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LO1 Understand the principles and application of resource management to commercial operations
Understand the principles and application of resource management to commercial operations Methods: selection; acquisition; maintenance; replacement criteria Principles: procurement strategy; specification; supplier identification; selection criteria; working with specialist suppliers; stock control
1.1 discuss the methods available for managing materials, devising specifications of requirements and the selection criteria to be applied
1.2 discuss the principles involved when procuring equipment and the ongoing requirements over the life of that equipment
LO2 Understand the suitability of various forms of finance and taxation available to UK business in general and the hospitality sector in particular
Understand the suitability of various forms of finance and taxation available to UK business in general and the hospitality sector in particular Internal: managing the elements of working capital to free resources; internally generated funds; retained profits External: short-, medium- and long term; caring; risk and reward Cost of capital: equity and loan capital costs; weighted average cost computations Systems: the main features of income and corporation tax; schedules; rates; personal and capital allowances; tax credits and debits
2.1 analyse appropriate strategies for the efficient management of working capital to meet a range of financial needs
2.2 evaluate the main sources of finance currently available to UK businesses in relation to their suitability in meeting long-, medium- and short-term needs
2.3 compute personal and business tax liability for sole traders, partners and limited companies
LO3 Understand how procurement issues and strategies contribute to the achievement of commercial objectives through purchasing power
Understand how procurement issues and strategies contribute to the achievement of commercial objectives through purchasing power Systems and processes: standard specification; tendering; estimating/quoting; methods of procurement eg centralised, contract, lease; Pareto analysis; ‘just in time’ (JIT); equipment; materials; services; terms and conditions Procurement officer: role; assessing operational needs; selecting suppliers; quality and quantity control; timing; discounts; receipt and control of purchases; wastage factors; company policies; budgetary restrictions Risks: financial; physical; task duplication; direct and indirect costs; effect on the internal and external customer; quality issues; legal implications; effect on process and outcome activities of organisations Managing procurement: profit opportunities; direct and indirect cost-saving opportunities; minimising risk; maximising profit; approved supplier lists; evaluating the ‘best deal’; performance indicators and benchmarking Contract: definition; different forms; parties; essentials for a valid contract; rules of offer and acceptance; terms eg express/implied, conditions/warranties; vitiating factors eg misrepresentation, fundamental mistake; breaches; fraud Sourcing issues: method of supply eg buying products/services, tendering, subcontracting/outsourcing; value for money; hygiene factors; range; choice; service guarantee; legal and contractual compliance; trace origin data; yield; methods of payment; credit and price; negotiating skills Evaluation: communication; finance; delivery; compliance with specified requirements; packaging; industrial relations; attitude to customers; sample testing and defect elimination Pricing management: techniques; negotiating price reductions; controlling or resisting price increases; quantity discounts; prompt payment discounts Management strategies: competition between suppliers; developing profit margins to increase financial returns; releasing cash and capital by minimising stock; negotiating extended credit; determining the right quality for the right application; negotiating and developing delivery schedules
3.1 establish a process to manage the procurement function, outlining management strategies in relation to pricing techniques for a given commercial situation
3.2 assess the role of the procurement officer, explaining the importance of the essential components, terms and conditions of a specimen contract
3.3 evaluate the sourcing issues for a given procurement situation, analysing the management techniques used to appraise and evaluate suppliers
LO4 Be able to carry out a review and evaluation of procurement strategies and business performance within named organisations
Be able to carry out a review and evaluation of procurement strategies and business performance within named organisations Review: standard specifications; terms and conditions; monitoring; redeveloping strategy; contemporary developments; comparing and contrasting purchasing options Evaluate: cost models eg return on investment (ROI), productivity gain, human resource benefits
4.1 demonstrate how review and evaluation can be used to assess procurement strategies, for a given commercial situation
