LO1 Understand the principles and application of resource management to commercial operations

LO1 Understand the principles and application of resource management to commercial operations

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 anti the ongoing requirements ever 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

2.1    analyse appropriate strategies for the efficient management of working capital to meet a range of financial needs

2.2  evaluate the man sources of finance currently available to UK businesses in relation tо their suitability in meeting long-_, medium- and short-term needs

2.3    compute personal and business Lin liability for sole traders, partners and limited companies

LO3 Understand how procurement issues and strategies contribute la the achievement of commercial objectives through purchasing power

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 Bе able to carry cut a review and evaluation of procurement strategies and business performance within named organisations

4.1 demonstrate how review and evaluation can be used to assess procurement strategies, for a given commercial situation