{"id":2645,"date":"2017-06-25T10:33:46","date_gmt":"2017-06-25T09:33:46","guid":{"rendered":"https:\/\/www2.ift.edu.mo\/NewsPortal\/?p=2645"},"modified":"2017-07-17T10:36:17","modified_gmt":"2017-07-17T09:36:17","slug":"hospitality-execs-sharpen-financial-management-skills-on-ift-course","status":"publish","type":"post","link":"https:\/\/www.utm.edu.mo\/NewsPortal\/hospitality-execs-sharpen-financial-management-skills-on-ift-course\/","title":{"rendered":"Hospitality execs sharpen financial management skills on IFT course"},"content":{"rendered":"<div id='gallery-1' class='gallery galleryid-2645 gallery-columns-2 gallery-size-herald-lay-a'><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a class=\"herald-popup\" href='https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_1.jpg'><img loading=\"lazy\" decoding=\"async\" width=\"990\" height=\"556\" src=\"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_1-990x556.jpg\" class=\"attachment-herald-lay-a size-herald-lay-a\" alt=\"\" aria-describedby=\"gallery-1-2643\" srcset=\"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_1-990x556.jpg 990w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_1-470x264.jpg 470w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_1-640x360.jpg 640w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_1-215x120.jpg 215w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_1-300x168.jpg 300w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_1-414x232.jpg 414w\" sizes=\"auto, (max-width: 990px) 100vw, 990px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-2643'>\n\t\t\t\tCourse leader Mr. Michael Flannery\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a class=\"herald-popup\" href='https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_2.jpg'><img loading=\"lazy\" decoding=\"async\" width=\"990\" height=\"556\" src=\"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_2-990x556.jpg\" class=\"attachment-herald-lay-a size-herald-lay-a\" alt=\"\" aria-describedby=\"gallery-1-2644\" srcset=\"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_2-990x556.jpg 990w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_2-470x264.jpg 470w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_2-640x360.jpg 640w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_2-215x120.jpg 215w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_2-300x168.jpg 300w, https:\/\/www.utm.edu.mo\/NewsPortal\/wp-content\/uploads\/2017\/07\/EDP_2-414x232.jpg 414w\" sizes=\"auto, (max-width: 990px) 100vw, 990px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-2644'>\n\t\t\t\tGroup photo\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n\n<span class='pum-trigger  popmake-2647  text-center font-blue' data-do-default=''>\u4e2d\u6587\u6458\u8981 \/ Summary in Chinese<\/span>\n<p>IFT and the School of Hotel Administration at Cornell University, in the United States, co-organised in Macao on 20 and 21 June an Executive Development Programme on \u201cHospitality Financial Management: Operations Decision-Making\u201d. The aim of the course was to provide industry professionals diversified opportunities for learning, and to enhance management quality of the local service industry.<\/p>\n<p>The 2-day course attracted 25 professionals from local hotels and resorts. It focused on the application of financial management concepts to hospitality operations, including the use of several managerial accounting tools. The programme also placed emphasis on communicating and interpreting financial data from a general manager-level perspective.<\/p>\n<p>The course was led by Mr. Michael Flannery, a member of the executive education faculty at Cornell\u2019s School of Hotel Administration. He is a regular consultant to the hospitality industry and related businesses across the world, and over the course of his career has managed hotels and restaurants.<\/p>\n<p>IFT President Dr. Fanny Vong says financial management is a topic of growing importance in the Macao hospitality sector. \u201cWe get comments from hospitality industry professionals who think that, especially with thinner [profit] margins nowadays, it is even more important to focus on more effective ways to manage financial operations,\u201d she says.<\/p>\n<p>Dr. Vong notes most of the course participants came from the financial management departments of local hospitality firms. She says that, apart from the professional knowledge acquired, the course gave participants some time away from their daily routines, allowing them to reflect on their respective company operations. \u201cThis, I believe, is crucial as well,\u201d she says.<\/p>\n<p>Another key objective of the course was to allow participating executives to exchange information and meet other industry professionals in order to develop their professional network.<\/p>\n<p>\u201cThere are participants who are at the top of the management ladder, but also those who are mid-ranking management staff, as well as people from other areas. Through this kind of interaction among peers, and with Mr. Flannery present, I think participants found new ideas and ways of thinking that can be brought back to their daily operations,\u201d says the IFT President.<\/p>\n<p>Ben Leong, Vice President and General Manager of Sands Macao, was one of the professionals attending the programme. He says that during the course participants were able to learn and explore new analytical methods of financial management. \u201cThis elevates our thinking to the next level,\u201d he says.<\/p>\n<p>\u201cWe need [access to] new knowledge to help us optimise our job and to teach our team. Without further education and more courses, we cannot achieve this. It is especially in a fast-growing industry that we need more professors and lecturers to come over to Macao to teach us new theories, strategic ways of thinking and management skills,\u201d the executive says.<\/p>\n<p>\u201cThrough learning new tools, we are definitely going to benefit,\u201d he added.<\/p>\n<p>The next IFT Executive Development Programme will take place on 22 and 23 August. It will focus on staff management.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IFT and the School of Hotel Administration at Cornell University, in the United States, co-organised in Macao on 20 and 21 June an Executive Development Programme on \u201cHospitality Financial Management: [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":2643,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[52,136],"tags":[221,223,474,475],"class_list":["post-2645","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-continuing-education","category-main_headline","tag-cornell-university","tag-executive-development-programme","tag-hospitality-financial-management-operations-decision-making","tag-michael-flannery","post_format-post-format-gallery"],"views":1212,"_links":{"self":[{"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/posts\/2645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/comments?post=2645"}],"version-history":[{"count":2,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/posts\/2645\/revisions"}],"predecessor-version":[{"id":2649,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/posts\/2645\/revisions\/2649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/media\/2643"}],"wp:attachment":[{"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/media?parent=2645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/categories?post=2645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.utm.edu.mo\/NewsPortal\/wp-json\/wp\/v2\/tags?post=2645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}