The document discusses flexible and static budgets. It explains that a flexible budget adjusts for changes in volume, while a static budget remains the same regardless of volume. Flexible budgets are more useful for operational budgets in healthcare since patient volume can vary. The document also provides an example of how flexible budgets allow for more accurate variance analysis compared to static budgets when evaluating specific expense metrics and determining areas for improvement.
IntroductionThe budgeting process is an attempt to estab.docxmariuse18nolet
Introduction
The budgeting process is an attempt to establish a set of realistic standards for operating a health care organization. The budget is a set of specific objectives for the year ahead. The finance system provides the cost and revenue data and sometimes assists with other measures.
Formulating a budget is the beginning of the process. Every budgeting system must contain provisions for preparing the budget and implementing a system. This system must include coordination, control, follow-up, and maintenance. An effective budget must be tailored to the organization’s specific needs. The budget must be comprehensible and attainable. There should be innovation and flexibility to meet unexpected occurrences.
A health care organization’s budget provides a fully detailed description of expected financial transactions, by accounting period, for at least an entire year. The review of future expectations is useful in making smooth progress toward financial goals.
The major parts of an annual budget address operational and financial planning needs. The operating budgets are made up of the following:
· Expenditure or cost budgets anticipated by reporting period and responsibility center: Costs are often identified as fixed, semi-variable, or variable. Anticipated volumes of demand or output are incorporated into cost budgets.
· Revenue budgets reflect the receipt of income from services rendered. Standard gross revenue accounting reports a profit increase to the responsibility center, creating an incentive for productive activity.
· Income and expense budgets consist of expected net income and expenses incurred by the organization.
· Financial budgets embrace the effects of the organization’s financial decisions. These plans include a budgeted balance sheet that shows the effects of planned operations and capital investments on assets, liabilities, and equities. The plans also include a cash budget that forecasts the flow of cash and other funds in the business.
· Cash budget is for cash planning and control, presenting expected cash inflow and outflow for a designated time period. The cash budget helps management keep cash balances in a reasonable relationship to needs. You must know how much cash will flow in and out of the organization. You must also have an idea when these will take place. The cash budget is primarily used to spotlight periods of too little or too much cash rather than for continual control.
· Capital budgets are lists of proposed capital expenditures and new or significantly revised programs, with the implications for the operating and cash budgets by period and responsibility center. The capital budgets include all anticipated expenditures for facilities and equipment and for sources of funds.
Cost accounting is the process of determining the full and incremental costs of providing services and goods to patients and customers. To determine the full cost of providing a service, you must ensure that all costs are in.
Write a response to each discussion.Taylor 7.1Top of Form.docxMelvinaLeepercy
Write a response to each discussion.
Taylor 7.1
Top of Form
Are you or your immediate supervisor involved with staffing decisions?
No, I am not involved with staffing decisions, but my supervisor is. Forecast are prepared by using the staffing measurement known as the full-time equivalent (FTE). The text states that there are two different methods how to compute the FTE the annualizing method, and the scheduled – position method FTE is a measure equivalent to the employee annualized, or staffed for the full-time employment Baker & Baker (2014). Human resources could benefit by using both methods, all they would need to do is complete a trend analysis to review past employment needs to predict future needs. This can be completed two ways by computing the number of employees at the end of a certain numbers of years, the second way is the number of employees in a certain function research shows it’s best to use both methods to cover all bases.
Bottom of Form
Muhlecke 7.1
Top of Form
Are you or your immediate supervisor involved with staffing decisions? If so, describe how staffing forecasts are prepared.
In the military healthcare system, there are our civilian population that are hired through the civilian office on base via an ad that ask for specific experiences and criteria. If it looks like we may need additional positions due to an increase in the population in a certain area or a new mission is added to the base, the Surgeon General’s office will forecast for a new position for that particular base through the main civilian personnel office. Our civilian positions do not fluctuate often and stay consistent in how many exist. The civilian hires are come in the form of contractors or government GS positions. The Active Duty hires are also completed based on the needs of the Air Force. It is predetermined by the Air Force pentagon staff based on the number of servicemen and woman as well as their families how many technicians and physicians are needed. Once the members are staffed there are higher ranking personnel who are called Major Command Functional Managers who oversee their specific specialty in that particular command. I am the Aerospace Physiology Air Combat Command Functional Manager. In that position, I am able to forecast if the number of hires from the Pentagon are accurate for the mission tempo and ask for an adjustment or a movement of a position from one base to the other. The best way to describe forecasting in the military is a system of checks and balances of personnel based on the mission, resources, and operations tempo.
Bottom of Form
7.1 Prince
Top of Form
I am a supervisor in a company that is a third party claims administrator. My team manages FMLA and short term disability claims for a national health care organization. I do not make decisions about the number of positions budgeted to the office or team. My office VP advises me the number of approved FTE's for our client and I do the interviewing a.
This paper will discuss the most effective and ineffective financial management practices in the healthcare setting. Healthcare is the most difficult industry to prepare financial operating budgets. There are many factors and variables that must be taken into consideration. These factors and variables can change yearly making the preparation of the budget even more difficult.
Please write a response to each discussion post. 4.1 Winterstien.docxjolleybendicty
Please write a response to each discussion post.
4.1 Winterstien
Top of Form
As a nurse in the acute care hospital setting, I can see how contribution margins can help manage units within a large organization, especially if the units have separate budgets. Fiscal performance in healthcare organizations is evident by profit, liquidity and debt structure (Broyles, Khaliq & Mattachione, 2009). In recent years, the dependence of healthcare organizations on the prospective payment method that Obamacare enforces makes it even more important to reduce financial liabilities and risks and promote healthy budgets (Broyles et al., 2009). It is important for managers to understand how to analyze and understand contribution margins as they help with planning and control of operations (Baker & Baker, 2014).
According to Broyles et al. (2009) contribution margin is the difference between revenue and total variable costs. The formula is recognized as contribution margin= revenue - variable costs (Baker & Baker, 2014). The contribution margin allows a manager to visualize the break even point in which there is an excess of revenue over costs and a profit is realized (Baker & Baker, 2014). In contrast, if the expenses are more excessive than revenues, then a loss will be realized (Baker & Baker, 2014). The advantage of determining the contribution margin is that it allows management to allocate the excess funds to areas that need more funding after fixed costs are covered or using that revenue other areas that benefit the unit (AllBusiness, nd).
4.1 Franks
Top of Form
A contribution margin refers to a per unit measure of a product's gross operating margin calculated as the product's price minus its total variable costs (Iles, 2005). In my current role as a clinical liaison, Contribution Margins would not help me manage my present work, however, my LTACH facility is a for-profit facility and I'm sure Contribution Margins come into play when speaking of our corporate level. Understanding the concept of a contribution margin is important because it is what allows a health care organization to cover their fixed costs and generate a profit (Iles, 2005). If the contribution margin does not exceed a company's fixed expenses, it does not make a profit. A company that has a contribution margin that is less than its fixed expenses incurs a loss. Health care facility managers/owners who assume that a higher gross margin is better for their business may find themselves in financial difficulty because they aren't considering the additional costs to complete "the sale" (Iles, 2005). It is important for health care organizations to compare various sales channels and choose the best option for their facility.
Bottom of Form
4.1 Kelly
Top of Form
According to Baker and Baker (2006), contribution margins are computed as net revenues less variable costs. Contribution margins help me in my present work by determining if new vendors and workflows that we are impl.
DISUSSION BOARD DUE WEDNESDAY 250 WORDSBuying expensive item.docxastonrenna
DISUSSION BOARD DUE WEDNESDAY 250 WORDS
Buying expensive items is not easy for individuals with limited economic resources. Even though the budgets of most health care organizations (e.g., hospital, clinic, doctor’s office) are significantly larger than the budget of the average American family, most of these organizations operate with limited resources too. Health care managers use planning and budgeting information to make resource use decisions.
To prepare
for this Discussion, complete the readings in your Learning Resources. Think about a significant purchase you have made in the past. How did you pay for it? Did you shop around for the best deal? What was the impact on your own budget and finances?
Post
a comprehensive response to the following:
Share an example of something that you had to budget and plan to pay for. How does your personal decision-making process differ from what you learned about planning and budgeting in health care?
How do most individuals monitor and control their cash flow? Provide specific examples.
How does the monitoring of cash flow of a health organization compare to the monitoring the cash flow for individuals handling their personal finances? Explain your choice.
Be sure to support your work with specific citations from this week’s Learning Resources and/or additional scholarly sources as appropriate. Your citations must be in APA format. Refer to the Essential Guide to APA Style for Walden Students to ensure your in-text citations and reference list are correct.
_____________________________________________________________________________
ASSIGNMENT DUE SATURDAY
A financial manager's responsibilities do not cease after he or she develops a budget for execution. On the contrary, the manager's job begins with a completed budget. The manager must track the execution of the budget approved by senior leadership to meet financial goals. Since trends, costs, and other externalities can cause changes or variances in the budget, the financial manager must monitor and adjust spending when necessary to account for those variances.
Even with relatively good control, taxes, rounding effects, and unexpected price increases can negatively affect budget execution. Nickels and dimes add up quickly. If unaccounted for and not closely tracked, those nickels and dimes can derail even the most carefully considered financial plan. Overspending can pose serious threats to projects and the availability of resources for future projects. Under spending can indicate a problem in quality control. Under spending may be a good thing (due to improved efficiency) or it may also be bad (manufacturers cutting corners, which may result in inferior product). The bottom line to remember is that variance happens and health care managers must respond effectively.
To prepare
for this Application Assignment, review the Northeast Health System 2011 Annual Report. As you review, analyze the concept of variance. Consider what fa ...
Running Head: CAPITAL DECISIONS
CAPITAL DECISIONS 5
Capital Decisions
Author Note
This paper is being submitted on October 25, 2016, for Financial Management of Healthcare Organizations course
Discuss why is it more difficult for healthcare companies to get expansion financing in the current economic situation?
According to Steve (2013), healthcare companies’ expansion may be inhibited by poor results and are of liquidity. Financial institutions are afraid that liquidity of health care is tighter than other firm. It is difficult to convert goods and services in a healthcare facility to money. That means it is difficult for financial institutions to recover their investment. Financial institutions are afraid to lend their money to institutions that which has tighter liquidity.
Steve (2013) says that poor results emanate from the fact that the cash flows for a healthcare facility are difficult to establish. Cases where there is no there is no fixed cash flows it becomes difficult for financial institutions to lend users. Loans are repaid on a regular basis and fixed interest. That makes it difficult for financial institutions to lend institutions that have varying cash flows for they portray vases of being unable to repay the loan.
Explain the 2 major issues with the Caribbean expansion the turnaround company found and why do you think they were brought up?
Product development and product improvement are two turnaround strategies to achieve profitability (Steve, 2013). Products development involves creating a new product that did not exist. A new product gives a firm an advantage over its rivals. That means it has more streams of profits. More streams of profits mean that the firm can be able to have streams of stable income to repay the loan.
Steve (2013) says that product improvement involves making products better than before. Product improvement incorporates innovation. An innovative product attracts the more clients. The appeal goes beyond the existing customers to new clients. A wider market means there is an increase in cash flows. Cash flows mean that the firm can repay the loans comfortably.
Describe why healthcare companies need to look beyond their banks to secure financing?
The unreliable results and earnings in healthcare companies make them look beyond banks for secure financing. On the other side, the banks need a firm with stable income and revenues. The reason being that interest charges by banks are fixed and are done at a regular basis. The healthcare companies will be faced with a challenged of repaying the loans on a consistency basis over a long period. Liquidity of assets and services offered by a health facility is restricted meaning there is hardship in raising cash to repay a loan (Steve, 2013). A bank will be faced with a challenge when it wants to dispose of assets and services ...
IntroductionThe budgeting process is an attempt to estab.docxmariuse18nolet
Introduction
The budgeting process is an attempt to establish a set of realistic standards for operating a health care organization. The budget is a set of specific objectives for the year ahead. The finance system provides the cost and revenue data and sometimes assists with other measures.
Formulating a budget is the beginning of the process. Every budgeting system must contain provisions for preparing the budget and implementing a system. This system must include coordination, control, follow-up, and maintenance. An effective budget must be tailored to the organization’s specific needs. The budget must be comprehensible and attainable. There should be innovation and flexibility to meet unexpected occurrences.
A health care organization’s budget provides a fully detailed description of expected financial transactions, by accounting period, for at least an entire year. The review of future expectations is useful in making smooth progress toward financial goals.
The major parts of an annual budget address operational and financial planning needs. The operating budgets are made up of the following:
· Expenditure or cost budgets anticipated by reporting period and responsibility center: Costs are often identified as fixed, semi-variable, or variable. Anticipated volumes of demand or output are incorporated into cost budgets.
· Revenue budgets reflect the receipt of income from services rendered. Standard gross revenue accounting reports a profit increase to the responsibility center, creating an incentive for productive activity.
· Income and expense budgets consist of expected net income and expenses incurred by the organization.
· Financial budgets embrace the effects of the organization’s financial decisions. These plans include a budgeted balance sheet that shows the effects of planned operations and capital investments on assets, liabilities, and equities. The plans also include a cash budget that forecasts the flow of cash and other funds in the business.
· Cash budget is for cash planning and control, presenting expected cash inflow and outflow for a designated time period. The cash budget helps management keep cash balances in a reasonable relationship to needs. You must know how much cash will flow in and out of the organization. You must also have an idea when these will take place. The cash budget is primarily used to spotlight periods of too little or too much cash rather than for continual control.
· Capital budgets are lists of proposed capital expenditures and new or significantly revised programs, with the implications for the operating and cash budgets by period and responsibility center. The capital budgets include all anticipated expenditures for facilities and equipment and for sources of funds.
Cost accounting is the process of determining the full and incremental costs of providing services and goods to patients and customers. To determine the full cost of providing a service, you must ensure that all costs are in.
Write a response to each discussion.Taylor 7.1Top of Form.docxMelvinaLeepercy
Write a response to each discussion.
Taylor 7.1
Top of Form
Are you or your immediate supervisor involved with staffing decisions?
No, I am not involved with staffing decisions, but my supervisor is. Forecast are prepared by using the staffing measurement known as the full-time equivalent (FTE). The text states that there are two different methods how to compute the FTE the annualizing method, and the scheduled – position method FTE is a measure equivalent to the employee annualized, or staffed for the full-time employment Baker & Baker (2014). Human resources could benefit by using both methods, all they would need to do is complete a trend analysis to review past employment needs to predict future needs. This can be completed two ways by computing the number of employees at the end of a certain numbers of years, the second way is the number of employees in a certain function research shows it’s best to use both methods to cover all bases.
Bottom of Form
Muhlecke 7.1
Top of Form
Are you or your immediate supervisor involved with staffing decisions? If so, describe how staffing forecasts are prepared.
In the military healthcare system, there are our civilian population that are hired through the civilian office on base via an ad that ask for specific experiences and criteria. If it looks like we may need additional positions due to an increase in the population in a certain area or a new mission is added to the base, the Surgeon General’s office will forecast for a new position for that particular base through the main civilian personnel office. Our civilian positions do not fluctuate often and stay consistent in how many exist. The civilian hires are come in the form of contractors or government GS positions. The Active Duty hires are also completed based on the needs of the Air Force. It is predetermined by the Air Force pentagon staff based on the number of servicemen and woman as well as their families how many technicians and physicians are needed. Once the members are staffed there are higher ranking personnel who are called Major Command Functional Managers who oversee their specific specialty in that particular command. I am the Aerospace Physiology Air Combat Command Functional Manager. In that position, I am able to forecast if the number of hires from the Pentagon are accurate for the mission tempo and ask for an adjustment or a movement of a position from one base to the other. The best way to describe forecasting in the military is a system of checks and balances of personnel based on the mission, resources, and operations tempo.
Bottom of Form
7.1 Prince
Top of Form
I am a supervisor in a company that is a third party claims administrator. My team manages FMLA and short term disability claims for a national health care organization. I do not make decisions about the number of positions budgeted to the office or team. My office VP advises me the number of approved FTE's for our client and I do the interviewing a.
This paper will discuss the most effective and ineffective financial management practices in the healthcare setting. Healthcare is the most difficult industry to prepare financial operating budgets. There are many factors and variables that must be taken into consideration. These factors and variables can change yearly making the preparation of the budget even more difficult.
Please write a response to each discussion post. 4.1 Winterstien.docxjolleybendicty
Please write a response to each discussion post.
4.1 Winterstien
Top of Form
As a nurse in the acute care hospital setting, I can see how contribution margins can help manage units within a large organization, especially if the units have separate budgets. Fiscal performance in healthcare organizations is evident by profit, liquidity and debt structure (Broyles, Khaliq & Mattachione, 2009). In recent years, the dependence of healthcare organizations on the prospective payment method that Obamacare enforces makes it even more important to reduce financial liabilities and risks and promote healthy budgets (Broyles et al., 2009). It is important for managers to understand how to analyze and understand contribution margins as they help with planning and control of operations (Baker & Baker, 2014).
According to Broyles et al. (2009) contribution margin is the difference between revenue and total variable costs. The formula is recognized as contribution margin= revenue - variable costs (Baker & Baker, 2014). The contribution margin allows a manager to visualize the break even point in which there is an excess of revenue over costs and a profit is realized (Baker & Baker, 2014). In contrast, if the expenses are more excessive than revenues, then a loss will be realized (Baker & Baker, 2014). The advantage of determining the contribution margin is that it allows management to allocate the excess funds to areas that need more funding after fixed costs are covered or using that revenue other areas that benefit the unit (AllBusiness, nd).
4.1 Franks
Top of Form
A contribution margin refers to a per unit measure of a product's gross operating margin calculated as the product's price minus its total variable costs (Iles, 2005). In my current role as a clinical liaison, Contribution Margins would not help me manage my present work, however, my LTACH facility is a for-profit facility and I'm sure Contribution Margins come into play when speaking of our corporate level. Understanding the concept of a contribution margin is important because it is what allows a health care organization to cover their fixed costs and generate a profit (Iles, 2005). If the contribution margin does not exceed a company's fixed expenses, it does not make a profit. A company that has a contribution margin that is less than its fixed expenses incurs a loss. Health care facility managers/owners who assume that a higher gross margin is better for their business may find themselves in financial difficulty because they aren't considering the additional costs to complete "the sale" (Iles, 2005). It is important for health care organizations to compare various sales channels and choose the best option for their facility.
Bottom of Form
4.1 Kelly
Top of Form
According to Baker and Baker (2006), contribution margins are computed as net revenues less variable costs. Contribution margins help me in my present work by determining if new vendors and workflows that we are impl.
DISUSSION BOARD DUE WEDNESDAY 250 WORDSBuying expensive item.docxastonrenna
DISUSSION BOARD DUE WEDNESDAY 250 WORDS
Buying expensive items is not easy for individuals with limited economic resources. Even though the budgets of most health care organizations (e.g., hospital, clinic, doctor’s office) are significantly larger than the budget of the average American family, most of these organizations operate with limited resources too. Health care managers use planning and budgeting information to make resource use decisions.
To prepare
for this Discussion, complete the readings in your Learning Resources. Think about a significant purchase you have made in the past. How did you pay for it? Did you shop around for the best deal? What was the impact on your own budget and finances?
Post
a comprehensive response to the following:
Share an example of something that you had to budget and plan to pay for. How does your personal decision-making process differ from what you learned about planning and budgeting in health care?
How do most individuals monitor and control their cash flow? Provide specific examples.
How does the monitoring of cash flow of a health organization compare to the monitoring the cash flow for individuals handling their personal finances? Explain your choice.
Be sure to support your work with specific citations from this week’s Learning Resources and/or additional scholarly sources as appropriate. Your citations must be in APA format. Refer to the Essential Guide to APA Style for Walden Students to ensure your in-text citations and reference list are correct.
_____________________________________________________________________________
ASSIGNMENT DUE SATURDAY
A financial manager's responsibilities do not cease after he or she develops a budget for execution. On the contrary, the manager's job begins with a completed budget. The manager must track the execution of the budget approved by senior leadership to meet financial goals. Since trends, costs, and other externalities can cause changes or variances in the budget, the financial manager must monitor and adjust spending when necessary to account for those variances.
Even with relatively good control, taxes, rounding effects, and unexpected price increases can negatively affect budget execution. Nickels and dimes add up quickly. If unaccounted for and not closely tracked, those nickels and dimes can derail even the most carefully considered financial plan. Overspending can pose serious threats to projects and the availability of resources for future projects. Under spending can indicate a problem in quality control. Under spending may be a good thing (due to improved efficiency) or it may also be bad (manufacturers cutting corners, which may result in inferior product). The bottom line to remember is that variance happens and health care managers must respond effectively.
To prepare
for this Application Assignment, review the Northeast Health System 2011 Annual Report. As you review, analyze the concept of variance. Consider what fa ...
Running Head: CAPITAL DECISIONS
CAPITAL DECISIONS 5
Capital Decisions
Author Note
This paper is being submitted on October 25, 2016, for Financial Management of Healthcare Organizations course
Discuss why is it more difficult for healthcare companies to get expansion financing in the current economic situation?
According to Steve (2013), healthcare companies’ expansion may be inhibited by poor results and are of liquidity. Financial institutions are afraid that liquidity of health care is tighter than other firm. It is difficult to convert goods and services in a healthcare facility to money. That means it is difficult for financial institutions to recover their investment. Financial institutions are afraid to lend their money to institutions that which has tighter liquidity.
Steve (2013) says that poor results emanate from the fact that the cash flows for a healthcare facility are difficult to establish. Cases where there is no there is no fixed cash flows it becomes difficult for financial institutions to lend users. Loans are repaid on a regular basis and fixed interest. That makes it difficult for financial institutions to lend institutions that have varying cash flows for they portray vases of being unable to repay the loan.
Explain the 2 major issues with the Caribbean expansion the turnaround company found and why do you think they were brought up?
Product development and product improvement are two turnaround strategies to achieve profitability (Steve, 2013). Products development involves creating a new product that did not exist. A new product gives a firm an advantage over its rivals. That means it has more streams of profits. More streams of profits mean that the firm can be able to have streams of stable income to repay the loan.
Steve (2013) says that product improvement involves making products better than before. Product improvement incorporates innovation. An innovative product attracts the more clients. The appeal goes beyond the existing customers to new clients. A wider market means there is an increase in cash flows. Cash flows mean that the firm can repay the loans comfortably.
Describe why healthcare companies need to look beyond their banks to secure financing?
The unreliable results and earnings in healthcare companies make them look beyond banks for secure financing. On the other side, the banks need a firm with stable income and revenues. The reason being that interest charges by banks are fixed and are done at a regular basis. The healthcare companies will be faced with a challenged of repaying the loans on a consistency basis over a long period. Liquidity of assets and services offered by a health facility is restricted meaning there is hardship in raising cash to repay a loan (Steve, 2013). A bank will be faced with a challenge when it wants to dispose of assets and services ...
EFFECTIVE BUDGETING & FORECASTING IN HEALTHCARE By Dr.Mahboob Khan MHA,Phd Healthcare consultant
Much has been written about the impact that healthcare industry reform is having on hospitals and health systems. And with the challenge of reduced reimbursements looming, Finance teams understand that realizing the bottom- line benefits of cost containment and process improvement initiatives is becoming a business imperative. However, as organizations critically evaluate their financial management capabilities, many realize they have ineffective approaches designed around antiquated tools that aren’t up to the task.
Module 5 Discussion ForumDiscussion Capital Budgeting and How to .docxmoirarandell
Module 5 Discussion Forum
Discussion: Capital Budgeting and How to Create Operating Budgets
Variance Analysis:
Write an analytical summary of your learning outcomes from chapters 9 and 10. In addition to your analytical summary, address the following:
1. As a manager, discuss how you would use or have used the concepts presented in chapters 9 and 10.
2. Why might managers find a flexible-budget analysis more informative than static-budget analysis?
3. How might a manager gain insight into the causes of flexible-budget variances for direct materials, labor, and overhead? Provide at least one numerical example to support your thoughts.
Instructions:
Completed the assignment by over 550 words and references.
- Read and respond to at least 3 of your classmates' posts.(Below posted my classmate discussions) Read a selection of your colleagues' postings. Respond to at least 3 of your classmates’ posts. (Each response should be 150 words, It should include the stuff like supporting their discussion and
Study Materials Link:
TextBook:https://saylordotorg.github.io/text_managerial-accounting/index.html
· Lesson Lecture
· Video-1: Capital BudgetingURL- https://www.youtube.com/watch?v=TrKVj_wLgUc
· Video-2: Capital BudgetingURL- https://www.youtube.com/watch?v=QRh0tiG2lVk
· Video: Sales BudgetURL- https://www.youtube.com/watch?v=frCX_bsFsao
· Video: Master Budget/Operating BudgetsURL- https://www.youtube.com/watch?v=Wy9MGFjS7ZAAssigned Reading/Study Materials
Use the following links to study Module 5 topics
Capital Budgeting Analysis
https://saylordotorg.github.io/text_managerial-accounting/s12-how-is-capital-budgeting-used-.html
Analysis of Operating Budgets:
https://saylordotorg.github.io/text_managerial-accounting/s13-how-are-operating-budgets-crea.html
3-Clasmate discussion
Discussion1:
by Srikanth Jagini - Wednesday, 6 May 2020, 4:57 PM
Analytical summary
Every organization always wants to create a budget that is flexible and more relevant for the appropriate outcome. The flexible budget is nothing but a budget or list of expenses that occur during a year and it controls the potential emergencies and mitigates the loss of the business. According to Yuzvovich, Korogodina & Azisova (2018), it has been stated that the various problems of budgets made the industrial workflow decreasing and its impact creates the industrial dislocation, a flexible budget is an actual solution and in mitigates the loss of industrial productivity. The flexible budget provides the necessary adjustment when any type of change occurred in the organization and it increases the productivity or capability of the business. Analysis of the performance of the workers and laborers is more important for the organizational perspective. Variance in the flexible budget is occurred due to lack of control and lack of using the materials and poor remuneration to the workers and most importantly by corruption in financial areas. With respect to Junita (2018), it has bee ...
Module 5 Discussion ForumDiscussion Capital Budgeting and How to .docxssuserf9c51d
Module 5 Discussion Forum
Discussion: Capital Budgeting and How to Create Operating Budgets
Variance Analysis:
Write an analytical summary of your learning outcomes from chapters 9 and 10. In addition to your analytical summary, address the following:
1. As a manager, discuss how you would use or have used the concepts presented in chapters 9 and 10.
2. Why might managers find a flexible-budget analysis more informative than static-budget analysis?
3. How might a manager gain insight into the causes of flexible-budget variances for direct materials, labor, and overhead? Provide at least one numerical example to support your thoughts.
Instructions:
Completed the assignment by over 550 words and references.
- Read and respond to at least 3 of your classmates' posts.(Below posted my classmate discussions) Read a selection of your colleagues' postings. Respond to at least 3 of your classmates’ posts. (Each response should be 150 words, It should include the stuff like supporting their discussion and
Study Materials Link:
TextBook:https://saylordotorg.github.io/text_managerial-accounting/index.html
· Lesson Lecture
· Video-1: Capital BudgetingURL- https://www.youtube.com/watch?v=TrKVj_wLgUc
· Video-2: Capital BudgetingURL- https://www.youtube.com/watch?v=QRh0tiG2lVk
· Video: Sales BudgetURL- https://www.youtube.com/watch?v=frCX_bsFsao
· Video: Master Budget/Operating BudgetsURL- https://www.youtube.com/watch?v=Wy9MGFjS7ZAAssigned Reading/Study Materials
Use the following links to study Module 5 topics
Capital Budgeting Analysis
https://saylordotorg.github.io/text_managerial-accounting/s12-how-is-capital-budgeting-used-.html
Analysis of Operating Budgets:
https://saylordotorg.github.io/text_managerial-accounting/s13-how-are-operating-budgets-crea.html
3-Clasmate discussion
Discussion1:
by Srikanth Jagini - Wednesday, 6 May 2020, 4:57 PM
Analytical summary
Every organization always wants to create a budget that is flexible and more relevant for the appropriate outcome. The flexible budget is nothing but a budget or list of expenses that occur during a year and it controls the potential emergencies and mitigates the loss of the business. According to Yuzvovich, Korogodina & Azisova (2018), it has been stated that the various problems of budgets made the industrial workflow decreasing and its impact creates the industrial dislocation, a flexible budget is an actual solution and in mitigates the loss of industrial productivity. The flexible budget provides the necessary adjustment when any type of change occurred in the organization and it increases the productivity or capability of the business. Analysis of the performance of the workers and laborers is more important for the organizational perspective. Variance in the flexible budget is occurred due to lack of control and lack of using the materials and poor remuneration to the workers and most importantly by corruption in financial areas. With respect to Junita (2018), it has bee.
Discuss how a successful organization should have the followin.docxsalmonpybus
Discuss how a successful organization should have the following layers of security in place for the protection of its operations: information security management, data security, and network security.
Multiple Layers of Security
Marlowe Rooks posted Mar 13, 2020 9:54 AM
Looking at Vacca”s book chapter 1, “Information security management as a field is ever increasing in demand and responsibility because most organizations spend increasingly larger percentages of their IT budgets in attempting to manage risk and mitigate intrusions, not to mention the trend in many enterprises of moving all IT operations to an Internet-connected infrastructure, known as enterprise cloud computing (John R. Vacca, 2014)”. It is the organization responsibility to protect its business and its client information at all times. With that said I’m going to break down why companies need to have multiple layers of security and what types they should implement below.
The first layer is Information security management which can be from Physical Security, or Personnel Security. Physical Security can range from physical items, objects, or areas from unauthorized access and misuse. Personnel Security is to protect the individual or group of individuals who are authorized to access the organization and its operations. Some of the reason to implement Information Security is as follow:
· Decrease in downtime of IT systems
· Decrease in security related incidents
· Increase in meeting an organization's compliance requirements and standards
· Increase in customer satisfaction, demonstrating that security issues are tackled in the most appropriate manner
· Increase in quality of service
· Process approach adoption, which helps account for all legal and regulatory requirements
· More easily identifiable and managed risks
· Also covers information security (IS) (in addition to IT information security)
· Provides a competitive edge to an organization with the help of tackling risks and managing resources/processes
The second layer would be Data Security which can be refers to the process of protecting data from unauthorized access and data corruption throughout its lifecycle. Data security includes data encryption, tokenization, and key management practices that protect data across all applications and platforms. Some of the reason to implement Data Security is as follow:
· Cloud access security – Protection platform that allows you to move to the cloud securely while protecting data in cloud applications.
· Data encryption – Data-centric and tokenization security solutions that protect data across enterprise, cloud, mobile and big data environments.
· Web Browser Security - Protects sensitive data captured at the browser, from the point the customer enters cardholder or personal data, and keeps it protected through the ecosystem to the trusted host destination.
· Mobile App Security - Protecting sensitive data in native mobile apps while safeguarding the data end-to-end.
· eMai.
Discuss how portrayals of violence in different media may affect hum.docxsalmonpybus
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of cause-and-effect relationships
Outline how and why experiments can identify causes of behavior
Summarise the findings of psychological research into the topic of media violence and behavior
Outline the policies designed to protect children from negative effects of screen violence.\
400 Words
APA
well cited
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Similar to Write a brief response to each discussionWinterstien_6.1Top of.docx
EFFECTIVE BUDGETING & FORECASTING IN HEALTHCARE By Dr.Mahboob Khan MHA,Phd Healthcare consultant
Much has been written about the impact that healthcare industry reform is having on hospitals and health systems. And with the challenge of reduced reimbursements looming, Finance teams understand that realizing the bottom- line benefits of cost containment and process improvement initiatives is becoming a business imperative. However, as organizations critically evaluate their financial management capabilities, many realize they have ineffective approaches designed around antiquated tools that aren’t up to the task.
Module 5 Discussion ForumDiscussion Capital Budgeting and How to .docxmoirarandell
Module 5 Discussion Forum
Discussion: Capital Budgeting and How to Create Operating Budgets
Variance Analysis:
Write an analytical summary of your learning outcomes from chapters 9 and 10. In addition to your analytical summary, address the following:
1. As a manager, discuss how you would use or have used the concepts presented in chapters 9 and 10.
2. Why might managers find a flexible-budget analysis more informative than static-budget analysis?
3. How might a manager gain insight into the causes of flexible-budget variances for direct materials, labor, and overhead? Provide at least one numerical example to support your thoughts.
Instructions:
Completed the assignment by over 550 words and references.
- Read and respond to at least 3 of your classmates' posts.(Below posted my classmate discussions) Read a selection of your colleagues' postings. Respond to at least 3 of your classmates’ posts. (Each response should be 150 words, It should include the stuff like supporting their discussion and
Study Materials Link:
TextBook:https://saylordotorg.github.io/text_managerial-accounting/index.html
· Lesson Lecture
· Video-1: Capital BudgetingURL- https://www.youtube.com/watch?v=TrKVj_wLgUc
· Video-2: Capital BudgetingURL- https://www.youtube.com/watch?v=QRh0tiG2lVk
· Video: Sales BudgetURL- https://www.youtube.com/watch?v=frCX_bsFsao
· Video: Master Budget/Operating BudgetsURL- https://www.youtube.com/watch?v=Wy9MGFjS7ZAAssigned Reading/Study Materials
Use the following links to study Module 5 topics
Capital Budgeting Analysis
https://saylordotorg.github.io/text_managerial-accounting/s12-how-is-capital-budgeting-used-.html
Analysis of Operating Budgets:
https://saylordotorg.github.io/text_managerial-accounting/s13-how-are-operating-budgets-crea.html
3-Clasmate discussion
Discussion1:
by Srikanth Jagini - Wednesday, 6 May 2020, 4:57 PM
Analytical summary
Every organization always wants to create a budget that is flexible and more relevant for the appropriate outcome. The flexible budget is nothing but a budget or list of expenses that occur during a year and it controls the potential emergencies and mitigates the loss of the business. According to Yuzvovich, Korogodina & Azisova (2018), it has been stated that the various problems of budgets made the industrial workflow decreasing and its impact creates the industrial dislocation, a flexible budget is an actual solution and in mitigates the loss of industrial productivity. The flexible budget provides the necessary adjustment when any type of change occurred in the organization and it increases the productivity or capability of the business. Analysis of the performance of the workers and laborers is more important for the organizational perspective. Variance in the flexible budget is occurred due to lack of control and lack of using the materials and poor remuneration to the workers and most importantly by corruption in financial areas. With respect to Junita (2018), it has bee ...
Module 5 Discussion ForumDiscussion Capital Budgeting and How to .docxssuserf9c51d
Module 5 Discussion Forum
Discussion: Capital Budgeting and How to Create Operating Budgets
Variance Analysis:
Write an analytical summary of your learning outcomes from chapters 9 and 10. In addition to your analytical summary, address the following:
1. As a manager, discuss how you would use or have used the concepts presented in chapters 9 and 10.
2. Why might managers find a flexible-budget analysis more informative than static-budget analysis?
3. How might a manager gain insight into the causes of flexible-budget variances for direct materials, labor, and overhead? Provide at least one numerical example to support your thoughts.
Instructions:
Completed the assignment by over 550 words and references.
- Read and respond to at least 3 of your classmates' posts.(Below posted my classmate discussions) Read a selection of your colleagues' postings. Respond to at least 3 of your classmates’ posts. (Each response should be 150 words, It should include the stuff like supporting their discussion and
Study Materials Link:
TextBook:https://saylordotorg.github.io/text_managerial-accounting/index.html
· Lesson Lecture
· Video-1: Capital BudgetingURL- https://www.youtube.com/watch?v=TrKVj_wLgUc
· Video-2: Capital BudgetingURL- https://www.youtube.com/watch?v=QRh0tiG2lVk
· Video: Sales BudgetURL- https://www.youtube.com/watch?v=frCX_bsFsao
· Video: Master Budget/Operating BudgetsURL- https://www.youtube.com/watch?v=Wy9MGFjS7ZAAssigned Reading/Study Materials
Use the following links to study Module 5 topics
Capital Budgeting Analysis
https://saylordotorg.github.io/text_managerial-accounting/s12-how-is-capital-budgeting-used-.html
Analysis of Operating Budgets:
https://saylordotorg.github.io/text_managerial-accounting/s13-how-are-operating-budgets-crea.html
3-Clasmate discussion
Discussion1:
by Srikanth Jagini - Wednesday, 6 May 2020, 4:57 PM
Analytical summary
Every organization always wants to create a budget that is flexible and more relevant for the appropriate outcome. The flexible budget is nothing but a budget or list of expenses that occur during a year and it controls the potential emergencies and mitigates the loss of the business. According to Yuzvovich, Korogodina & Azisova (2018), it has been stated that the various problems of budgets made the industrial workflow decreasing and its impact creates the industrial dislocation, a flexible budget is an actual solution and in mitigates the loss of industrial productivity. The flexible budget provides the necessary adjustment when any type of change occurred in the organization and it increases the productivity or capability of the business. Analysis of the performance of the workers and laborers is more important for the organizational perspective. Variance in the flexible budget is occurred due to lack of control and lack of using the materials and poor remuneration to the workers and most importantly by corruption in financial areas. With respect to Junita (2018), it has bee.
Discuss how a successful organization should have the followin.docxsalmonpybus
Discuss how a successful organization should have the following layers of security in place for the protection of its operations: information security management, data security, and network security.
Multiple Layers of Security
Marlowe Rooks posted Mar 13, 2020 9:54 AM
Looking at Vacca”s book chapter 1, “Information security management as a field is ever increasing in demand and responsibility because most organizations spend increasingly larger percentages of their IT budgets in attempting to manage risk and mitigate intrusions, not to mention the trend in many enterprises of moving all IT operations to an Internet-connected infrastructure, known as enterprise cloud computing (John R. Vacca, 2014)”. It is the organization responsibility to protect its business and its client information at all times. With that said I’m going to break down why companies need to have multiple layers of security and what types they should implement below.
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· Decrease in downtime of IT systems
· Decrease in security related incidents
· Increase in meeting an organization's compliance requirements and standards
· Increase in customer satisfaction, demonstrating that security issues are tackled in the most appropriate manner
· Increase in quality of service
· Process approach adoption, which helps account for all legal and regulatory requirements
· More easily identifiable and managed risks
· Also covers information security (IS) (in addition to IT information security)
· Provides a competitive edge to an organization with the help of tackling risks and managing resources/processes
The second layer would be Data Security which can be refers to the process of protecting data from unauthorized access and data corruption throughout its lifecycle. Data security includes data encryption, tokenization, and key management practices that protect data across all applications and platforms. Some of the reason to implement Data Security is as follow:
· Cloud access security – Protection platform that allows you to move to the cloud securely while protecting data in cloud applications.
· Data encryption – Data-centric and tokenization security solutions that protect data across enterprise, cloud, mobile and big data environments.
· Web Browser Security - Protects sensitive data captured at the browser, from the point the customer enters cardholder or personal data, and keeps it protected through the ecosystem to the trusted host destination.
· Mobile App Security - Protecting sensitive data in native mobile apps while safeguarding the data end-to-end.
· eMai.
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acts
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Outline how and why experiments can identify causes of behavior
Summarise the findings of psychological research into the topic of media violence and behavior
Outline the policies designed to protect children from negative effects of screen violence.\
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Write a brief response to each discussionWinterstien_6.1Top of.docx
1. Write a brief response to each discussion
Winterstien_6.1
Top of Form
According to Baker and Baker (2014), forecasting is a method
of using data to plan for future budgeting needs. There are three
common types of forecasting done in healthcare such as
revenue, staffing and operating expense (Baker & Baker, 2014).
One of the forecasting methods that I am more accustomed to is
the staffing forecasts. As a staff nurse lead or house supervisor,
I must work in conjunction with other nurses to ensure that
patient to staff ratios are maintained. For example, the unit that
I am employed on (ICU) requires one nurse to two patients if
they are in critical condition. If the patients are med/surg
overflow, then one nurse can take up to four patients. In our
eight bed unit, we attempt to have ideally four nurses scheduled
everyday, however, this is not always possible. If there aren’t
enough nurses to care for the patients on the unit, then a float
nurse from another floor or the main hospital’s float pool helps
out. If our unit is overstaffed, then nurses will float or be put on
call to help manage the budget.
Bottom of Form
Mazanec 6.1
Top of Form
Forecasting is major element in predicting future results in our
hospital. Managers are asked to forecast new service line
additions and what the impact will be on revenue, expenses,
volumes, and staffing. Our annual budget basically is one big
forecasting picture. What will the next year bring in patient
volumes and how will that impact our bottom line? Just as such
historic trending plays a role, but forecasting is our crystal
2. ball. As Baker and Baker (2014) state, “the ultimate accuracy
of a forecast rests on the strength of its assumptions.”
The one example that comes to mind is a major forecasting
project that was completed prior to our recent addition and
renovation project. To help the former CEO decide to push
forward with this magnitude of a project, the CFO and I had to
forecast five-year financial statements with the help from our
external audit firm, considering the price of the proposed
project, principal and interest payments, depreciation, staffing,
revenue, and expense. Part of the forecast even included using
the new square footage to forecast increased utility costs. It
also showed the impact of adding a larger annual principal and
interest obligation. This forecast was a great tool to determine
what a new project would look like with our Critical Access
Hospital reimbursement model by considering what portions of
the project would be allowable and non-allowable and how it
would impact our financial strength.
Pick 6.1
Top of Form
Different types of companies use forecasting for different
situations. In healthcare, analysts use forecasting to predict
revenue, staffing needs and operating expenses (Baker & Baker,
2014). Hospitals need to forecast staffing needs as to stay
within budget but also have enough staff to meet the demands of
patients. There are three considerations when preparing staffing
forecasts: controllable versus no controllable expenses, required
minimum staff levels, and labor market issues in staffing
forecasts (Baker & Baker, 2014). It is important to have a
master staffing plan to include all times and days needed.
According to Baker & Baker (2014), the accuracy of a forecasts
rests on the strength of its assumptions.
Juan Casas 6.1
Top of Form
An example I can think of when working in the billing
3. office, we had to come up with a forecast for the billed claims
per all the hospitals that belong to the health system I work for.
When forecasting, we looked at a couple years of fiscal data and
we also annualized the present fiscal year to come up with an
estimate of billed claims for the rest of the year. My director
always insisted that for budgeting purposes, it was necessary to
have at least 3 fiscal years to identify trends. Ideally, it would
be better to have at least 5 years in total.
In addition, when forecasting and benchmarking, it was
necessary to clean the raw data to only count unique claims and
avoid counting duplicate claims. For Benchmarking, it was also
important to include resubmissions of claims when denials
occurred, since that required worked hours in the billing office.
Even though the bulling office was not a real profit center, it
was more like a cost center since we want to minimize the cost
per claim.
Muhlecke 6.2
Top of Form
What is the difference between a flexible and a static budget?
If you reviewed a budget at your work place, do you think you
could explain the major variances?
According to Baker and Baker (2014) the static budget is based
on a single level of operations. After a static budget, has been
approved and finalized, that single level of operations is never
adjusted. Because budgets are measured by how they are
different for the actual results a variance is the difference
between an actual result and a budget amount when the budget
amount is a financial variable reported by the accounting
system.
I would explain to my workplace that the computation
of the static budget variance only requires one
calculation: Actual Results minus Static Budget Amount equals
Static Budget Variance.
According to Baker and Baker (2014) a flexible budget is one
that is created using budget revenue and/or budget cost
4. amounts. Unlike static budget, flexible budgets are adjusted or
flexed to the actual level of the output achieved during the
budget period. Thus, a flexible budget looks towards a range of
activity or volume unlike the one level in a static budget.
6.2_Buda
Top of Form
Flexible budgets adjust for changes in volume where static
budgets do not; static budgets stay the same regardless of the
volume (Baker & Baker, 2014). In healthcare, static budgets
are helpful for planning, but they are not as useful for an
operational budget since volume is variable. When a static
budget is used, less data is available when evaluating variance
in specific areas. With a flexible budget, the variable costs are
increased proportionately but fixed costs remain the same
(Rachita, Diaconescu, & Mazga, 2016). If a specific metric is
not met even when the activity level was,
managers are better able to determine exactly where deviation
from plan occurred, and they are better able to determine areas
where improvements can be made. For example, if a static
budget includes supply expense at $100,000, if the actual was
$95,000, the expense would be under budget, so the cost would
never be evaluated. If the same budget was done as a flexible
budget and supply expense was budgeted at $100,000 for a
volume of 10,000 patient days and the actual expense was
$95,000 with 8,000 patient days, even though the dollar amount
is under the budget, the volume was significantly less and it
would be an area to evaluate as part of cost containment
measures.
Flexible budget variances are the differences between the actual
result and the flexible budget amount, and they reflect how
actual results deviate from expected results at a certain activity
level
(Rachita, Diaconescu, & Mazga, 2016).
5. At my work, if I was asked to review a budget, I could explain
the major variances, but I prefer not to just explain but to
analyze, determine root causes, and implement process
improvements.
DB 6.2 Randolph
Top of Form
According to our text book a flexible budget is one that is
adjustable for change such as an increase in volume of activity.
This simply means that there is room in the budget to increase
to volume of activity or work. For a static budget there is a
fixed amount regardless of the volume of activity. The
difference in the two is pretty obvious, one has the ability to be
flexible and the other is not. In my organization we are
currently sharing a budget between our athletic training
department and our strength and conditioning department. I
believe if I were to review our budget it would be very easy to
see a variance. This year our budget took a hit due to a new
weight room facility but on a typical year in the past there
hasn’t been too much variance. We manage to stay within our
budget every year, and we hope to soon have independent
budgets for each department.
Taylor 6.2
COLLAPSE
Top of Form
The text states a flexible budget is a budget that adjusts or
flexes for changes in the volume of activity. While a static
budget remains at one amount regardless of the volume of
activity (Baker & Baker, 2014). So, per the text the difference
between two is as stated in the previous sentence one budget
adjust or flexes (flexible), and the other budget remains at one
amount (static). If I reviewed a budget at my work place, I do
you think I could explain the major variances between the two
budgets since the flexible budget offers changes based upon
volume, provides a greater level of control, and accomplishes
6. the forecast in one step., which would be easy to recognize and
explain if I had the task to do so. Static budgets offer the
variance analysis. The variance analysis tells the owner how
much she's over or under the original budget, via percentage and
dollars and that you can adjust the budget up or down depending
upon the variance percentages. The negatives of the two are that
the flexible budget is a more sophisticated method which means
you may not have time to make the necessary changes to it. And
lastly with the Static budget it’s down fall could be attributed to
the lack of actual data upon which to build a budget if actual
data were to differ significantly from the static budget, it would
be impossible to change the budget or to determine if the costs
to produce the revenue were properly controlled.
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