Best Performing Tourism And Hospitality Institute to Watch in 2023.pdf

n a world where experiences reign
Isupreme, the pillars of hospitality
and tourism education become the
foundation upon which we build
unforgettable journeys, exquisite stays,
and memorable moments. The realm of
hospitality and tourism is more than
just a service industry; it's the art of
creating extraordinary experiences that
linger in the hearts of travelers, where
excellence is the benchmark and
innovation is the compass guiding us
forward.
The Knowledge Review's latest edition,
"Best Performing Tourism and
Hospitality Institute to Watch in
2023," delves deep into the dynamic
world of hospitality and tourism
education. As the global hospitality and
tourism landscape continues to evolve,
it is vital to recognize the institutions
that shape the future leaders of this
industry. This edition highlights the
best tourism and hospitality institute of
2023, the Hospitality and Tourism
Management, University of
Maryland Eastern Shore.
At the core of this edition lies the
extraordinary story of the University of
Maryland Eastern Shore's commitment
to providing top-tier educational
facilities in hospitality and tourism
management.
The university's dedication to
excellence, innovation, and nurturing
future industry leaders shines through
the narratives, achievements, and
experiences of its students and faculty.
In these pages, you will uncover the
institute's remarkable journey, its
impact on the industry, and the stories
of success ignited within its hallowed
halls.
We invite you to embark on this
journey with us and explore the
dynamic world of tourism and
hospitality education, where innovation
and tradition converge.
So, with great anticipation and
enthusiasm, we encourage you to
immerse yourself in the pages ahead as
we celebrate the University of
Maryland Eastern Shore's Hospitality
and Tourism Management program and
the transformative power of education
in shaping the future of this vibrant
industry.
Join us in discovering the excellence
and innovation paving the way for the
future of tourism and hospitality
education. Prepare to be inspired,
informed, and enlightened.
Happy reading!
Ani David
Unlockingthe
Doors to Excellence
in Tourism and
Hospitality Education

for being recognized by
The Knowledge Review Magazine
in an annual listing of
for its exceptional commitment to excellence, innovation, and
dedication to the ﬁeld of Tourism and Hospitality education.
This certiﬁcate is presented to
Hospitality and Tourism Management,
Best Performing Tourism and Hospitality
Institute to Watch in 2023
Mary D'souza
Editor-in-Chief
Mary d ‘souza
October
2023

Editor-in-Chief Mary D'souza
Managing Editor
Art & Design Head
Visualiser
Co-designers
Rahul Shinde
David King
Paul, Deepanjali
Business Development Executive
Assist. Vice President
Sr Sales Manager
Alice Smith
Swapnali Vasaikar
Amy Wilson
Digital Marketing Manager
Technical Consultants
Technical Head
Assistant Technical Head
Alina Sege
David, Robert
Jacob Smile
Rajeshwari Avhad
SME-SMO Executives
Marketing Manager
Digital
Circulation Manager
Research Analyst
Tanaji Fartade
Eric Smith
Ravindra, Gemson
Mark Clain
Contributing Editors
Riya Chatterjee
Anish David, Gopal Ingole
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A Key Module
Financial Management
in the Hospitality Industry
Contents
Hospitality
&Tourism Management,

Hospitality
&Tourism Management,

Education in hospitality and
tourism management exposes
students to industry-specific
knowledge, trends, and best practices.
This knowledge includes
understanding consumer behaviour,
market dynamics, sustainable
practices, technological advancements,
and cultural sensitivity. By staying
abreast of industry developments,
graduates can make informed decisions
and drive innovation within their
organizations.
The hospitality and tourism industry is
dynamic and constantly evolving to
meet changing customer preferences,
technological advancements, and
industry trends. Effective education
instils a culture of continuous learning
among professionals. Graduates are
equipped with the necessary skills to
adapt to emerging trends, embrace new
technologies, and remain competitive
in a rapidly evolving industry.
Many of these programs incorporate
practical components such as intern-
ships, industry projects, and experien-
tial learning opportunities. These
hands-on experiences allow students to
apply their theoretical knowledge in
real-world scenarios. They hone their
problem-solving, communication, and
leadership skills, making them more
effective professionals upon gradua-
tion.
The University of Maryland Eastern
Shore has incorporated these compo-
nents in its hospitality and tourism
management program. The university
has been providing hospitality
management education of the highest
standards with its Hospitality and
Tourism Management Department.
It was founded in 1977 as Hospitality
and Restaurant Management (HRM)
originally, but changed to Hospitality
and Tourism Management (HTM) in
2014, as a strategic move to reflect the
department's plan to broaden its course
offerings to include every sector of the
hospitality industry. The HTM
Department also has The PGA Golf
Management Program, which was
established in 2007, with the first
cohort arriving on campus in 2008 – it
is the only HBCU to have an
accredited PGM Program. To date,
there are over 70 alumni that are Class
‘A’ PGA Members and are working all
over the world.
Covering All the Bases of
Educational Diversity
The Hospitality and Tourism
Management department is one of the
departments in the School of Business
and Technology. The Department of
Hospitality and Tourism Management
is the only hospitality program
authorized in the 13-school University
of Maryland system. The PGA
program is unique in the sense that the
students in the PGA Golf Management
major in Hospitality and Tourism
Management, which gives the students
an advantage over the other PGA Golf
Management schools.
The department requires all HTM and
PGA students to take a hospitality
technology course taught by a sea-
soned professional with over 20 years
of experience in hospitality technology.
New trends and technologies are
introduced to the class through
assignments and lab exercises.
Students also receive training in the
IC3 Digital Literacy Global Standard
6 (GS6), the latest version of the IC3
Digital Literacy program, measuring
knowledge of fundamental concepts
and essential components, working
knowledge of each of the seven skill
groups, and validating an advanced
understanding of digital literacy which
indicates that the candidate has the
technical foundation needed to advance
Best Performing Tourism and Hospitality Ins tute to Watch in 2023

successfully along their educational
and employment paths and support the
development of more specialized
technological skills.
Utopian Resources to Ensure Better
Education
The PGA Golf Management Program,
through Departmental support, has
purchased the following equipment
TrackMan Simulator, Swing Catalyst,
Big Tilt Putting System and an Edge
Golf Club Fitting System.
Each piece of equipment has a specific
use throughout the PGA Curriculum
and is the most relevant equipment the
technology used in the golf industry.
The TrackMan Simulator uses Doppler
radar to evaluate golfers' swings, which
is particularly valuable in Teaching
Methodology Courses.
The Swing Catalyst is utilized for
instructional analysis of a golfer's
rational and verticle forces and can
help students identify inefficiencies in
the golf swing, as well as be utilized in
teaching courses. The Big Tilt will
assist with putting the performance of a
golfer.
PGA Students will learn to use the Big
Tilt in the Teaching Courses to guide
their speed and directional control
while practicing putting. Additionally,
students will utilize the Tour Edge
Fitting System in their Work Experi-
ence Activities throughout the PGA
Curriculum to prepare for a career as a
golf professional.
Providing Competitive Advantage in
the Labour Market
Students interested in culinary benefit
from Food Production, American and
International Cuisine courses. The
business-oriented student will benefit
from Cost Control, Financial Analysis
for the Hospitality Industry, and
Resorts and Hotel Operations.
Travel and Tourism students benefit
from Culinary Tourism, Literary
Tourism, and Eco-Tourism courses.
Event Management students benefit
from Events Planning and Manage-
ment, Meetings and Conventions, and
Festival and Special Events taught by
instructors who have planned,
organized, coordinated, controlled and
evaluated events from pre-event to
post-event. These seasoned professors
have managed their owned businesses
and worked in companies like Walt
Disney, Hyatt and Marriott Hotels, and
other organizations.
Success Stories of Maryland
Maryland’s notable student, Eric
Mason, recently accepted a position at
the number one Resort in the state of
Delaware as the Director of Golf. This
will position him as becoming the next
General Manager of the resort- which
he credits his hospitality education for
acquiring the skills and knowledge for
his current position.
Another student, Jordan Evans, has
accepted a Management-in-Training
job with Walt Disney World Resort,
Kylah Cheeves accepted a position
The Hospitality and
Tourism Management
Department of Univer-
sity of Maryland Eastern
Shore helps students
build skills to succeed in
the areas they want to
focus on and apply their
learning to real-world
experiences.
“
“

with Marriott in Dallas, Texas, and
D'Ayanna Fuller in Grey Wolf Lodge.
Sustaining in the Rapidly Changing
Landscape
The students receive a broad base
education covering the essential areas.
The department helps students build
skills to succeed in the areas they want
to focus on and apply their learning to
real-world experiences.
The HTM Program has partnerships
with Walt Disney World resort, Hyatt
Hotels, Marriott Hotels, Zardico, Grey
Wolf Lodge, Atlas Restaurants,
Explore Charleston, and many more
organizations for internships and job
opportunities upon graduation. Its
partnership with American Hotel and
Lodging Foundation provides scholar-
ships for students on a yearly basis. It
is also a partner of the PGA of America
and its elected officers. The networking
opportunities are tremendously
rewarding for the students.
Diverse Perspective
One effective method of providing
diverse perspectives and experiences is
to apply student learning to real-world
topics. Students take field trips, attend
conferences and industry trade shows,
and the department invites industry
professionals into the Professional
Development classrooms for career
presentations and advice.
The employers discussed, and others
have provided opportunities for
students to find internships. These
partnerships have been very successful.
The PGA Golf Management Program
required 16 months of internships. It
yields 100 percent internship and job
placement among the current and
graduating students.
The department is working on issues in
diversity, equity, inclusion, social
justice, and a fully integrated online
learning platform.
Students are required to take TMGT
306 Eco Tourism, which is a study of
purposeful travel to natural habitats to
create an understanding of the cultural
and natural history pertaining to the
environment. The course emphasizes
the philosophy of not altering the
ecosystem while producing economic
benefits to local people and govern-
ments that encourage the preservation
of the inherent resources of the
environment locally and elsewhere.
Ensuring a Rewarding and Memora-
ble Educational Journey
The Office of Human Resources at the
warmly welcomes the new arrival,
expressing sincere wishes that their
tenure at the institution has been both
enjoyable and enlightening. The office
has made it clear that their primary
purpose has been to provide assistance
not only in matters related to employ-
ment but also in various other aspects
aimed at ensuring a rewarding and
memorable educational journey for the
individual.
The message has stressed that UMES
students have the opportunity to
engage in campus employment through
various avenues, with particular
attention given to the Student
The students in this
college receive a broad
base educa on, covering
the essen al areas.
““

Workship Program. The newcomers
are encouraged to explore the
information provided to gain a solid
understanding of how the Student
Workshop Program has contributed to
their educational experience and the
necessary steps to secure employment
within this program. Furthermore, the
website has been mentioned as a
resource for information regarding off-
campus employment options.
The Office of Human Resources at the
has placed a strong emphasis on the
satisfaction of the individual, assuring
them that each staff member has been
dedicated to their well-being. They
have extended an open invitation to
visit their physical office for any
questions or concerns that might arise
after browsing their website.
The University of Maryland Eastern
Shore eagerly anticipates meeting
newcomers and discussing how they
can offer assistance in securing on-
campus employment.
Cultivating an Inclusive Environ-
ment
Student Engagement at the University
of Maryland Eastern Shore (UMES) is
deeply committed to providing a rich
array of opportunities to its students.
These encompass educational, cultural,
social, recreational, and leadership
experiences that contribute to the
holistic growth of individuals.
In pursuit of this commitment, Student
Engagement tirelessly develops and
implements strategies tailored to meet
the diverse needs of the university
community. The overarching goal is to
cultivate an inclusive environment that
not only supports academic endeavors
but also plays a crucial role in enhanc-
ing student retention and graduation
rates.
Student Engagement envisions its role
as an extension of the educational
process, actively seeking to expand the
horizons for students to explore and
nurture their unique skills and talents.
This vision is realized through the
promotion of personal development via
active participation in leadership
experiences, engagement in student
organizations, involvement in univer-
sity-sponsored activities, and contribu-
tion to community service initiatives.
These opportunities collectively
prepare students for success in a
competitive global society.
The Office of Student Engagement
serves as a hub for the multitude of
opportunities available to UMES
students. These encompass a wide
spectrum, including leadership roles
for students, participation in Greek life,
membership in various clubs and
organizations, engagement in commu-
nity service projects, support for
commuter students, involvement in
intramural sports and recreational
activities, and attendance at numerous
cultural and social events tailored to
the student community.
It is emphasized that the college years
encompass not only academic growth
but also social development. Joining a
student organization is highlighted as a
The Department of
Hospitality and Tourism
Management is the only
hospitality program
authorized in the 13-
school University of
Maryland system.
“
“

particularly valuable avenue for
students to reap a multitude of benefits.
These advantages include forging new
friendships, honing leadership skills,
mastering teamwork, setting and
achieving personal goals, sharing one's
time and talents with the community,
and, of course, enjoying the inherent
fun and fulfillment that comes with
active participation. As students
embark on their journey at UMES and
begin to seize these opportunities, they
are encouraged to recognize that the
more deeply they engage, the more
enriching and meaningful their college
experience will become.
Student Engagement, at the University
of Maryland Eastern Shore, is dedi-
cated to providing a wide range of
educational, cultural, social, recre-
ational, and leadership opportunities to
its students.
In alignment with its mission, the
department continuously develops and
implements strategies that cater to the
diverse needs of the university
community. These initiatives are
designed to create an environment that
not only supports students during their
academic journey but also contributes
to higher retention and graduation
rates.
As a pivotal component of the overall
educational process, Student Engage-
ment envisions enhancing the avenues
for students to explore their unique
skills and talents. By actively encour-
aging personal growth through
participation in leadership experiences,
involvement in student organizations,
engagement in university activities,
and participation in community service
projects, the department aims to equip
students with the tools they need to
thrive in a competitive global society.
The Office of Student Engagement
serves as the central hub for various
opportunities available to students at
UMES. These encompass a wide array
of options, such as student leadership
roles, participation in Greek life,
membership in clubs and organiza-
tions, engagement in community
service initiatives, support for commu-
ter students, opportunities in intramural
sports and recreation, and participation
in numerous cultural and social events
specifically designed for students.
It is emphasized that the college years
are not just about academic growth but
also about social development. Joining
a student organization is highlighted as
a valuable pathway for students to reap
numerous benefits. These advantages
include forming new friendships,
honing leadership skills, collaborating
effectively within a team, setting and
achieving personal goals, contributing
time and talents to various causes, and,
of course, having a great deal of fun
along the way. As students begin to
explore the opportunities presented at
UMES, they are encouraged to
recognize that the more they get
involved, the richer and more meaning-
ful their college experience will
become.
The Hospitality and
Tourism Management
Department’s partner-
ship with American
Hotel and Lodging
Founda on provides
scholarships for students
on a yearly basis.
“
“

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20 | October 2023
on where to invest, how to price
services, and when to cut costs.
Cost control is another critical aspect.
In the world of hospitality, where profit
margins often hang by a thread, it's
vital to keep a close eye on expenses.
Financial managers constantly monitor
costs related to labor, supplies, utilities,
and more. Effective cost control
ensures that a hospitality business can
maintain profitability even during
challenging times.
Cash Flow Management
Cash flow management is the lifeblood
of any business, and the hospitality
industry is no exception. It involves
monitoring the movement of money in
and out of the business. In hospitality,
where payments may not always align
with expenses, for example, advance
bookings, managing cash flow is
particularly challenging.
Financial managers in the industry
must ensure that there's enough
liquidity to cover operational costs, pay
employees, and invest in
improvements. They also need to plan
for seasonal fluctuations and
unexpected expenses, such as
maintenance or repairs.
The hospitality industry is a
vibrant and dynamic sector
that caters to the diverse needs
and preferences of travelers and guests
worldwide. Behind the scenes of the
luxurious hotels, cozy bed and
breakfasts, bustling restaurants, and
exotic resorts lies a critical component
that keeps the industry running
smoothly, which is financial
management. In the hospitality
industry, finance management is
considered a key module of success.
The Financial Framework
If a hotel has beautifully designed
rooms, the staff is well-trained, and the
ambiance is perfect. However, if the
financial aspects are not managed
effectively, the entire operation can
crumble like a house of cards.
Financial management serves as the
backbone of the hospitality industry,
ensuring that everything runs
seamlessly.
Budgeting and Cost Control
One of the primary functions of
financial management in hospitality is
budgeting. Hospitality businesses must
carefully plan their budgets to allocate
resources efficiently. This involves
forecasting revenues, estimating costs,
and setting financial goals. Budgets act
as roadmaps, guiding decision-makers
Financial
Management
intheHospitality
Industry

www.theknowledgereview.com October 2023 | 21
A Key Module

Capital Investment and Financing
The hospitality industry, where profit
margins frequently teeter on a razor's
edge, and businesses must continually
invest in upgrading their facilities to
stay ahead. Financial management
decides when and how to make these
investments. It involves evaluating
potential projects, estimating returns
on investment, and securing financing.
Financial managers may need to
explore various financing options, such
as loans, partnerships, or seeking
investors. They must weigh the
benefits of expansion or renovation
against the associated costs and
potential returns. Making the right
financial decisions can propel a
hospitality business to success.
Pricing Strategies
Pricing is an art in the hospitality
industry. Guests are willing to pay for
the experience, but the pricing must be
competitive and reflect the value
offered. Financial managers work
closely with marketing teams to
develop pricing strategies that
maximize revenue.
This often involves dynamic pricing,
where rates fluctuate based on demand
and other factors. Financial managers
analyze market trends, competitor
pricing, and historical data to set
optimal prices. It's a delicate balance
that can significantly impact a hotel's
or restaurant's bottom line.
Risk Management
In the hospitality industry, numerous
risks can affect financial stability.
These include economic downturns,
natural disasters, changes in travel
trends, and unforeseen events like the
COVID-19 pandemic. Financial
management includes risk assessment
and mitigation strategies.
Financial managers help businesses
establish contingency plans, maintain
insurance coverage, and create reserves
for emergencies. Being prepared for
the unexpected is essential to ensure
the continuity of operations.
Compliance and Regulation
Hospitality businesses are subject to
various financial regulations and tax
laws. Financial managers must ensure
that their organizations comply with all
legal requirements. Failure to do so can
lead to fines, legal troubles, and
reputational damage.
Staying updated on tax laws, labor
regulations, and financial reporting
standards is an ongoing task for
financial managers. They work closely
with legal and accounting professionals
to ensure full compliance.
Technology and Data Analysis
The digital age has brought significant
changes to financial management in the
hospitality industry. Advanced
software and data analytics tools
enable financial managers to make
informed decisions. They can track
performance metrics, assess customer
feedback, and adjust strategies in real
time.
Sustainability and Responsibility
In recent years, sustainability and
corporate responsibility have gained
prominence in the hospitality industry.
Financial managers are increasingly
tasked with integrating
environmentally and socially
responsible practices into financial
planning.
This includes investments in energy-
efficient technologies, waste reduction
initiatives, and community
engagement. Financial management
must align with the broader goals of
sustainable and responsible business
practices.
Conclusion
Financial management is undeniably a
key module in the success of the
hospitality industry. It ensures the
efficient allocation of resources,
effective cost control, and the ability to
weather economic storms. Financial
managers in the industry wear many
hats, from budgeting and cash flow
management to pricing strategies and
risk mitigation.
In an ever-evolving industry, financial
management is not just about numbers;
it's about adaptability and strategic
thinking. It's about making informed
decisions that lead to profitability and
sustainability while providing guests
with exceptional experiences. So, the
next time you enjoy a stay at a hotel or
dine at a restaurant, remember that
behind the scenes, financial
management is hard at work, ensuring
the experience is not only enjoyable
but also financially viable for the
business.
22 | October 2023

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