What Is the Most Common Reason Hoteliers Use Budgets, According

question 54

Multiple Choice

What is the most common reason hoteliers use budgets, according to the article?

• A) As a planning tool
• B) As a standard for comparison to actual performance figures
• C) As a legitimacy factor
• D) In order to determine a proper bonus structure
• E) None of the above

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Definitions:

Knowledge of the Business

Understanding the essential aspects, functions, and processes within a company, including its products, market, competitors, and industry trends.

Drive and Motivation

The intrinsic and extrinsic factors that propel individuals towards achieving goals and persisting through challenges.

Internal Locus of Control

The belief that one has personal control over their life events and outcomes rather than external forces.

Environmental Factors

Elements outside an organization that can impact its performance, including economic, political, social, technological, legal, and environmental conditions.