| A | B |
|---|
| Quality standard | A standard that needs to be established by management to meet the guests needs |
| Price/cost standard | The costs established by management for the preparation of a dish |
| Quantity standard | Another standard that needs to be established by management to meet the guests needs |
| Standard operating procedures | Rules created by management for everyone to follow |
| Food cost | Costs that do not fluctuate with the rise and fall in business volume |
| Transfers-in | Costs of products that are added to food cost if they are transferred in |
| Transfers-out | Costs of products that are deleted from food cost if they are transferred out |
| Operating budget | Forecast breakdown of income and expenses |
| Profit and loss statement | Document with actual food and beverage costs, sales, and other operating expenses |
| Make or buy analysis | Method used to decide whether it is cost effective to make something yourself or use a convenient pre-prepared product |
| Outsource | To hire an outside company to perform a certain task, as opposed to the establishment’s doing it itself |
| Cost-benefit analysis | A method used to calculate the costs associated with performing a task |
| Point of Sale | Computer-based sales control and data mining machine |
| Data mining | information extraction process used to discover hidden facts contained in databases |
| Smart cards | Card that contains an integrated circuit allowing guests to access their hotel rooms or other services |
| Supply chain management | The overseeing of supplies, information and monies as they move from the supplier to manufacturer to wholesaler to restauran |
