on identifying economic factors that most influence hotel revenues at the local or regional level. Also, future research may focus on corporate computer software that facilitates intranet consolidation of property level budgets and forecasts and also allows spreadsheet flexibility for exploring various scenarios.Practical implicationsThe practical application of the study is the recommendation for a centralized budget process that enhances accuracy, improves efficiency, and reduces “gamesmanship”.Original/valueThere are four main contributions of the study: the obtaining of inputs from corporate officers of hotel management companies with operations in the USA; the documenting of forecasting and budgeting practices of hotel management companies operating in the USA; the recommending of a forecasting and budgeting process that may improve accuracy and participant satisfaction; and the identifying of differences between large and small companies in relation to forecasting and budgeting practices.

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Section: Survey Resultsmentioning

confidence: 51%

Section: Survey Resultsmentioning

confidence: 99%

Section: Survey Resultsmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

See 2 more Smart Citations

Hotel management company forecasting and budgeting practices: a survey‐based analysis

Steed

2009

International Journal of Contemporary Hospitality Management

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“…Factors critical to the success of any hotel have been identified as including revenue maximization, maintaining high customer satisfaction, and a relentless focus on cost control (Geller, 1985; Jones, 1998). Hotel assets include a building, equipment and furniture, and, in some cases, assets surrounding the hotel (e.g., golf course and retail shops; Field, 1995).…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

The Impact of Renovation Capital Expenditure on Hotel Property Performance

Turner

Hesford

2018

Cornell Hospitality Quarterly

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This study investigates the impact of renovation capital expenditure on multiple measures of hotel property performance. We conduct analyses in two time periods: for a 3-year period immediately following renovation (short-term impact), and 3 to 6 years following renovation (long-term impact). The study is based on proprietary project, operational and financial data obtained for 305 renovation capital expenditure projects of individual properties within a single budget hospitality chain. We find renovation capital expenditures offer significant short-term beneficial impact in terms of increased revenue, profitability gains, higher customer satisfaction, and decreased repair and maintenance expense. Altogether, these outcomes should be advantageous to hotel property performance. In the long-term, a significant decline is apparent in revenue and profitability. Surprisingly, customer satisfaction does not decline, and repair and maintenance expense does not increase, which are both favorable.

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Management Accounting in the Hotel Business

Makrigiannakis

Σωτηριάδης

2007

Int. J. of Hospitality & Tourism Administration

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Identifying managers' information needs in hotel companies

Cited by 6 publications

References 3 publications

Hotel management company forecasting and budgeting practices: a survey‐based analysis

Hotel management company forecasting and budgeting practices: a survey‐based analysis

The Impact of Renovation Capital Expenditure on Hotel Property Performance

Management Accounting in the Hotel Business

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