...HCS/552 Health Care Economics Terms Comparison Paper Abdel Rahman Shehabeddin Instructor Nate Garner Monday, August 28 2011 Terms Comparison Paper Economics is the study of how people make choices when they want to utilize resources (American Economic Association, 2011). Health care organizations strive to use the same concept of economics when they choose how to allocate resources and plan how to use them because it is essential to their survival. Therefore, health care and economics are connected in the sense of sharing the same terms such as resources, quality, and cost. This paper analyzes how the terms resources, quality, and cost are similar in economics and health care, and how these terms differ in economics and health care. Terms In economics a resource is defined as a product, asset, or other services with limited availability utilized to generate commodities and services that convene to human requirements and desires. Every economy has, in varying degrees, vast amounts of diverse resources, or factors of production. Factors of production can be classified in many ways. One common classification design distinguishes human resources, natural resources, and manufactured resources (Henry George Institute, 2011). Human resources or labor is the quality and quantity of human effort directed toward producing goods and services ("Human resources," 2006). Natural resources such as land with its innate mineral deposits that is accessible without any human effort or...
Words: 967 - Pages: 4
...better planning and control and decision making ability at crucial point of business, The managerial accounting teaches the technique of budgeting for the planning and control purpose, And also certain concepts such as opportunity cost, differential cost, break even, direct costing, capital budgeting, etc, they help in doing appropriate decision at crucial times. Discuss how this course has affected you in your professional development as a student and as a person as well as encouraging you on your academic path. It has created in me the ability to set targets by doing planning and compare it what acutally8 has been done, which urges me to achieve my target as set by me. It has also created ability in me to do cost benefit analysis of every decision, I know that there is a cost being spent on by studies which will give me return once it is completed with goods grades, therefore it motivates me to do better and better. Since job growth for Cost Accountants look promising for the coming years. Most companies, who are trying to establish themselves in any market, but especially global markets, have to deal with decreasing margins as competition continues to streamline production and reduce their costs. The value of highly educated and experienced Cost Accountants can be the difference between the success and failure of a business. So I feel encouraging on my academic...
Words: 295 - Pages: 2
...SpA, world’s largest manufacturer of pasta based in Italy is experiencing extreme demand variability resulting to operational inefficiency and increased cost. To combat the key issues stated my decision is to implement the Just In Time Distribution (JITD). This new system, contrary to current system Barilla has will eliminate Bullwhip effect and stock outs by having centralized information, there will be data transparency between Barilla and distributors. Distributors will provide actual sales data which will be the basis of forecasting and production thus increasing in efficiency in operation and alleviating stock out among distributors. JITD will lead to improved supplier-customer relationship which in the long run can be perceived as a win-win situation. Internal resistance coming from Sales and Marketing will be resolved by involving the top management and by presenting the benefits of the JITD in figures and by emphasizing that role of Sales team in JITD is of paramount to the implementation. External resistance will be combated by thorough discussion presenting the long term benefits of all parties involved. Implementation of JITD as soon as possible will position Barilla on even stronger pasta producer and will potentially increase growth rate of the company resulting from increased business efficiencies and reduced cost. Barilla can have a pilot run on the DO (Distribuzione Organizzata) where sales representatives functions are dominant, sales representatives are one of...
Words: 1654 - Pages: 7
...latest by 30th October 2012 Tuesday. 5. The deadline for submission of the project (word document/hard copy) is 10th December 2012 Monday. PREPARATION OF A BUSINESS PLAN, AD 408 Fall 2012 Standard format for the contents: 1. Executive summary – one or two pages summarizing the purpose, mentioning the key highlights 2. Business definition – key features of the business operation 3. The description of the competitive environment (general and the industry) and the market assumptions used in business justification (how big? growth? how much?) 4. Key Success Factors (KSFs) for the industry, SWOT analysis and the statement of the formulated strategy 5. Implementation / resources required (capital expenditure? people? other?) 6. Financial justification, required data: Revenue stream details (no of units? price/unit?) Cost data Projected P/L statement for the coming 5 years Cash Flow...
Words: 761 - Pages: 4
...Table of Contents Executive Summary 3 Issues Identification 4 Environmental and Root Cause Analysis 4 Alternative and/or options 5 Recommendation and Implementation 7 Monitor and Control 8 Conclusion & Management Plan 9 Executive Summary In order to address the growing burden that demand fluctuations imposed on the company manufacturing and distribution system Giorgio Maggiali, the director of logistic would like to explore and improve Barilla inventory system to Just-In Time Distribution (JITD). This inventory system was originally proposed by Brando Vitali, rather than following the traditional practices of delivering product to Barilla distributors based on what orders they placed. Currently the resistant from Barilla’s customers and the internal sales/marketing department creates difficulties and little progress of implementing JITD. The new strategy will include combination of implementation of Just In Time Distribution (JITD) and reduce variability of products. Implementing JITD would solve a lot of the organizational issues that exist with Barilla however, barilla needs to convinced their internal staff and ensure that employees will not be affected and will be getting their incentive in a different method. By setting up information meetings and obligatory workshops in regards of the inventory process or any changes in order to keep Barilla’s employees aware what the changes will be. Barilla will also need to convince to the retail buyers with this...
Words: 1599 - Pages: 7
...and a detailed plan for implementation has attached. We will be looking forward to discuss the plan after you had reviewed our proposal. As always, please do not hesitate to call us or drop us an email if you have any enquiries or if we can be of further assistance. Thank you for your time and attention. Sincerely, Syndicate Group 1, Tutorial 10 – 11, Tuesday. Table of Contents Description | Pages | 1.0 Executive Summary | 4 | 2.0 Introduction 3.1 Background | 55 | 3.0 Investment Ideas 3.1 Eagle Nest Resorts & Spa in South East Asia 3.2 Aurora Resort in Iceland with spa 3.3 Castle by Eagle Nest with wine yard | 6789 | 4.0 Cost and Benefits 4.1 Cost/Income Statements | 1011-12 | 5.0 Recommended Idea | 13 | 6.0 Project Plan 6.1 Financial Evaluation 6.2 Timescales | 141515 | 7.0 Conclusion | 16 | 1.0 Executive Summary This proposal provides suggestions of investment ideas with details that fit within the given budget to create a sustained and long term growth for Eagle Nest Hotel Inc. The purpose of this proposal is to: * Create long...
Words: 2961 - Pages: 12
...skilled at analysis. Such heads are specialists in certain areas only. 3. They are analytical in approach (breaking the system into smaller and smaller elements) and they know something abt. the operation for which they are responsible. 4. In case of any difficulty, they know how to analyze and attack it. 5. They are administratively responsible for deciding how something will be done, who is going to do it, and what resources will be devoted to accomplish a task. 6. He is a direct, technical supervisor. 7. He should have knowledge in the technology of the process being managed. 8. The FM cannot allow the PM in taking control of the technical decisions in the functional areas or to control the assignment of the functional area personnel. PROJECT MANAGER 1. A PM starts his career as a specialist in some field, later on being promoted to some higher post. 2. He is required to be more skilled at synthesis. 3. The PM uses a system approach i.e. understanding the organizational problem, for which the project is a part, the organization for which the program exists, as well as the environment of the organization. 4. The PM is a facilitator and generalist. 5. He should be competent in the science of project along with having the technical competence in some aspects. 6. He is responsible for organizing, planning, budgeting, directing, planning, and controlling the project. Economic Analysis: 1) Economic analysis is also...
Words: 2187 - Pages: 9
...The standards setting process is a very complex but necessary process in the accounting world. The Financial Accounting Standards Board accomplishes this mission through a comprehensive and independent process that encourages broad participation, objectively considering all stakeholder views, and by being subjected to oversight by the Financial Accounting Foundation’s Board of Trustees. Through these few necessary requirements they help form a very effective and sound standard setting process. The first part of the standard setting process that plays a crucial role in this process is the Rules of Procedures. The Rules of Procedure of the standards setting process describes the FASB’s operating procedures, and includes the due process activities that are to be open to public participation or observation to provide transparency into the standards-setting process. These rules set forth procedures followed by the FASB in establishing and improving standards of financial accounting and reporting for nongovernmental entities, including procedures related to the issuance of such standards and other communications. They also describe briefly the relationship of the FASB to the Foundation and its two advisory councils, the Financial Accounting Standards Advisory Council and the Private Company Council. The FASB is an independent, private-sector body created to serve an important public interest. Since 1973, it has been the designated organization in the private sector for establishing...
Words: 1008 - Pages: 5
...NAVAL POSTGRADUATE SCHOOL Monterey, California THESIS A REQUIREMENT ANALYSIS FOR THE NAVAL POSTGRADUATE SCHOOL’S ALUMNI DATABASE SYSTEM by Lawrence M. Gaines September 2002 Thesis Advisor: Co-Advisor: Julie Filizetti Daniel Dolk Approved for public release; distribution is unlimited THIS PAGE INTENTIONALLY LEFT BLANK REPORT DOCUMENTATION PAGE Form Approved OMB No. 0704-0188 Public reporting burden for this collection of information is estimated to average 1 hour per response, including the time for reviewing instruction, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to Washington headquarters Services, Directorate for Information Operations and Reports, 1215 Jefferson Davis Highway, Suite 1204, Arlington, VA 22202-4302, and to the Office of Management and Budget, Paperwork Reduction Project (0704-0188) Washington DC 20503. 1. AGENCY USE ONLY (Leave 2. REPORT DATE 3. REPORT TYPE AND DATES COVERED blank) September 2002 Master’s Thesis 4. TITLE AND SUBTITLE A Requirement Analysis of the Naval 5. FUNDING NUMBERS Postgraduate School’s Alumni Database System 6. AUTHOR (S) Lawrence M. Gaines 8. PERFORMING ORGANIZATION 7. PERFORMING ORGANIZATION NAME(S) AND ADDRESS(ES) REPORT NUMBER Naval Postgraduate School Monterey, CA 93943-5000...
Words: 17005 - Pages: 69
...Next, each item commitment quantity was tabulated using its individual contribution margin and salvage value if any. For e.g. if an item had a margin of $15 if sold, and $5 loss if not sold, the commitment value would be 0.75. Hence the optimal stock to keep would be 0.75 fractile of the probability distribution of demand. If for instance, the corresponding error for 0.75 is 1.3, the optimal stock to keep for that item would be 1.3 * frozen forecast. Hence, this value is the stock for that item. Q.2 We explain different scenarios to determine relevant costs and revenues. The first scenario is where the stock kept of a particular item is sold. In this case, all the costs related to buying and selling that product would be included. The selling price of the product, the cost of buying from the vendor, the carrying cost of that particular stock item, and the cost of marketing that item in the catalogue are the relevant costs to be included. In the...
Words: 1364 - Pages: 6
...1) Performance and Readability: A Comparison of Annual Reports of Profitable and Unprofitable Corporations By combining both narrative data and quantitative information, annual reports convey information te decision makers, in addition te meeting the disclosure requirements imposed by the Securities and Exchange Commission. Stockholders and professional analysts examine the report for the corporation's year-end financial information, for m^or developments ofthe past year, and for planned activities for the coming years. References Subramanian, R., Insley, R., & Blackwell, R. (1993). Performance and Readability: A Comparison of Annual Reports of Profitable and Unprofitable Corporations. Journal of Business Communication, 30(1), 49-61. A budget is a quantitative expression of a plan of action. The Starbucks store expresses its plan for product growth and improved marketing through revenue and advertising budgets. Budgets also help to coordinate and implement plans. They are the chief devices for disciplining management planning. Without budgets, planning may not get the front-and-center focus that it usually deserves. Introduction to Management Accounting: Chapters 1-17, Fourteenth Edition, by Charles T. Horngren, Gary L. Sundem, William O. Stratton, David Burgstahler, and Jeff Schatzberg. Published by Prentice Hall. Copyright © 2008 by Pearson Education, Inc. Performance reports provide feedback by comparing results with plans and by highlighting...
Words: 485 - Pages: 2
...about the importance of responsible commerce like how necessary of responsible commerce and what consequences it can be brought if there is not responsible commerce. To my mind, ‘responsible commerce’ refers to the corporation preventing and solving long term issues to maximize the benefits of the shareholders and stakeholders which compliance with the spirit of the law, ethical standards and international norms. But during the study of COMM101, I found that the principles of responsible commerce are really important for the development of our society, both in economic and culture areas. With the development of globalization, the competition among industries becomes more and more fierce. How to earn more profits with much lower operational cost has become every company's concern and pursuit. Unfortunately, in order to reach their profitable goal, many companies adopt illegal and immoral methods to conquer the market and maintain their market share. However, their improper market behavior is devastating to both the market and the enterprises themselves. On the one hand, their immoral market activity may break the market rules and regulation, which in turn disrupt the normal running of this industry and threaten the operation of other companies. Furthermore, their selfish behavior might help them reach their targets in the short run, but they may damage their own reputation and fame in the long run. Why it is happened? And how to make them avoided? Those lead me use the relevant theories...
Words: 1971 - Pages: 8
...issue of abusing human rights and not behaving ethically in the world of business. Any business/service should never ever put a value on human life and not take consideration of a known deadly danger. Ford had an option as well as the solution to design the car in a way that prevented cars from exploding; however they refused to implement it. They thought that it was cost effective not to fix dangerous condition than to spend the money to save people in spite of the fact that the only added cost was $ 11 per vehicle. 2. Suppose Ford officials were asked to justify their decision. What moral principles do you think they would invoke? Assess Ford’s handling of the Pinto from the perspective of each of the moral theories discussed in this chapter. I think Ford officials would invoke the principles of utilitarianism. They claimed that they used cost benefit strictly based on data provided by National Highway Traffic Safety Administration (NHSTA). Moreover Ford also quantified a human life as a commodity at cost of approximately $ 200,000. As per their analysis, the $49.5 million benefits and $137.5 million cost suggested that Ford implementation of safety improvements would totally outweighed their benefits. 3. Utilitarian’s would say that jeopardizing motorists does not by itself make Ford’s action morally objectionable. The only morally relevant matter is whether Ford gave equal consideration to the interests of each affected party. Do you think Ford did this? I don’t...
Words: 846 - Pages: 4
...major issues recognized by us are as follows: 1. No Test Marketing done As a part of the 2013/2020 strategy, Tallmart renovated the entire store design of all its 500 stores. This approach was not justifiable. The new model should have been implemented for around 10% of the stores. This would have enabled them to understand the consumer preferences in accepting the change. Also the revenue from the remaining 90% stores could have been retained. 2. Catalog printing The catalog’s for the clothing line of Tallmart has to be re- printed frequently. The average expense of catalog was $ 15887 per year(refer to cost benefit analysis sheet) As new trends in the clothing line, has to be showcased in the catalog this becomes a recurring expense, and could have been avoided by investing in an electronic catalog which would have been a non-recurring cost. 3. Should not have leased out store space The store space leased / rented out could have been used as a storage space for catalog items. This could have increased the number of items in the ware house. Else this space could have been utilized to generate more business from the already...
Words: 1160 - Pages: 5
...the selection process you would use to make the most cost effective and employee friendly decision. I would use to make the most cost effective and employee friendly decision depends upon how these benefits are best for their situations. Being able to design and administer a benefits program requires knowledge of many laws and an understanding of the field of insurance. Controlling costs of benefits takes a constant monitoring of the insurance plans that form the core of the benefits program. Two methods of dealing with administrative costs are to search for alternative funding methods and to develop a system of competitive bidding that ensures that the organization is using the best and most cost effective insurance plans. The employee benefit plan includes the different types of health insurance which can pick from and would be best for their situation. (Bridgeford 2088) This approach, however, can negatively affect both recruitment and retention. A more viable approach is to offer benefits that are less costly, but equally desirable. Companies can continue to offer attractive benefits by implementing some of the cost-containment strategies. Many organizations implement utilization review programs in order to cut health care costs by ensuring that each medical treatment is necessary before authorizing payment, and ensuring that the medical services have been rendered appropriately at a reasonable cost. These programs require...
Words: 2760 - Pages: 12
