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During periods of recession or rapid expansion the need to monitor closely the performance of a business is essential and there are financial techniques available to do this. One such method, Multi Discriminant Analysis, has received considerable attention in accounting circles where opinions differ regarding its success. In this analysis eight companies from the leisure sector have been selected specifically to demonstrate varying levels of success. Financial data taken from the published accounts are then analysed using two widely recognised models. This preliminary research provides evidence that this technique has the potential for predicting failure in the leisure sector. Further research is now required to determine the effective lead time for such predictions and eventually to provide a model specifically for the service industries.

Discusses the challenges facing HR departments in harnessing the potential of work‐based management development programmes. The article considers the research carried out by Mumford on executive learning styles and considers this in the context of the development of life‐long learning skills and, in particular, the use of the credit accumulation and transfer scheme (CATS) and application of prior experiential learning (APEL). Features a case study of a group of senior managers from Granada plc engaged in the accelerated MBA programmes by action learning delivered by International Management Centres Association (IMCA).

This article considers the recent release of Accounting Standard FRS15 Accounting for Tangible Fixed Assets and reviews the impact of the standard on the hotel industry where previously hotel companies were able to avoid charging depreciation on buildings. The work of the British Association of Hospitality Accountants, in particular the Guidance Notes for the Hotel Industry on Tangible Fixed Assets, is considered in detail and from this the implications for the industry are reviewed.

Reviews the work published over the last ten years on the subject of the evaluation of individual and organizational learning. The emerging arguments are based on the proposition that the decision to provide training and management development is a strategic investment decision and as such is subject to an assessment of the benefits arising. These benefits are considered in terms of both “hard” benefits, such as impact on bottom‐line performance, as well as “soft” factors such as the measurement of the value of the individual learning experience. The practical application of the problem is based on the experiences of a major hotel group which has undertaken, over a period of the last two years, the development and implementation of a “virtual university” utilising a blend of delivery styles for management development courses. This project is ongoing in partnership with the International Management Centres Association.

When UK retail giant Sainsbury’s recently announced that it would be reviewing the performance of at least 100 of its store managers, the debate on the effectiveness of management development programs surfaced once again. Critics questioned how these managers had risen to their current positions in the first place and, with so many executives under the spotlight, whether this reflected more on Sainsbury’s development programs than the individuals involved.

Research commissioned by the UK Chartered Institute of Personnel and Development described industry’s failure to evaluate its investment in management education and development as “nothing short of scandalous”. But in practice, it can be very difficult to quantify the benefit of training and management development and the measurement process can be as expensive as the training itself.