Terms & Definitions from the course
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | All costs associated with the production of menu items. Includes generally juices and hot beverages too.
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| Beverage Costs | show 🗑
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| show | Includes all costs for salaries and wages, including taxes and benefits
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| Prime Costs | show 🗑
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| Operating expenses | show 🗑
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| show | Amount of dollars you take in
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| show | Costs of the items required to operate the business
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| Profit | show 🗑
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| Controllable expenses | show 🗑
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| Non-Controllable Expenses | show 🗑
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| show | Commercial, legally binding contract, getting into spaces, for private managed properties
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| Contact food service | show 🗑
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| show | Practical hotels, without fine-dining
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| show | Hotels with high expectations, high quality
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| Convention centers | show 🗑
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| Limited service hotels | show 🗑
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| Residential hotels | show 🗑
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| show | Hotels with health as a priority over F&B
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| External analysis | show 🗑
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| Consumers’ behavior | show 🗑
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| Macro environment | show 🗑
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| show | Plan that explains the relationship between its parts. 1. Input, 2. Transformation, 3. Output
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| Input | show 🗑
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| Transformation | show 🗑
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| Output | show 🗑
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| show | Plan that allows management to see the organization as one entity and as a part of the larger external environment.
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| show | Direction that compares standards to the actual performance. Acceptable variance = +/- 5%
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| 4 management functions | show 🗑
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| show | F&B category where labor costs > food costs
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| show | F&B category where food costs > labor costs
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| Family cafeteria | show 🗑
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| show | Document with the following outlines: revenues earned from sales, costs incurred from expenses, department’s financial gain
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| show | Key tool of comparison with standardized formats
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| Forecasting | show 🗑
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| Average forecast | show 🗑
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| Rolling Forecast | show 🗑
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| Future period forecast | show 🗑
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| show | Management of salaries’ costs, wages (hourly) and employee benefit (vacation, sickness)
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| Omnes Principles | show 🗑
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| show | Variance between highest and lowest price within a category not to exceed 2.5 times the pricing of the lowest priced item. It does not apply to wine. Starters should be ~35% of the main courses prices. Desserts should be ~25% of the main courses prices.
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| Price Spread (Omnes Principle) | show 🗑
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| Supply / Demand Ratio (Omnes Principle) | show 🗑
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| Promotion of the Set Menu (Omnes Principle) | show 🗑
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| show | Maintain stability between different product categories (appetizers, mains, desserts) by avoiding steep price differences between the categories. Important to maintain brand perception of your restaurant all across your menu.
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| show | Link between internal departments and suppliers. Detached from production and contributes to the quality strategy of a company (supplier evaluations and negotiation). Buying at the right price, right time, right quantity, right quality, right vendor.
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| show | Involves the process of selecting vendors, establishing payment terms, strategic checking, selection, the negotiation of contracts & actual purchasing of goods. Essentially, the overarching or umbrella term within which purchasing can be found.
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| show | Farms & Ranches, Primary Processing plants & Production Plants
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| show | Final Processing Facilities, Distribution Centers.
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| show | Retail sale between producers and restaurateurs
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| show | Intermediate between manufacturer/producer and retailer. Bulk Purchase & Bulk Sales.
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| Retailer (Source of purchase) | show 🗑
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| show | No product delivery offered.
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| Referral Centers (Source of purchase) | show 🗑
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| show | Verification of quantities, quality, and price conform to orders placed (clerk)
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| Establishing standards for receiving | show 🗑
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| Invoice Stamp | show 🗑
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| show | Gross weight of an item as received upon delivery.
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| Edible Portion (E.P.) | show 🗑
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| show | (Servable weight / original weight) * 100
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| show | (Purchase Price / Yield percentage) * 100
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| show | (Original Quantity * Yield Percentage) / Portion Size
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| show | Evaluates cost of operations cutting own portions rather than purchasing product pre-portioned. To measure loss from deboning, trimming, and portioning meats, fish, and poultry. Re-evaluate each time pricing changes.
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| show | About 80% of a firm’s sales are generated by about 20% of the items in its inventory.
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| ‘A’ class items (Pareto’s Law) | show 🗑
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| show | Fruits & Vegetables. 15-25% of the items account for 10-20% of inventory value. Periodic/routine control system.
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| ‘C’ class items (Pareto’s Law) | show 🗑
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| BIN Cards | show 🗑
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| Food available for sale | show 🗑
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| Food cost consumed (daily and monthly) | show 🗑
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| show | Value of all food expenses incurred that have generated a food revenue.
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| Potential food cost | show 🗑
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| Beginning inventory | show 🗑
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| show | Sum of all food bought (direct + stores) during the accounting period. The amount is determined by adding and properly summing up the value of all delivery invoices and other bills for products purchased in the accounting period.
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| show | Refers to the dollar value of all food on hand at the end of the accounting period – determined by completing an accurate physical inventory.
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| Menu engineering | show 🗑
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| Dogs (Menu engineering) | show 🗑
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| Plough horses (Menu engineering) | show 🗑
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| show | Items with contribution margin higher than the average and popularity higher than the average.
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| show | Items with contribution margin higher than the average and popularity lower than the average.
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Created by:
IsabCamp
Popular Management sets