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Cost Control and Budgeting in Millennium Seoul Hilton - Case Study Example

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Cost Control and Budgeting in Millennium Seoul Hilton

Among these, power or electricity was found to be a major cost contributor. Further analyses revealed that there possibilities the use of electricity can be cut to an optimum level. Reduction of the consumption of power in the hotel would sufficiently reduce operational cost and thereby increase revenue.
Based on the problem identified, it is proposed that a power cost saving plan will be developed and implemented. The first step is energy audit which would identify the trend and practices in electrical consumption in all section of the hotel and equate them to the volume of users. Once the information is at hand, areas where reduction can be implemented will be identified. Automated systems will be used instead of manual operations. Electronic devices that detect the optimum level of power needed in a particular area must be installed. For instance, a sensor automatically shuts off a light when there are no more users, etc.
The solution will be implemented in few selected area to test the effectiveness. The data prior to implementation and during implementation will be recorded for validation purposes. The affectivity of the systems installed will be evaluated after six months of operation by comparing the consumption rate before and after using the systems. Consumption index will be obtained by dividing power consumption against total persons (consumers and employees). A lower consumption index would mean positive result. If the system is found to be efficient it will be replicated throughout the entire hotel systems.


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Table of Contents
POWER CONSUMPTION TREND AS POTENTIAL REVENUE ENHANCER FOR MILLENNIUM SEOUL HILTON 1
Management Summary 1
Table of Contents 3
Introduction 4
Findings 5
Analysis/Discussion 6
Recommendations 7
Conclusion 8
Bibliography/References 9
Hilton Hospitality, Inc. 2007. Millennium Seoul Hilton hotel. [Online]. Available: http://www1.hilton.com/en_US/hi/hotel/SELHITW-Millennium-Seoul-Hilton-hotel/index.do (19 October 2007) 9
Review Procedure 10


Introduction
The Millennium Seoul Hilton is a Five Star Hotel situated at the foot of Mount Namsan and 1.5 miles from the business district of Seoul City, South Korea. The hotel can be considered a complete facility for business and leisure. For business purposes it has an Executive Lounge, a business center, and 8 meeting rooms that can accommodate 500 persons. It also has high-speed Internet access. Its support amenities for leisure and relaxation include 7 restaurants and bars catering Italian, French, Chinese, and Japanese foods aside from its native Korean specialties. It also has a health club, a golf driving range, a shopping area, a sauna, 82-foot swimming pool, and a well-equipped gym.
Millennium Seoul Hilton hotel caters to individuals and families seeking for relaxation and leisure. But its services primarily is aimed on executives seeking for a place to do their business and other functions, meetings, conferences, seminars, and the likes. To suit the needs of the family they have babysitting services, children's video rental, cribs, high chairs, and family package offers. For the convenience of the business costumers they have audio-visual equipment rental, communication facility rental, office space rental, photo copying service, printer, secretarial service, and video conferencing service. The hotel offers several packages for tourists and family trips. The bulk however ...Show more

Summary

This report covers a general assessment of the operation of Millennium Seoul Hilton in terms of its cost control and budgeting systems as observed by the author during the placement. Evaluation includes general observation and analysis of budget and expenditure records…
Author : joelprohaska
Cost Control and Budgeting in Millennium Seoul Hilton essay example
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