...• Analyze the last poor decision made by a group of which you were a member. What do you think contributed to the group’s poor decision? Did the group think of alternative possibilities? Did the group move too quickly through any of the development stages? If yes, did this cause lack of cooperation or poor communication? In a newly formed Nurse Excellence Council decisions needed to be made regarding Nurses Week Awards. Last year was the first year that any awards were given as part of the Nurses Week Celebrations. The Council is comprised of primarily bedside nursing staff (as voting members) with Nursing Leadership (1 vote) present as support. The team is lead by a committee appointed Chair and the Co-Chair is our Pathways Director. As a leadership team we take turns attending the meeting so that we all are visible at different while trying to be considerate of the committee and not all leadership present at all meetings. As the team discussed the awards that were given last year, they made a quick decision to eliminate any awards that were previously given to non-nursing personnel (i.e. Outstanding Support Staff [Unit Secretaries, PCA’s, Tech’s etc…] and the Nurses Choice Physician Award [given to a physician that was a constant Nurse Advocate]). The committee voiced that “Nurses Week is for Nurses and we should only be recognizing Nurses during OUR celebration”. I, as the Leadership representative, voiced my feelings and attempted to give the “collaboration and team”...
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...Healthcare Budget HCS 577 Sharon Gomes- Sanders Healthcare Budget Review of the Patton-Fuller community Hospital's 2009 operating budget and 2010 budget assumptions showed the accuracy of the 2010 operating budget projection. The operating budget is the yearly statement of profit and loss for the organization. Healthcare organizations prepare projected operating budgets for the approval of senior management. At the end of the fiscal year, a detailed accounting provides the report for how the company performed. There are effective and ineffective ways to manage the fiscal status of healthcare entities. This paper will take everything into consideration and identify effective and ineffective financial management practices in the health care setting. Healthcare businesses thrive on a foundation of strong fiscal management. There are effective management practices in the creation and monitor of an operational budget. An effective management practice is to link budget development to corporate strategy. When the budget is linked to the overall corporate strategy, managers and employees can get a clearer picture of the company's strategic goals. Capital management aligns an organization's long-range strategic, financial, and related operating plans (Nugent, 2001). Obtaining employee buy in leads to the coordination of support for organizational goals, leading to strong fiscal performance. Effective communication between departments ensures a same page mentality in budget development...
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...the budgeting process and primarily focuses on the planning problems with budgeting. The other advocates abandoning the budget and primarily focuses on the performance evaluation problems with budgeting. This paper provides an overview and research perspective on these two recent developments. We discuss why practitioners have become dissatisfied with budgets, describe the two distinct approaches, place them in a research context, suggest insights that may aid the practitioners, and use the practitioner perspectives to identify fruitful areas for research. INTRODUCTION udgeting is the cornerstone of the management control process in nearly all organizations, but despite its widespread use, it is far from perfect.1 Practitioners express concerns about using budgets for planning and performance evaluation. The practitioners argue that budgets impede the allocation of organizational resources to their best uses and encourage myopic decision making and other dysfunctional budget games. They attribute these problems, in part, to traditional budgeting’s financial, top-down, commandand-control orientation as embedded in annual budget planning and performance evaluation processes (e.g., Schmidt 1992; Bunce et al. 1995; Hope and Fraser 1997, 2000, 2003; Wallander 1999; Ekholm and Wallin 2000; Marcino 2000; Jensen 2001). We demonstrate practitioners’ concerns with budgets by...
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...Manage budgets and financial plans Assessment activity 1 1. Accurate records management is the first important task in the process of sound financial management or any small business operator. Accurate and regular financial information allows you to monitor the success or failure of a business and provides them with information to evaluate the consequences of their financial decisions. To be successful it is essential that you know the precise financial condition of your business. Accurate and regular financial information allows you to monitor the success or failure of your business and provides you with information to evaluate the consequences of your financial decisions. Regularly monitoring your business activities will help you operate more efficiently control your cash flow and increase your profitability. Solid information about your business depends completely accurate and timely record keeping practices. Accurate financial records will allow you to •identify your income and expenses to create a profit and loss statement •identify your business assets and liabilities to create a balance sheet •identify the timing of income and expenses to create a cash flow forecast •compare your business operations with industry benchmarks * prepare accurate business activity statements and tax returns so you don’t over or underpay your taxes 3. * identify the data that needs to be collected * identify the appropriate source of data * ensure currency, reliability...
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...answer: (a.) What reports are used at your company to monitor business performance? At the restaurant where I work at, a few different types of reports are used to monitor the business performance such as: account summaries and balances, balance sheets, bank statements, banking summaries and business activity statements. (b.) What are they used for? Financial reports are used to keep track of the business operation. These reports are produced to reflect the business's earnings and spending within the given fiscal year. (c.) What do they reveal about the condition of the business? The reports reveal the impacts the financial information may have on operational activities in the restaurant. Activity 2 Objective To provide you with an opportunity to interpret financial information and reports applicable to operational or departmental activities. Activity Name five types of information, such as a bank statement or balance sheet that you may have to interpret at work. 1. Profit and loss statements 2. Invoices 3. Bank Statements 4. Balance sheets 5. Business activity statements What kind of information can you gain from each document? Profit and loss statements: summarizes the revenues, costs and expenses incurred during a specific period of time, usually a fiscal quarter or year. Invoice: record of purchase that allows a customer to pay a company for goods or services they have provided to him. Bank Statements: a printed record of the balance in a bank account...
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...Budget management analysis is commonly used by mangers as a tool helping to make sure that all resources in existence get put to use correctly. The budgets are determined annually because they are determined by the preceding year’s budget and differences. Budgets can be controlled by specific techniques to control budgets within prediction, consider five to seven expense results with budget anticipations, explain possible factors that cause fluctuations, present ways to keep results associated with goals, share three benchmarking strategies, and consider the ones that could increase budget accuracy, and give good reason for the choices made. (Finkler, 2007) Several techniques are often used to regulate budgets; managers as well as the chief financial officer of nearly all health related agencies provide the techniques necessary to manage the budget. By balancing the budget the institution will likely be better organized for the financial guidelines, which are the company’s upcoming expenses. A few techniques that can improve balancing the budget are zero based, activity based, performance based, cost fluctuations and benchmarking. Zero based budgeting examines each individual expense within a business and justifies the necessity and expense of each. Activity based pricing is the accumulation of the operating cost records, which is also assigned to individual programs which include engineering. The performance dashboard applies the metrics of functioning and examines the reason...
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...Kenya Ratcliff American Intercontinental University FINA425 – Budgeting January 24, 2016 Abstract This is a research paper about financial budgets. This research paper talks about a management director would establish policies and system for a business and/or organization. This research paper will help to explain the different style of budgets, budget cycles and the guidelines rules for set up a financial budget for a business and/or organization. Unit 3 Individual Project Introduction This is a report from the management director to establish policies and systems for the new business, I Can Business Incorporated (ICBI). This report will be delivered to the board of directors of ICBI. This report will describe what a financial reporting system is and explain how management for ICBI should use an activity based budget instead of an operating budget. This report also gives examples of budget guidelines for ICBI. Describe the meaning and the components of a financial reporting system Financial reporting is the process of compiling statements that shows a glimpse of an organization’s financial “health” or status to management, investors and the government. There are four basic reports that are included in a financial report. There is a balance sheet, an income statement or sometimes called the profit & loss statement, a cash flow statement and a statement of shareholder’s equity. The balance sheet gives a detailed picture of the financial condition of a business at...
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...Supply Budget Cranston INF 336 Project Procurement Management (BQ01208A) Instructor: Kurt Earnhart 9/21/2012 A wide-ranging budget is serious to organizational success. However, the importance of the material supply budget cannot be overlooked. Established after the predicting of supply needs and resourcing has been completed, the supply budget defines how the business can meet its upcoming goals and targets and do so in cost-efficient and cost-effective ways. Separated into 4 distinct budgets, the materials, MRO, Capital and administrative/operating budget, the supply budget offers the business the means to meet its goals and objectives. * The Materials (operations) purchase budget, is based on the group’s forecasted operations, sales and plans classifies cash flow labels and problems well in advance. Because of this task, the materials (operations) purchase budget separates problems and gives the organization ways to avoid predicament. * The MRO Budget, which normally covers a purchase plan over 12 month periods, outlines budgetary provisions for maintenance, repair and operating supplies. Due to the intricacy of the MRO budget and the line items it contains, the MRO budget is really thought-provoking. For clear reasons, it might be impossible to forecast some repairs. * The Capital Budget fine points the money outflows based on the strategic plans of product lines and production needs. Because of this, some companies may plan the wealth outflows for one...
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...broad-based statements of purpose. Strategic plans take the broad-based statements and express them in terms of detailed steps needed to attain those goals. Budgets are the short-term plans used to implement the steps included in the strategic plans. For example, a company may have a goal of "Becoming the number 1 company in the industry." The strategic plans would include such statements as: "Increase sales volume by 20% per year." The master budget would state the number of units that are needed to be produced and sold in the coming period to meet the 20% volume increase as well as the production and marketing costs necessary to attain that objective. The master budget would also include estimates of the levels of cash, accounts receivable, inventories, and fixed assets needed to support the budgeted level of activity. 15.2 Operational budgets specify how an organization's operations will be carried out to meet the demand for its goods and services. The operational budgets prepared in a hospital would include a labor budget showing the number of professional personnel of various types required to carry out the hospital's mission, an overhead budget listing planned expenditures for such costs as utilities and maintenance, and a cash budget showing planned cash receipts and disbursements. 15.3 An example of using the budget to allocate resources in a university is found in the area of research funds and grants. Universities typically have a limited amount of research-support resources...
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...AC4.1 Explain the uses of a budget Businesses use budgets to plan, monitor and control the spending within the business in order to manage their financial resources more efficiently. Budgets also give businesses guidelines to follow, this gives them direction and co-ordination, in order to help the company move forward as opposed to not having a goal or objective to move towards. Capital budgets are used for any investments in resources needed, to last more than a year; these are also typically used to generate profit/income. Operational budgets cover the day-to-day spending within a business which includes wages, utilities and supplies etc. Money can be borrowed from the operational budget for capital expenditures. At Tinsmiths our budget is managed by the Business Owner/Manager and the Finance administrator, they work together to ensure effective financial management, and to make sure that the budget is realistic and appropriate for each department/section. It is the role of the shop manager and office manager to decide if they need extra resources/supplies for their department throughout the year. It is also good practice to factor into the finical forecast a budget for innovation and investments and any other potential future activities that may occur throughout the year as this will leave you better...
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...of an analysis of the company budget, identification of key variances and findings, and suggestions on operational changes. A description of the budget process will be presented to pinpoint variances and their causes. Based on these variances, operational changes will be suggested and explained while considering business ethics. Recommendations on particular component production as well as nonfinancial performance measures will be made and accompanied by supporting evidence. First, the following is a brief overview of the budget and budget process. Budgets are an indicator of the costs and revenues linked to each of the companies activities and a way of providing information and supporting mangement decisions throughout the year (Nobles et al., 2014). Budgeting requires managers to plan for the company’s future based on a formalized plan (Nobles et al., 2014). In order to begin this cyclical, formalized plan, companies must first establish their objectives (Nobles et al., 2014). Then the company formulates stratgies to achieve these objectives and creates a budget based on these strategies (Nobles et al., 2014). After the budget has been prepared, business operations (i.e. production, processing, etc.) begin and as financial periods end the results are compared to the initial budget (Nobles et al., 2014). Once the budgets are compared, the company can alter the existing strategy or develop an entire new one, and then continue on through the budget process (Nobles et al., 2014)...
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...Mouhamed Tall 6110 47th Ave South Seattle WA 98118 EDUCATION Bachelor of Arts in Economics – Minor: Public Policy Georgia State University – Andrew Young School of Policy Studies May 2013 Associate of Applied Science in Banking and Finance Georgia Piedmont Technical College May 2009 EXPERIENCE Amazon, BFI 5Seattle, Washington 2014- Present Fulfillment Associate • Sort packages manually to assigned areas • Use a RF unit to palletize product for delivery • Unload trailers for packages to be sort it out • Maintain accuracy, quality, and meet or exceed productivity quotas while performing these tasks • Operate manual and electric material handling equipment such as hand jacks • Perform other duties as assigned Katmai Government Services, Anchorage, Alaska 2011-2013 Role player/foreign language specialist • Trained soldiers through military mission and situational exercises that enable soldiers’ battalions to interact under various conditions • Replicated various roles and groups of people representing possible situations military battalions may face during deployment ...
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...Question 2 A budget is defined as a plan of operations based on a given estimate of expected income and expense in the future. As such, it is thought of as an action plan, outlining an organization's financial and operational goals. The budget expresses the quantitative arrangement of the entity's management, in terms of allocating the business resources, performance evaluation, and formulating prospective plans. Businesses alike hold this as an annual undertaking, putting into account the company's past year's budget and subsequently previewing projections for the next couple of years (however often occurring short-term, in about a year or less.) Budgets provide control over the instantaneous environment, help to master the financial aspects of the job and department, while at the same time administering solutions to problems before they occur. They focus on the importance of assessing alternative actions before decisions are actually implemented. Budgeting serves as a means of systematically planning and control. This will require a realistic financial documentation of the company's goals and performance objectives. Upon formulation, the analysis provides adequate development throughout the fiscal year. Consequently, monthly performance reports compare budgeted results against actual stats. The management then examine these and set out to take necessary corrective actions against significant variances. This is known in the accounting world as budgetary control. Also, allowing...
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...national budget indicates, in terms of manpower, money, machines and materials, the country’s total resources to be utilized for various activities during a specified period. It is scrutinized by the country’s legislature; it becomes a piece of legislation when the legislature approves its adoption. The annual budget of an educational institution is approved by the institution’s governing board. The approved budget becomes the legal authority by virtue of which executives, agency heads or administrators can initiate or carry out activities designed to achieve organizational objectives. What is Budgeting? Budgeting is the process of systematically relating expenditure to achieve planned goals and objectives. It follows five phases and has three major functions. The phases of budgeting are as follows: Phase I – identification of programs/projects/activities to be accomplished during the budget period; Phase II – identification of resources in terms of manpower, money, machines and materials; Phase III – costing of resources, which is the most important activity in budgeting since the budget is fundamentally a financial statement; Phase IV – presentation of the budget in accordance with guidelines periodically issued by the proper authority, e.g., the Department of Budget and Management in the case of the Philippines; and Phase V – obtaining the approval of the appropriate authority, this involves piloting of the budget through a series of budget hearings...
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...Stacey McDade HCA-240 04-17-2016 What is your role as an administrator in creating an operation budget? *The role of a hospital administer for a non profit level 1 trauma center is to plan and monitor day to day activities, personnel and supplies. This process of planning a budget typically is written out for a one year time frame. The administrator needs to assess revenue and expenses as well. For this hospital the administrator would need to make sure the time a patient is occupying a bed. Every new patient in the trauma center equals a profit for the hospital. What are the components of operating budgets for a hospital of this kind? *The components of this kind of budget would be to assess revenue vs. expenses and make sure the for-profit hospital is making a profit. Revenue would include the amount of money the center gets from the patient or the insurance company for services rendered. In a trauma center profit is based off of patient days spent and procedures. Expenses would include the cost of staff, supplies either office of medical, equipment rental, repair and maintenance and pharmacy. What role does variance reporting have on building an operational budget? *Variance plays a role within the trauma center in two different ways, revenue and expenses. The administrator would have to evaluate expenses and set up a budget to make sure the trauma center is making money. The administrator uses variance to assess the differences between the two figures....
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