Current Scale, Scope and Diversity of the Hospitality Industry Assignment

Current Scale, Scope and Diversity of the Hospitality Industry - Assignment Example The scope of the hospitality industry consists of businesses, like entertainment, food and accommodation. Under hospitality industry, a tourist is facilitated, as they are taken to theme parks, they are provided with transportation, and event planning services. The reason why hospitality industry is called a diverse industry is that they offer diverse services, for example, accommodation and entertainment are diverse fields. Moreover, the hotel industry offers diversification, because of the different types of job opportunities it creates. In a hotel industry, there are caterers working to provide food and beverages for the hotel guests. Then there is the management of the hotel, which consists of a human resource manager, operations manager, staff manager, kitchen workers, porters, bartenders and housekeepers. There are people who are responsible for managing entertainment for the guests, which can be in shape of a karaoke night, gaming arena, or a concert. Another important aspect of this diversity is the marketing manager of the hotel, which looks after attracting tourists towards their hotel and making sure that they reach a wide audience. There are different management roles in a hospitality industry, which are compulsory to run an effective hotel. The management functions of a hospitality industry include asset management, staff management, risk management, business management, logistics, financial management and statutory compliance. To train for these roles, the skills set needs to be strong and the qualifications need to be well integrated. If an employee is in business management, then he would need an MBA degree, to better understand his department; MBA is also known to be a benchmark, for management roles at a senior level. Moreover, if an employee is applying for Chief Financial Officer, then they need to have knowledge of preparing budgets for the hotel, making financial statements, managing the payroll of employees, making invoices and payments to suppliers and doing bank reconciliations, because these are the responsibilities of a CFO.  Ã‚