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.)
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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 nbsp xxxxxxx Why xx interpretation xx variances xxxxxxxxx Interpreting xxxxxxxxx is xxxxxxx as xx helps xxxxxxxx the xxxxxxx behind xxxxxxxxx performance xxxxxxxxxxxxx enabling xxxxxxxx to xxxx corrective xxxxxxx optimize xxxxxxxx allocation xxx improve xxxxxx planning xxx decision-making xxxxxxxxx Does xxx acuity xxxxxxxx represent xx additional xxxxxx of xxxxxxxx Yes xxx acuity xxxxxxxx represents xx additional xxxxxx of xxxxxxxx reflecting xxxxxxxxxxx in xxx complexity xxx resource xxxxxxxxxxxx of xxxxxxx care xxxxx impacts xxxxxxxx needs xxx operational xxxxx Why xxx variable xxxxx critical xx flexible xxxxxx variance xxxxxxxx Variable xxxxx are xxxxxxxx to xxxxxxxx budget xxxxxxxx analysis xxxxxxx they xxxxxx with xxxxxxxx levels xxxxxxxxxx analyzing xxxxx costs xxxxxxx actual xxxxxxxx allows xxx more xxxxxxx adjustments xxx insights xxxx operational xxxxxxxxxx and xxxx management xxxxxx all xxxxxxxxx over xx investigated xxxxxxx Not xxx variances xxxx should xx investigated xxx to xxx principle xx materiality xxxxxxxxx should xx focused xx investigating xxxxxxxxxxx variances xxxx have x substantial xxxxxx on xxx financial xxxxxxxxxxx allowing xxx efficient xxx of xxxxxxxxxxxx time xxx organizational xxxxxxxxx nbsp xxxxxxxxx from xxxxxxxx amp xxxx Chapters xxx of xxx Harrison xxxxxxxx I xxxxxxx about xxx significance xx clinical xxxxxxxxxxx and xxx role xx adult xxxxxx day xxxx centers xx the xxxxxxxxxx system xxxxx were xxxx new xxxxxxxx to xx Clinical xxxxxxxxxxx as xxxxxxxxx is xxxxxxx in xxxxxxxxx the xxxxxxxxxxxx of xxxxxxx care xxxxxx various xxxxxxxxxx settings xxxxxxx improving xxx quality xxx affordability xx care xxx concept xx Accountable xxxx Organizations xxxx and xxxxx role xx fostering xxxxxxxx integration xx bringing xxxxxxxx healthcare xxxxxxxxx to xxxxxxx coordinated xxxx was xxxxxxxxxxxx enlightening xxxx approach xxxx at xxxxxxx healthcare xxxx both xxxxxxx and xxxxx perspectives xxxx breaking xxxx the xxxxx of xxxxxxxxxxx care xx offer x seamless xxxx experience xxxxxxxxxxxxx this xxx aid xx as x nurse xxxxxxx in xxxxxxxxxx for xxx implementing xxxxxxxxx that xxxxxxx interdepartmental xxxxxxxxxxxxx and xxxxxxxxxxxxxxxx care xxxxxxxx with xxx broader xxxxxxxxxxxxxx goals xx improving xxxx quality xxx efficiency xxxxxxxxxxx the xxxxxxxxxxxx to xxxxx health xxx care xxxxxxx opened xx eyes xx an xxxxxxxxxx model xx care xxxxx at xxxxxxxxxx older xxxxxxxx and xxxxx caregivers xx providing x mix xx social xxx medical xxxxxxxx This xxxxx not xxxx aids xx reducing xxxxxxx home xxxxxxxxxx but xxxx addresses xxxxxxxxx stress xx offering xxxxxxx services xx a xxxxx manager xxxxxxxxxxx the xxxxxxxxx of xxxx centers xx improving xxx quality xx life xxx older xxxxxxxx and xxxxx families xx crucial xx presents xx opportunity xx explore xxxxxxxxxxxx or xxxxxxxxx to xxxxx centers xx part xx a xxxxxxxxxxxxx care xxxx for xxxxxxx patients xxxxxxxx they xxxxxxx the xxxxxxxxx support xxxxx remaining xxxxxxxxxx within xxxxx communities xxxx knowledge xxxxxxxxxxx the xxxxxxxxxx of xxxxxxxxx planning xx healthcare xxxxxxxxxx in xxxxxxxxxx the xxxxx of xx aging xxxxxxxxxx and xxxxxxxxxxxx the xxxxxxxxx use xx healthcare xxxxxxxxxMore Articles From Finance
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