The Red Bluff Golf Course & Pro Shop manager, Aleeta Herriott, has asked you to create a report that analyzes costs and revenues from tournaments hosted over the past year. In the past, her staff had to reenter data manually from different sources to create this report because no one at the resort knew how to import the data. As a result, they rarely completed the report. Aleeta worries about the accuracy of the reports that were compiled because of the manual data entry. However, she did keep all the original files. Recently, a new Golf database was created to track sales and allow for easy export to Excel for analysis. Aleeta wants you to design a spreadsheet that will help her automate the process of gathering and standardizing the data from the past for analysis.

 

1. Introduction

The report titled “Analysis of Costs and Revenues from Tournaments at Red Bluff Golf Course & Pro Shop” aims to analyze the financial aspects of tournaments held at the Red Bluff Golf Course & Pro Shop. The report begins with an introduction, discussing the purpose of the report, providing background information, and outlining the scope of the analysis. With the rapid growth of the golf entertainment industry, many golf resorts and country clubs rely heavily on tournaments to increase traffic and revenue. Given that hosting a tournament requires shutting down a number of tee times and dedicating the entire course to the tournament, it is important to understand whether the revenues generated from the tournaments can compensate for the loss of the regular rounds of golf and the additional tournament-associated costs. Also, despite the rise of technologies in the recent years, many such businesses still use traditional methods – using pen and paper or Excel worksheets – to manage the tournament bookings and to analyze the financial results. This can lead to errors created by manual data input and limited efficiency in analyzing different scenarios. The purpose of this analysis is to quantitatively compare the costs and profitability of different tournaments at the Red Bluff Golf Course & Pro Shop, and to find out whether the revenues earned from the tournaments can cover the financial commitments of hosting them. The financial results of the year 2016 will be the main focus of this analysis. And the prices are assumed to stay constant throughout the year. Additionally, the report also discusses the possibility of automating the tournament management process by developing a new database and linking it to a customized spreadsheet, which would provide great convenience for the staff in the future.

1.1 Purpose of the Report

The primary objective of this report is to assess the financial success of golf tournaments held at the Red Bluff Golf Course and Pro Shop. More specifically, the report aims to quantify the impact of automation and cost-centered improvements to achieve precise and reliable tournament financial performance data. By carrying out the analysis, the management can identify the specific tournaments which are performing successfully or those which require any kind of managerial attention. In addition to quantifying the success of the tournaments, the report provides further insight by identifying the main sources of tournament revenue and compares the financial potential of the tournament to the performance of the golf course as a whole. Furthermore, the report demonstrates that with simple but effective automations, the financial performance of each tournament can be more accurately tracked over time and data can be analyzed more easily to make informed managerial decisions. The findings of the report not only serve to further justify a move towards more automation and system improvements but also demonstrate to the management the critical benefit of taking a more cost-effective approach when looking to provide food and drink at the tournament.

1.2 Background Information

“Red Bluff Golf Course is a medium-sized public golf course located in the Midwestern United States. The golf course is the centerpiece of the Red Bluff Golf & Country Club and consists of an 18-hole regulation course, practice areas, and a clubhouse with a pro shop. The surrounding area comprises mainly residential properties, and the clubhouse facilities are also open to non-golf members, offering a food and beverage service to the general public. The golf course is managed by a professional club manager and is open to the public with pre-arranged tournaments making up an important part of the customer base and revenue. The club employs a team of professionals including the manager, a head golf professional and his staff, and a team of greenkeepers and maintenance staff. During the main golfing season of April to October, the club is host to a variety of different tournaments, with the majority of tournaments being hosted by outside organizations and charities. The club has space in the tournament schedule to host six weekend and six weekday tournaments, and this report aims to analyze the costs and revenues associated with these tournaments. By undertaking the project, some potential questions can be answered. For example, what is the potential market for creating additional tournaments? What is the financial performance of each tournament? Which are the most profitable tournaments and why? By answering these questions, the senior management can consider the financial viability of introducing further tournaments and allocating specific tournaments to the golf professionals. Additionally, it can be analyzed if a different pricing strategy for tournaments could be more efficient for the golf club.”

1.3 Scope of Analysis

The type of analysis that will be conducted is a cost-revenue comparative analysis of tournaments. On the cost side, a classic “economic cost” approach will be used where fixed and variable costs in the short run will be taken into account. This is because tournaments, from a little research that has been carried out earlier, are the major revenue drivers for the golf course. On the other hand, revenues generated from the last three tournaments including the ongoing one are going to be compared and analyzed. From such kind of data and the consequent analysis, it is expected that concrete recommendations for the management of the course will be devised. Moreover, there is a likelihood that there might be a practical application, that is, the development of a computer-based analytical tool, something which will form the basis for a second phase of the project. Logical findings of the analysis will be discussed in light of current economic theory and the golf course management practices especially those touching on revenues from tournaments. In addition, various data collection and analysis challenges that have been met in the course of the project will be discussed to give an insight of what it actually means to do research and analysis using the many spreadsheet tools that are available because of the advances in information technology. On the other hand, the practical use of the theoretical concepts that are used in the analysis can be demonstrated through comparison with actual results from the data analysis.

2. Data Collection and Standardization

2.1 Overview of Data Collection Process

2.2 Importing Data into the Golf Database

2.3 Standardizing Data for Analysis

3. Accuracy and Reliability of Previous Reports

3.1 Challenges with Manual Data Entry

3.2 Potential Errors and Inconsistencies

3.3 Impact on Decision Making

4. Designing an Automated Spreadsheet

4.1 Requirements and Objectives

4.2 Utilizing the Golf Database for Automation

4.3 Creating Data Extraction and Transformation Tools

5. Analysis of Tournament Costs

5.1 Cost Categories and Components

5.2 Calculation of Total Costs

5.3 Identifying Cost Drivers

5.4 Cost Comparison between Tournaments

6. Analysis of Tournament Revenues

6.1 Revenue Sources and Breakdown

6.2 Calculation of Total Revenues

6.3 Assessing Revenue Generation Strategies

7. Performance Evaluation and Recommendations

7.1 Key Performance Indicators (KPIs)

7.2 Evaluation of Profitability and ROI

7.3 Recommendations for Improving Financial Performance

Analysis of Costs and Revenues from Tournaments at Red Bluff Golf Course & Pro Shop

^{"Place your order now for a similar assignment and have exceptional work written by our team of experts, guaranteeing you "A" results."}