To provide diversified training opportunities for managers and professionals and to enhance the management quality of the local service industry, Institute for Tourism Studies (IFT) and Cornell-Nanyang Institute of Hospitality Management co-orgainsed an Executive Development Programme on Financial Management on 30 Jun & 1 Jul. The objective of this course is to help participants learn how to apply financial statement information and analysis to improve managerial decision-making. The programme attracted twenty-seven registrations from senior managers of local hotels and resorts, and organizations from neighboring regions. This was the last module of four in "Advanced Certification in Strategic Hospitality Management". Other than participants of this module, 12 hoteliers who finished all the four modules were awarded the Advanced Certification. IFT has the honour of inviting Dr. Chris WH Chan, Professor in Accounting at the School of Hotel Administration, Cornell University, USA, and Dean of the Cornell-Nanyang Institute of Hospitality Management (CNI), to deliver the last module. Dr. Chan was previously Associate Professor of Accounting as well as Assistant Dean and Director of MBA programmes at the University of Hong Kong (HKU).Dr. Chan has a diverse consulting and executive education portfolio with a wide range of companies in Asia-Pacific region. His work has focused on strategic brand development, financial performance metrics, corporate governance, social responsibility, and sustainability. He is frequently invited to speak at various business conferences and workshops as a keynote or panel speaker on corporate governance, social responsibility and sustainability, human capital development, and luxury industries in Asia. The focus of the programme is on professional knowledge in financial management from senior management and owner perspectives. Topics covered include:
Ÿ Fundamental analysis of a hospitality organisation's business model, revenue model, and finance model
Ÿ Development of a systematic comprehension of financial statements of international hospitality companies from both management and user perspectives
Ÿ Application of quantitative and qualitative financial analysis tools for hospitality and related organizations
Ÿ Cashflow analysis, free cash flow, and capital budgeting decision makingprinciples and techniques
Ÿ Debt financing instruments and weighted average cost of capital
Ÿ Trade-offs within cost-volume-profit analysis in evaluating operating alternatives
Ÿ Pricing strategies and channel decision making As the tourism industry is growing swiftly in Macao, so will the demand for knowledgeable professionals. This course offered both macro and micro understanding of financial analysis and related business challenges of companies in the hospitality industry in a fast-growing but highlycompetitive region. Participants of the programme gained the ability and confidence to use financial analysis and management tools to better manage short-term profitability as well as achieve sustainable financial stability of their operations. IFT is always striving to enhance its research and teaching so as to contribute to the industry and the society. By organising seminars and workshops, IFT constantly shares with the industry the most updated information and research findings about the future development of Macao's tourism industry and ways to enhance it.