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Studying > Htm 2030 Midterm 2 > Flashcards

Htm 2030 Midterm 2 Flashcards

(42 cards)

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1
Q

Goal of controlling production volume

A

To determine and produce the number of portions that is likely to be sold on a given day / period of service

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2
Q

Controlling production volume steps

A
  1. Analyze sales history
  2. Forecast portion sales
  3. Determine production quantity
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3
Q

Data mining

A

Pulling useful information out of a large quantity of data, revealing patterns and preferences from the sales history

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4
Q

Popularity Index

A

The ratio of portion sales for a given menu item to the total portion sales

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5
Q

When the popularity index is calculated for a single period it is?

A

Sales mix or Menu mix

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6
Q

The popularity ratio is more valuable at determining an item’s popularity than the

A

Raw number of portions sold

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7
Q

Forecasting portion sales

A

A process that combines both data and intuition to predict what will happen in the future

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8
Q

Steps in forecasting portion sales

A
  1. Predict anticipated sales volume
  2. Include surround conditions
  3. Forecast sales for each menu item
  4. Be flexible
  5. Have forecast reviewed
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9
Q

Predict anticipated sales volume

A

Total customer anticipated for a day / Period of service

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10
Q

The difference between planned versus actual

A

Variance

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11
Q

Inventory is typically done

A

Monthly

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12
Q

Cost of Food Issued =

A

Opening inventory + Purchases - Closing Inventory

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13
Q

Five ways to assign value to units of inventory

A
  1. Actual purchase price method
  2. First-in, first-out method
  3. Weighted-average purchase price method
  4. Latest purchase price method
  5. Last-in, first-out method
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14
Q

Actual purchase price method

A
  • Human error messes this up
  • Can be done if the prices are somehow recorded on items
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15
Q

First-in, first-out method

A
  • Prof thinks this is the best, but second most used
  • Assumes food inventory has been properly rotated during the period
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16
Q

Weighted-average purchase price method

A
  • Single unit value is determined by finding an average value representing all units in inventory, combining purchase price and volume
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17
Q

Latest purchase price method

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A
  • Uses the latest price paid
  • Easy, fast, and widely accepted
18
Q

Last-in, first-out method

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A
  • A method that could be used if managers wanted to show higher costs
18
Q

Last-in, first-out method

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A
  • A method that could be used if managers wanted to show higher costs
19
Q

Steward sales

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A

Minus
- Employees who purchase food at cost through the operation

20
Q

Gratis to bars

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A

Minus
- Non-revenue generating food produced to promote beverage sales

21
Q

Promotion expense

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A

Minus
- Reduction in cost of food because sales revenues are unaffected

22
Q

What do you add to get cost of food consumed?

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A
  • Cooking liquor
  • Transfers in from other units
23
Q

What do you minus to get cost of food consumed?

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A
  • Food to bar
  • Transfers out to other units
  • Steward sales
  • Gratis to bar
  • Promotion Expense
24
Cost of food sold =
Cost of food consumed - cost of employee meals
25
Average inventory held =
Opening inv + Closing inv / 2
26
Inventory turnover =
Cost of food sold / Average Inventory
27
Order of Costs
1. Cost of food issued 2. Cost of food consumed 3. Cost of food sold
28
Daily cost of food issued =
Daily cost of food directs + Daily cost of food stores
29
Daily cost of food consumed =
Daily cost of food issued +/- Daily adjustments
30
Daily cost of food sold =
Daily cost of food consumed - Daily employee meals
31
Daily food cost % =
Daily food costs / Daily food revenue
32
Food Cost % ToDate =
Food Costs ToDate / Food revenue todate
33
Goal of daily food costs and variance
To highlight and investigate why changes have occurred and to be able to make any necessary corrections to reach goals
34
Forecast (pre-cost)
Sales projections calculated before the meal service period
35
Abstract (actual)
The actual sales outcome after a meal service period
36
Who developed the menu engineering worksheet
Kasavana and Smith
37
Q on the menu engineering worksheet
1/n * 70%
38
Star
Both profitable and popular
39
Plowhorses
Popular but unprofitable - alter portion size, increase menu price, maintain volume
40
Puzzle
Profitable but unpopular - Reposition item on menu, add popular ingredient to dish, feature as a special, improve appearance and/or description
41
Dogs
Both unpopular and unprofitable

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