Cost Control
The purpose of controls is to determine efficiency of the operation, prevent theft, and ensure that the operation functions according to the goals of management.
The basic cost control procedure consists of setting standards, according to criteria, measuring performance against the standard, taking corrective action, and recycling through the process.
Control measures must be reliable and valid.
Thought For The Day
"Uncertainty will always be a part of the taking-charge process."
~ Harold Geneen
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Quick Tip
The Perception of Value
The perception of value is a function of three elements: (1) Quality; (2) Quantity; and (3) Price. Value to the customer is enhanced by an increase in the quality of the food or beverage; the product presentation; the service; ambiance and decor; the size of the portions; and the price. Value perceptions are relative. A higher-priced meal can constitute a value just as much as a lower-priced meal, depending on whether it is an eat-in or dine-out occasion.
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