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Questions and Answers
What does food cost refer to in the context of a specific period?
What is a key factor influencing food cost?
What is procurement in the context of purchasing goods and services?
What is one of the technological applications in procurement?
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What is vendor consolidation?
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What is labor cost?
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What is supervision and staff management?
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What is one of the skills required for effective procurement?
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Study Notes
Food and Beverage Cost
- Food cost refers to the total cost incurred in purchasing food items for a specific period.
- Factors influencing food cost include ingredient prices, portion sizes, wastage, and inventory management.
Beverage Cost
- Beverage cost is the total cost incurred in purchasing beverages, including alcoholic and non-alcoholic drinks.
Purchasing and Procurement
- Purchasing involves the principles and strategies guiding the acquisition of goods and services.
- Procurement is the process of acquiring goods and services from external sources.
Technological Applications in Procurement
- Automation can be used to improve procurement processes.
- Data analytics can help in procurement decision-making.
- Supplier relationship management technology can improve vendor relationships.
Cost-Cutting Strategies
- Vendor consolidation involves consolidating purchases with fewer vendors to negotiate better prices.
- Implementing efficient inventory management practices can minimize waste and reduce costs.
- Developing strong negotiation skills can help secure favorable terms with suppliers and vendors.
Personnel and Human Resources
- Personnel and human resources involve the strategic oversight and coordination of an organization’s workforce.
Labor Cost
- Labor cost refers to the total expenditure incurred by an organization on its workforce, including wages, salaries, benefits, and related expenses.
Supervision and Staff Management
- Supervision and staff management involve overseeing and directing employees to ensure they perform their duties effectively and efficiently.
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Description
This quiz covers the concepts of food and beverage cost, factors influencing food cost, and purchasing concepts and procurement in the hospitality industry.
