Perhaps
the most important decision a hospitality manager can make is whether to go
into business in the first place. Oddly, this decision has often been dictated
by vague impressions and educated guesses. But carefully and thoughtfully
conducted feasibility studies now provide hospitality managers with a tool for
improving their chances for success before committing themselves to definite
locations and definite type of operations.
When
the reader competes this textbook, he/she should be able to:
§ Explain
in some detail how the feasibility study can be used to improve the chance for
success of a planned hospitality enterprise.
§ List
and explain briefly the various steps involved in drawing up a feasibility
study for a hospitality operation (restaurant).
§ Explain
how he/she would implement these steps.
Therefore,
the feasibility study is so imperative to those developers, investors and
operators who intent to build a project that are profitable. To be useful,
however, a feasibility study must be understood by all who act on its
conclusions.
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