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· Hotel Industry

· Transportation Industry

· Banking Industry

· Insurance Industry

· Airline Industry

· Courier Industry

· Advertising

· Health Care Industry

· Real Estate Industry

· Hospitals

Solution:

Ø Hotel Industry:-

“Hotel, motels, inns, or such businesses provides transitional or short-term lodging, with or without food.”

Hospitality means providing services and welcoming strangers without expecting anything in return but now, hospitality become highly profitable industry.

A hotel is an establishment that provides paid lodging on a short-term basis. In times past, the provision of basic accommodation consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms and air conditioning or climate control. Hotel industry is a service industry and covers various activities as provision for food and accommodation and providing other comforts like a restaurant, swimming pool, fitness center, business center, childcare, conference facilities and social function services. Hotel rooms are usually numbered to allow guests to identify their room. Some hotels offer meals as part of a room and board arrangement.

Hotel operations vary in size, function, and cost. Most hotels and major hospitality companies that operate hotels have set widely accepted industry standards to classify hotel types.

The cost components of Hotel Industry:-

The hotel industry is required to incur various expenses. Expenses may be fixed and variable. Cost components of hotel such as:

· Provisions: It will include items such as meat, fish, poultry, cakes, milk, tea, coffee, flour, soft drinks, etc.

· Labor: It will include the wages and salaries of staff such as supervisors, cooks, waiters, manager, security, kitchen assistants and room cleaner.

· Services: It will include steam gas, electricity, power, light and water.

· Consumable stores: It will include items such as table linen, cutlery, crockery, glassware, mops, washing up cloths, drying up cloths, cleaning materials, dustpans, brushes, above items etc.

· Overhead: This will include rent, rates, depreciation, insurance, etc.

· Rooms: No of rooms’ occupancy for different categories.

A method of costing and unit of cost against Hotel Industry:-

Major method used in Hotel Industry is “operating costing”. In operating costing basically “multiple operation costing” used by hotel industry

Rooms

Per room / day

Restaurant

Per plate, per glass, per bottle

business centre

Hall rent per day or per table

Ø Transportation Industry:-

“Transport or transportation is the movement of people and goods from one location to another. “

The major divisions of the transportation sector are:

· Infrastructure: This includes the construction and maintenance of roads, canals, terminals, stations, depots and seaports. The ownership of transportation infrastructure could be public or private.

· Vehicles: It includes the development of various modes of transportation –automobiles, trains, ships and aircrafts.

· Operations: This encompasses the methods by which vehicles are operated. It also includes their financing and legalities.

Modes of transport include air, rail, road, water, cable, pipeline, and space. The field can be divided into infrastructure, vehicles, and operations. Transport is important since it enables trade between peoples, which in turn establishes civilizations. Transportation industries are largely influenced by information and communication technologies with the focus being on knowledge of customer needs and value added services.

Passenger transport may be public, where operators provide scheduled services, or private.

Transportation Industry: Major Players

· Railways:

· Airways:

· Shipping and logistics:

The cost components of Transportation Industry:-

The operating cost of a transport company is classified under the following categories:

o Operating and running charges: This may include costs of fuel, Lubricants, grease, wear and tear of tyres and wages and salaries of drivers and cleaners. These expenses are variable in nature as they are dependent on distance covered and trips made.

o Maintenance charge: These are semi variable in nature and include wear on tyres, repairs and overhauls, painting, hire of spare vehicles, where firms own vehicles are under repair and garaging etc.

o Fixed or standing charges: These charges are incurred whether the vehicle is operating or not. Insurance, tax, depreciation and part of driver’s wages, interest on capital, general supervision, and salary of operating managers are items that come under the category of fixed or standing charges.

A method of costing and unit of cost against Transportation Industry:-

Major method used in Transportation Industry is “operating costing”.

Transportation of goods and services is one of the major economic activities in every country. In a transport operating company, costing consists of determining cost of operating vehicle and the application of cost thus determined to pa particular unit, i.e., per tonne, per mile, per-tonne-mile, etc. the cost per unit is carefully selected by taking into account such factors as type and bulk of goods carried and distance covered.

The operating cost of a transport company is classified under the following categories:

o Operating and running charges

o Maintenance charge

o Fixed or standing charges

Ø Banking Industry:-

“Banking Industry is that place where the people or companies engaged in a particular kind of commercial enterprise.”

Banking means transacting business with a bank; depositing or withdrawing funds or requesting a loan etc.

· Finance - the management of money and credit and banking and investments

· Right of offset – In banking, the legal right of a bank to grab deposited funds to cover a loan that is in default.

The Banking Industry was once a simple and reliable business that took deposits from investors at a lower interest rate and loaned it out to borrowers at a higher rate.

However deregulation and technology led to a revolution in the Banking Industry that saw it transformed.

The Banking Industry at its core provides access to credit. In the lenders case, this includes access to their own savings and investments, and interest payments on those amounts. In the case of borrowers, it includes access to loans for the creditworthy, at a competitive interest rate.

However, the breakdown of the Banking Industry in the Financial Crisis means that some of the more extreme risk-taking and complex securitisation activities that banks increasingly engaged in since 2000 will be limited and carefully watched, to ensure that there is not another banking system meltdown in the future. Mortgage banking has been encompassing for the publicity or promotion of the various mortgage loans to investors as well as individuals in the mortgage business. Online banking services have developed the banking practices easier worldwide.

The cost components of Banking Industry:-

Normally, in Banking industry this makes the reported quarterly expenses of the merged bank for the merger quarter inconsistent with the pre- and post-merger quarterly expenses. Basically they annualized labor costs, annualized premises expenses, noninterest expense (fees paid to directors for attending board meetings, Federal Deposit Insurance assessments, legal fees, amortization expense of intangible assets, costs of data processing, and advertising and promotional expenses.)

Activity	Driver
Processing payments	Number of different payment types (domestic and foreign)
Advising private wealth management clients	Number of clients in these segments
Maintaining the Internet bank	Direct

A method of costing and unit of cost against Banking Industry:-

Major method used in Banking Industry is “Multiple operating costing” or

“Job costing”

In Banking industry, costing consist Bank’s product such as Deposits, Mortgages, Business lending, Home equity loans, other product, interest rate per annual.

Employment	Rate employ per customer or per day
Land	Rate of rate per month or year
Interest	Interest per annual or per month

Ø Insurance Industry:-

“Insurance is a policy from a large financial institution that offers a person, company, or other entity reimbursement or financial protection against possible future losses or damages.”

Insurance - protection against future loss. The insurance industry has undergone a huge change over the last few years and the transformation has been noteworthy.

There are numerous private and government insurance companies in India that have become equal with the term insurance over the years. Offering a diversified product portfolio and excellent services the many insurance companies in India have managed to make their way into almost every Indian household.

Insurance means managing risk. For instance, in life insurance segment, the insurance company tries to manage mortality (death) rates among the wide array of clients.

The insurance company works in a manner by collecting premiums from policy holders, investing the money (usually in low risk investments), and then refunding this same money once the person passes away or the policy matures. The greater the probability for a person to have a shorter life duration than the average mark, the higher premium that person has to pay. The case is the same for all other types of insurance, including automobile, health and property.

Ownership of insurance companies is of two types:

· Shareholder ownership

· Policyholder ownership

The cost components of Insurance Industry

Types of Insurance:-

· Life Insurance - Insurance guaranteeing a specific sum of money to a designated beneficiary upon the death of the insured, or to the insured if he or she lives beyond a certain age.

· Health Insurance - Insurance against expenses incurred due to illness of the insured.

· Liability Insurance - This insures property such as automobiles, property and professional/business mishaps

There is most important variable cost using in insurance:

Interest, the declining amount of protection and time durations

A method of costing and unit of cost against Insurance Industry:-

Major method used in Banking Industry is “service costing”.

Premiums	Per policy/ period
Rate charges	Per policy/period
Interest	Per period on amount
Maturation period	Per policy amount

Ø Airline Industry:-

“The business of transporting paying passengers and freight by air along regularly scheduled routes, typically by airplanes but also by helicopter.”

Organizations are providing flying services to passengers and cargo. It owns or leases airliners with which to supply these services and may form partnerships or alliances with other airlines for reasons of mutual benefit.

The Airline Industry contains a single aircraft conveying cargo articles and mail to different places to the numerous aircrafts carrying passengers to the different parts of the world. Services of the Airline industry can be segregated as domestic, regional, within the continent or travel between continents.

· Air Traffic Control,

· Freight Forwarding Services,

· Airport Management,

· Helicopter Services,

· Air Delivery and Freight Industry,

· Aeronautics Industry,

· Express Delivery Services,

· Aviation Industry, Airlines,

· Air Cargo Industry.

Consequently, the airfares nosedived at times rising the airway traffic.

The cost components of Airline Industry:-

In the airline industry, the calculation of production variance, marketing variance and expected idle passenger capacity which is useful information when the purchase or leases an airplane under the conditions of idle capacity:

· In the airline industry, other large costs are:

Weather, Fuel Cost, Labour

· The airline industry can be separated into four categories

International, National, Regional, Cargo

The Airline ticket costs are inclusive of the taxes, different kinds of fees and surcharges wherever applicable.

A method of costing and unit of cost against Airline Industry:-

Major method used in Airline Industry is “Activity-based costing”, “Operating costs”.

The operating costs for individual airplanes and flights the costs per available seat kilo meters, and per available ton kilo meters using activity based costing. It also identifies the main activity items and drivers of each airplane and flight

Key Ratios/Terms

Available Seat Mile = (total no of seats available for transporting passengers) X (no of miles flown during period)

Revenue Passenger Mile = (no of revenue-paying passengers) X (no of mile flown during the period)

Revenue per Available Seat Mile = (Revenue) / (No of seats available)

Ø Courier Industry:-

“Fast, door to door, local or international, pickup and delivery service for high-value goods or urgently required documents.”

A courier is a person or a company who delivers messages, packages, and mail. Courier services help businesses and individuals transport important documents, packages, and other items. A courier service is noted for expedited delivery, tracking, and security of items being delivered.

Different courier services operate on all scales, from within specific towns or cities, to regional, national and global services. In general a courier company performs on various scales. To begin with, it can be inter-city and intra-city. From there onwards, a courier company can work on regional, national and even international level. Small courier services typically deliver packages by bicycle, scooter, or motorcycle. Local courier services can experience high business volume in large cities

As declared primarily, courier service rates are slightly higher than the normal mail service. The rates are generally decided by the weight of the package. The heavier the parcel is, the more the charges are. To take an example, under the norm, there is a fixed charge for package weighing in the range of 500 grams. For every additional weight, the rates increase. The tariff is more for couriers which are intended for abroad. Many companies offer this service of courier to abroad. This is done through air cargos which costs more.

As this industry is more about speedy delivery and the swift, timely movement of merchandise, information and finances. Companies are synchronizing their various processes so that integration of the system and technology can take place in accordance with market demands.

The cost components of Courier Industry:-

The company spent on the activities of purchasing, paying suppliers, receiving and storing incoming goods, it spent a further 41p on moving stock from warehouse to warehouse.

Activities	Cost Drivers
Packaging and labeling	Number of orders picked
Check incoming goods	Quantity and quality of supplier
Order receipt	Order volume and order source
Replenishment	Quantity
Load outgoing goods	Quantity

A method of costing and unit of cost against Courier Industry

Major method used in Courier Industry is “job costing” or “batch costing”

Percentage of the total warehousing-related costs, Order receipt Order volume and order source

Parcel

Per kg kilometer

warehouse

Number of visits to pick location and percentage of back orders

Order

Per order

Ø Advertising:-

“Description or presentation of a product, idea, or organization, in order to encourage individuals to buy, support, or approve of it.”

Advertising is the non-personal communication of information usually paid for and usually convincing in nature about products, services or ideas by identified sponsors through the various media.

Advertising is a form of communication used to convince an audience to take some action with respect to products, ideas, or services. Most commonly, the desired result is to drive consumer behavior with respect to a commercial offering, although political and ideological advertising is also common. Advertising messages are usually paid for by sponsors and viewed via various media; including traditional media such as newspapers, magazines, television, radio, outdoor or direct mail; or new media such as websites and text messages.

Advertising provides a direct line of communication to your existing and prospective customers about your product or service. The purpose of advertising is to:

· Make customers aware of your product or service;

· Convince customers that your company's product or service is right for their needs;

· Enhance the image of your company;

· Announce new products or services;

· Make customers take the next step

· Draw customers to your business

Online advertising is a form of promotion that uses the Internet and World Wide Web for the expressed purpose of delivering marketing messages to attract customers. Examples of online advertising include contextual ads on search engine results pages, banner ads, Rich Media Ads, Social network advertising, interstitial ads, online classified advertising, advertising networks and e-mail marketing, including e-mail spam.

There are;

· Advertising Services Industry,

· Ad Agencies,

· Public Relations Firms,

· PR Firms,

· Advertising Agencies,

· Advertising and Marketing Industry

The cost components of Advertising Industry:-

Costs for advertising varies considerably for different types of media advertising, ppc advertising, magazine advertising, Outdoor Advertising, billboard advertising, Radio Advertising, newspaper advertising

A method of costing and unit of cost against Advertising Industry:-

Major method used in Courier Industry is “job costing” or “multiple operating costing”

· Cost Per Click or page (magazine, newspaper)

· Cost Per Thousand Impressions

· Cost Per Action

· Cost Per Time or Term Based (Banner Space is bought for a period of time (number of days, weeks or months).

· Per job

Ø Health Care Industry :-

“Health care is delivered by practitioners in medicine, chiropractic, dentistry, nursing, pharmacy, allied health, and other care providers.”

The health care industry, or health profession, treats patients who are injured, sick, disabled, or otherwise physically or mentally infirm, and maintains general health in populations and communities through the promotion of healthy behaviors and prevention of disease.

For purposes of finance and management, the healthcare industry is typically divided into several groups and sectors. The Global Industry Classification Standard and the

It also determines exports status, employment, capital investment etc. Health care segment provides employment openings to many individuals directly associated with the health care sector or other associated sectors, related to the health care industry in some way or the other. Efforts are usually made to keep the dollars rolling within the country economic set up. Businesses dealing in health care adds to the already existing economy by buying utility programs, by paying taxes for property etc.,.

The health care industry consists of the following:

· Dentists and doctors

· Protective care and nursing

· Pharmacies

· Allied medical, health services

· Hospitals

The cost components of Healthcare Industry:-

Industry Classification Benchmark divides the industry into two main groups: (1) health care equipment & services; and (2) pharmaceuticals, biotechnology & related life sciences. Health care equipment and services comprise companies and entities that provide medical equipment, medical supplies, and health care, such as hospitals, home health care providers, and nursing homes. Costs are used to determine cost-outcome and cost-effectiveness ratios

A method of costing and unit of cost against Healthcare Industry:-

Major method used in Healthcare Industry is “activity base costing” or “operating costing”

Total annual costs per patient plus the cost for specific services (e.g. clinic visit, radiograph, laboratory, inpatient admission) were compared using scatterplots, correlations, mean difference, and standard deviation of individual differences.

Nursing home	Per bed occupied per day, outpatient visit
Pharmaceutical	Per tablets
Home Healthcare	Per visit/day
Health equipment	Per operation /equipment

Ø Real Estate Industry:-

“Real estate agent - a person who is authorized to act as an agent for the sale of land; "in England they call a real estate agent a land agent"

Real property such as land, land improvements, and building held for business use in the production of income. It is contrasted with personal property. Real property held for investment purposes. Increased value in real estate has typically exceeded the rate of inflation. Real estate provides capital appreciation or depreciation. Certain real estate investments, such as residential and commercial property, generate annual income. Directly managed real estate income property provides tax deductions in the form of depreciation expense, interest expense, and property taxes.

Finance, Insurance and Real Estate, Real Estate Management Industry, Property Management Industry, Real Estate Development Industry

Organizations primarily engaged in renting or leasing real estate to others; managing real estate for others; selling, buying, or renting real estate for others; and providing other real estate related services, such as appraisal services.

The cost components of Real estate Industry

Real Estate business models include:

· Independent brokerage

· Real Estate Franchises

· Associate brokers

· Flat Fee

· Commission Percentage

· Fee-for-service

· Buyer Brokerage.

Real estate development, or Property Development, is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others. Developers are the coordinators of the activities, converting ideas on paper into real property

A method of costing and unit of cost against Real estate Industry:-

Major method used in Real estate Industry is “activity base costing” or “operating costing”

Brokerage	Per job
Flat fees	Per job
Land, building	Per house or area or square feet

Ø Hospitals:

“An institution where provides medical, surgical, or psychiatric care and treatment for the sick or the injured.”

A medical treatment facility provide capable of providing inpatient care. It is appropriately staffed and equipped to provide diagnostic and therapeutic services, as well as the necessary supporting services required to perform its assigned mission and functions. A hospital may, in addition, discharge the functions of a clinic

The cost components of hospital: - Many organizations maintain hospitals to provide effective and timely medical facilities to their workers. For costing purpose the hospital service can be divided into following categories:

· Out-patient department

· Wards

· Medical service departments such as Radiotherapy, Diagnostic x ray and Pathology, etc.

· General services such as boiler-house, power, heating, lighting, catering, laundering, medical records and administration.

· Other services departments such as dispensary transport, cleaning, etc.

A method of costing and unit of cost against hospital:-

Units to be used: Determining the cost unit is difficult in hospital costing; following units can be sued for this purpose:

Out-Patient	Per out-patient, per unit, per new out-patient, per patient per week
Wards	Per case
Radiotherapy	Per course of treatment per day
Diagnostic X Ray	Per 100 Units

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