THEORETICAL AND METHODOLOGICAL ASPECTS IN ASSESSING MANAGEMENT EFFICIENCY OF THE HOTEL AND RESTAURANT INDUSTRY DEVELOPMENT

Abstract

The article discusses the research findings in the area of assessing management efficiency of the hotel and restaurant industry development. The statistics review has revealed certain inconsistency in presenting data on hotel and restaurant industry development indicators across different sources. The study offers a robust methodology to evaluate management efficiency in the hospitality and tourism sector development that can be used to determine the feasibility of investment project initiatives at the regional level as well as have practical implications for business entities’ activities at micro-, meso- and macrolevels. Apart from that, the consolidated statistical information will be available for further application. The research results demonstrate the benefits of the system approach in economic analysis which facilitates better information management to ensure coherence in decision making in a regional context in the areas of production, finance or marketing subject to different levels – strategic, tactical or operational. The proposed approach is a valid methodological framework that has great potential to enhance the Ukrainian hospitality and tourism industry management strategy, on the one hand, and might become an effective tactical tool to attain the benchmarks set within the tourism management development strategy, on the other, based on accounting of impact factors in identifying regional tourism priorities, revealing barriers, threats, opportunities and possible development scenarios.