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À la carte

The literal interpretation of à la carte is 'from or off the card to order.' The course structure for all modern menus is governed technically by the à la carte menu. This classical format is based on the original French à la carte menu form, which in former times comprised 16 courses with or without a choice in each course for guests to choose from. Each menu item was individually priced.

Account aging

Accounts receivable represents money owed to a hotel by its customers. To monitor how customers are paying their bills, hotels need to age the accounts and perform an aging schedule. This schedule is a table that lists the names of the customers, the unpaid account balances, and the number of days the accounts are outstanding. Unpaid account balance is the amount of funds that customers owe or have not paid to the hotel.    

Account correction

In a hotel, account corrections are normally made on the same day that a transaction has been posted (before the night audit). It corrects errors that have been made to postings (e.g. if a wrong charge was posted to a room). Depending on the error it can either increase or decrease the guest account balance.

Activity-based pricing

The hospitality industry can greatly benefit from the application of activity based pricing, a new prototype for improving profitability by reducing pricing mistakes and emphasizing revenue maximization. Activity based pricing (ABP) is a pricing method that combines market research data with cost accounting information to establish prices for products and services that result in designed profits (Daly, 2002).     

Affiliate resort

According to industry research conducted by Interval International and Resort Condominiums International (major exchange companies), one of the more predominant factors or reasons for purchasing a timeshare is the possibility of exchanging the purchased interval on a local, regional, national, or international level. However, it must be understood that this exchange process is typically done on an equivalency basis, meaning that unit weeks (i.e. intervals) are assigned a value based on demand, quality, pricing, etc.

Agency theory

The appropriate framework for understanding the contractual relationship, for instance, between a hotel operating company and a hotel owning company is agency theory (RodrÍguez, 2002). The agent is represented by the operating company, the principal is represented by the owning company, and the two parties' relationship is mediated by a hotel management contract. Agency theory explains how to best organize these relationships in which the owning company (the principal) delegates the work to the operating company (the agent) who performs that work.

Aims and objectives

Successful hospitality businesses have built their achievements by deciding very early on answers to the following questions: What will our business be? What should our business be? Who are our customers? And how do they consider value? For a hotel or a restaurant, on the face of it, the answers may seem to be simple, but the more these questions are examined, the more complex they become. The truthful answers to these questions may be considered to be our aims.      

Airline Pilot

Pilots fly passengers and cargo for private corporations and commercial or charter airlines. Usually, two pilots, a captain and co-captain or pilot and copilot, share the responsibilities in larger, jet-propelled aircraft. The pilot and copilot check the aircraft, including controls, engines, instruments, tires, and luggage and cargo loading to assure that all systems are operating properly. The pilot checks with the weather service to determine the fastest, safest, and smoothest flight path and files a flight plan.

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