Question.1721 - Week 5 Problem SetNURS 6123 – “Strategic Planning and Financial Management”CHAPTER 14 What is performance budgeting? What are the steps that make up performance budgeting? What are some key performance areas for a nursing unit? What are some issues to be considered in determining how much of each operating budget line item should be devoted to each performance area? Organizations tend to have many goals; however, the budget process usually focuses on accomplishment of only one or two goals, such as not overspending. How does performance budgeting bring performance with respect to other goals under scrutiny? CHAPTER 151. Discuss the concept of goal congruence.2. What are some negative consequences of unrealistic budgeted expectations?3. How does communication aid the control process?4. What is meant by "favorable" or "unfavorable" variance?5. What are some possible causes of variances?6. What is the essence of flexible budget variance analysis?7. Does flexible budget variance analysis explain the cause of variances observed? What is control? What are some uses for budgets for control? Why is variance analysis performed? CHAPTER 161. Why is interpretation of variances important? 2. Does the acuity variance represent an additional amount of variance? 3. Why are variable costs critical to flexible budget variance analysis? 4. Should all variances over $1,000 be investigated? Explain. Harrison, Jeffrey P. (2016). Essentials of strategic planning in healthcare (2nd ed.). Health Administration Press, Chicago, Illinois. ISBN: 978-1-56793-791-6: You were assigned to read Chapters 9 and 10 from the Harrison textbook this week. What did you learn from these two chapters that you did not know before? How might this information be used by you as a Nurse Manager? (Your answers should be in the range of 2-5 paragraphs.)
Answer Below:
CHAPTER xxxx is xxxxxxxxxxx budgeting xxxxxxxxxxx budgeting xxxxx the xxxxxxx of xxxxxxxx to xxxxx outcomes xxxxxxxxxxx accountability xxx results xxxx traditional xxxxxxxx expenditures xx focuses xx achieving xxxxxxxx objectives xxxx allocated xxxxx thus xxxxxxxx efficient xxx of xxxxxxxxx What xxx the xxxxx that xxxx up xxxxxxxxxxx budgeting xxx steps xx performance xxxxxxxxx include xxxxxxxx objectives xxxxxxx performance xxxxxxxxxx measuring xxxxxxxx comparing xxxxxx performance xxxxxxx targets xxxxxxxxxxxx resources xxxxx on xxxxxxxxxxx and xxxxxxxxx strategies xx enhance xxxxxxxxxxxxx What xxx some xxx performance xxxxx for x nursing xxxx Key xxxxxxxxxxx areas xxx a xxxxxxx unit xxxxxxx patient xxxxxxxxxxxx quality xx care xxxxx efficiency xxx compliance xxxx healthcare xxxxxxxxx Additional xxxxx involve xxxxx training xxx development xxx operational xxxxxxxxxx to xxxxxx optimal xxxxxxx care xxxx are xxxx issues xx be xxxxxxxxxx in xxxxxxxxxxx how xxxx of xxxx operating xxxxxx line xxxx should xx devoted xx each xxxxxxxxxxx area xxxx allocating xxxxxx line xxxxx to xxxxxxxxxxx areas xxxxxxxx the xxxxxxxxx importance xx each xxxx historical xxxxxxxx patterns xxxxxxxxx return xx investment xxx alignment xxxx organizational xxxxx Flexibility xxx adaptability xx changing xxxxxxxxxx needs xxx crucial xxxxxxxxxxxxx tend xx have xxxx goals xxxxxxx the xxxxxx process xxxxxxx focuses xx accomplishment xx only xxx or xxx goals xxxx as xxx overspending xxx does xxxxxxxxxxx budgeting xxxxx performance xxxx respect xx other xxxxx under xxxxxxxx Performance xxxxxxxxx broadens xxx focus xxxxxx financial xxxxxxxxxxx by xxxxxxxxxxx multiple xxxxx into xxx budgeting xxxxxxx evaluating xxxxxxxxx allocations xxxxxxx strategic xxxxxxxxxx and xxxxxxxx It xxxxxxxxxx a xxxxxxxx view xxxxxxxx resources xxx effectively xxxx to xxxxxxx a xxxx range xx organizational xxxxx not xxxx cost xxxxxxxxxxx CHAPTER xxxxxxx the xxxxxxx of xxxx congruence xxxx congruence xxxxxx to xxx alignment xx individual xxxxxxxxxx with xxx organization's xxxxxxx goals xxxxxxxx that xxx members xxxx collaboratively xxxxxxx common xxxxxxxx enhancing xxxxxxxxxx and xxxxxxxxxxxxx What xxx some xxxxxxxx consequences xx unrealistic xxxxxxxx expectations xxxxxxxxxxx budgeted xxxxxxxxxxxx can xxxx to xxxxxxxxxxxx reduced xxxxxx and xxxxxxxxx stress xxxxx employees xx may xxxx cause xxxxxxxx misallocation xxxxxxxxx operational xxxxxxxxxx and xxxxxxxxx performance xxx does xxxxxxxxxxxxx aid xxx control xxxxxxx Communication xxxxxxxx the xxxxxxx process xx ensuring xxxxxxxxxxxx facilitating xxx timely xxxxxxxx of xxxxxxxxxxx and xxxxxxxx proactive xxxxxxxxxxx to xxxxxxxxxx thus xxxxxxxx actions xxxx organizational xxxxx What xx meant xx favorable xx unfavorable xxxxxxxx Favorable xxxxxxxx indicates xxxxxxxxxxxxxxxxxxxx performance x g xxxxxx revenues xx lower xxxxx while xxxxxxxxxxx variance xxxxx worse-than-expected xxxxxxx signaling x need xxx corrective xxxxxxx What xxx some xxxxxxxx causes xx variances xxxxxxxx causes xx variances xxxxxxx changes xx market xxxxxxxxxx pricing xxxxxxxxxxxxx inefficient xxxxxxxx use xx unexpected xxxxxx in xxxxxx Identifying xxxxx causes xx crucial xxx effective xxxxxxxxxx What xx the xxxxxxx of xxxxxxxx budget xxxxxxxx analysis xxxxxxxx budget xxxxxxxx analysis xxxxxxxx actual xxxxxxx to xxxxxxxx figures xxxxxxxx for xxxxxx activity xxxxxx allowing xxx more xxxxxxxx and xxxxxxxxxx comparisons xxx insights xxxx performance xxxxxxxxxx Does xxxxxxxx budget xxxxxxxx analysis xxxxxxx the xxxxx of xxxxxxxxx observed xxx flexible xxxxxx variance xxxxxxxx helps xxxxxxxx the xxxxxxx behind xxxxxxxxx by xxxxxxxxx the xxxxxx of xxxxxx changes xxxx other xxxxxxxxxxx factors xxxxxxxx insights xxxx performance xxxxxxxxxx What xx control xxxxxxx is xxx process xx monitoring xxxxxxxxxx to xxxxxx they xxx being xxxxxxxx as xxxxxxx and xxxxxxxxxx any xxxxxxxxxx to xxxxx the xxxxxxxxxxxx towards xxx strategic xxxxxxxxxx efficiently xxxx are xxxx uses xxx budgets xxx control xxxxxxx are xxxx for xxxxxxx by xxxxxxx financial xxxxxxx monitoring xxxxxxxxxxx against xxxxx benchmarks xxxxxxxxxxx deviations xxx facilitating xxxxxxxxx adjustments xx align xxxx organizational xxxxx Why xx variance xxxxxxxx performed xxxxxxxx analysis xx performed xx understand xxx reasons xxxxxx differences xxxxxxx actual xxxxxxxxx outcomes xxx budgeted xxxxxxxxxxxx enabling xxxxxxxx decision-making xxx strategic xxxxxxxxxxx to xxxxxxx future xxxxxxxxxxx CHAPTER xxx is xxxxxxxxxxxxxx of xxxxxxxxx important xxxxxxxxxxxx variances xx crucial xx it xxxxx identify xxx reasons xxxxxx financial xxxxxxxxxxx discrepancies xxxxxxxx managers xx take xxxxxxxxxx actions xxxxxxxx resource xxxxxxxxxx and xxxxxxx future xxxxxxxx and xxxxxxxxxxxxxxx processes xxxx the xxxxxx variance xxxxxxxxx an xxxxxxxxxx amount xx variance xxx the xxxxxx variance xxxxxxxxxx an xxxxxxxxxx amount xx variance xxxxxxxxxx differences xx the xxxxxxxxxx and xxxxxxxx requirements xx patient xxxx which xxxxxxx staffing xxxxx and xxxxxxxxxxx costs xxx are xxxxxxxx costs xxxxxxxx to xxxxxxxx budget xxxxxxxx analysis xxxxxxxx costs xxx critical xx flexible xxxxxx variance xxxxxxxx because xxxx change xxxx activity xxxxxx Accurately xxxxxxxxx these xxxxx against xxxxxx outcomes xxxxxx for xxxx precise xxxxxxxxxxx and xxxxxxxx into xxxxxxxxxxx efficiency xxx cost xxxxxxxxxx Should xxx variances xxxx be xxxxxxxxxxxx Explain xxx all xxxxxxxxx over xxxxxx be xxxxxxxxxxxx due xx the xxxxxxxxx of xxxxxxxxxxx Resources xxxxxx be xxxxxxx on xxxxxxxxxxxxx significant xxxxxxxxx that xxxx a xxxxxxxxxxx impact xx the xxxxxxxxx performance xxxxxxxx for xxxxxxxxx use xx management's xxxx and xxxxxxxxxxxxxx resources xxxxxxxxx from xxxxxxxx From xxxxxxxx and xx the xxxxxxxx textbook x learned xxxxx the xxxxxxxxxxxx of xxxxxxxx integration xxx the xxxx of xxxxx health xxx care xxxxxxx in xxx healthcare xxxxxx which xxxx both xxx concepts xx me xxxxxxxx integration xx described xx pivotal xx enhancing xxx coordination xx patient xxxx across xxxxxxx healthcare xxxxxxxx thereby xxxxxxxxx the xxxxxxx and xxxxxxxxxxxxx of xxxx The xxxxxxx of xxxxxxxxxxx Care xxxxxxxxxxxxx ACOs xxx their xxxx in xxxxxxxxx clinical xxxxxxxxxxx by xxxxxxxx together xxxxxxxxxx providers xx deliver xxxxxxxxxxx care xxx particularly xxxxxxxxxxxx This xxxxxxxx aims xx viewing xxxxxxxxxx from xxxx patient xxx payer xxxxxxxxxxxx thus xxxxxxxx down xxx silos xx specialized xxxx to xxxxx a xxxxxxxx care xxxxxxxxxx Understanding xxxx can xxx me xx a xxxxx manager xx advocating xxx and xxxxxxxxxxxx practices xxxx enhance xxxxxxxxxxxxxxxxx collaboration xxx patient-centered xxxx aligning xxxx the xxxxxxx organizational xxxxx of xxxxxxxxx care xxxxxxx and xxxxxxxxxx Furthermore xxx introduction xx adult xxxxxx day xxxx centers xxxxxx my xxxx to xx innovative xxxxx of xxxx aimed xx supporting xxxxx citizens xxx their xxxxxxxxxx by xxxxxxxxx a xxx of xxxxxx and xxxxxxx services xxxx model xxx only xxxx in xxxxxxxx nursing xxxx admissions xxx also xxxxxxxxx caregiver xxxxxx by xxxxxxxx respite xxxxxxxx As x nurse xxxxxxx recognizing xxx potential xx such xxxxxxx in xxxxxxxxx the xxxxxxx of xxxx for xxxxx patients xxx their xxxxxxxx is xxxxxxx It xxxxxxxx an xxxxxxxxxxx to xxxxxxx partnerships xx referrals xx these xxxxxxx as xxxx of x comprehensive xxxx plan xxx elderly xxxxxxxx ensuring xxxx receive xxx necessary xxxxxxx while xxxxxxxxx integrated xxxxxx their xxxxxxxxxxx This xxxxxxxxx underscores xxx importance xx strategic xxxxxxxx in xxxxxxxxxx especially xx addressing xxx needs xx an xxxxx population xxx facilitating xxx efficient xxx of xxxxxxxxxx resourcesMore Articles From Finance
.ico)
.ico)
.ico)
.ico)
