Week 6: Budget Development and Analysis To some, the word “budget” can sometimes


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Week 6: Budget Development and Analysis
To some, the word “budget” can sometimes feel cringe-worthy
or even villainous. After all, it is often the reason resources cannot be
secured or desired actions cannot be pursued. But don’t blame the budget; when
developed and managed well, a budget is a helpful planning tool that can enable
the pursuit of initiatives.
This week, you will develop a budget for a proposed
healthcare product or service. You will also calculate some ratios to gain
insight into the impact of your budget and describe what the results suggest
about your proposal and the organization.
Learning Objectives
Students will:
Apply financial principles to develop budgets and manage
resources
Apply expense forecasts, performance benchmarks, process
analysis, and implementation planning in financial decision making
How do you make difficult decisions? Do you carefully
consider the repercussions of each choice? Perhaps you discuss possible
outcomes with others. Maybe you rely on tools for help, even if the tool is a
coin that can help you reach a conclusion with a simple flip.
Assignment: W6A4 Healthcare Budget Request – Budget
Development
Healthcare organizations generally don’t have an unlimited
stack of coins, neither for flipping nor for spending. Therefore, they must be
strategic in how they spend the resources they do have.
How do you make difficult decisions? Do you carefully
consider the repercussions of each choice? Perhaps you discuss possible
outcomes with others. Maybe you rely on tools for help, even if the tool is a
coin that can help you reach a conclusion with a simple flip.
Healthcare organizations generally don’t have an unlimited
stack of coins, neither for flipping nor for spending. Therefore, they must be
strategic in how they spend the resources they do have.
Budgeting is a process by which they can decide which projects or
purchases are worth the cost involved and whether they should expand their
operations, invest in new equipment or services, or pursue other projects with
the potential to bring in additional profits.
For this Assignment, you examine how budgets are developed. After
developing a sample budget for a product or service, you also examine how
ratios can be used to analyze the budget and provide information that can guide
choices.
To Prepare
·
Reflect on the expenses and revenues you considered in the Week 4
Assignment.
·
Consider any other expenses that you have yet to account for in
the development, launch, and implementation of the healthcare product or
service you have proposed.
·
Consult with your internal finance counselor to help identify and
estimate any hidden expenses that may not be obvious.
The Assignment: Budget Development
Develop and analyze a budget for your proposed healthcare product
or service. To do this, complete the following:
Part 1: Develop the Budget Worksheet:
Open your Excel
Assignment Workbook and navigate to the “W6A4 Budget
Development” worksheet.
·
Using the Healthcare Budget Request Guide for guidance,
create a 5-year budget for the healthcare product or service that records the
projected expenses and revenues associated with the healthcare product or
service you have proposed. Be sure to include startup and operating expenses in
your budget. You may bring forward the work from the W4A3 Estimated
Expenses assignment and add to it.
·
Calculate the budget ratios as directed in the Healthcare
Budget Request Guide.
NOTE: You will copy your worksheet and analysis onto the
Healthcare Budget Request Template (Word document) for submission.
Part 2: Summary of Analysis and Interpretation of Results:Create a brief (1- to 2-page) description of your budget and
analysis that clearly describes the budget. Be sure to address the following:
·
During the course of 5 years, is there an estimated surplus or
deficit?
·
What percentages of the budget are dedicated to various categories
you have defined, such as startup costs, etc.?
·
What does this budget mean for your organization?
Place your analysis on the Healthcare Budget Request Template
under the section titled W6A4 Projected Budget (Five Year).
resources:
https://smallbusiness.chron.com/role-variance-analysis-businesses-22641.html
https://smallbusiness.chron.com/unfavorable-variance-indicate-81570.html
https://www.investopedia.com/terms/b/budget.asp
https://www.hfma.org/topics/blog/51828.html
https://smallbusiness.chron.com/develop-budget-new-product-service-38629.html
heather.porreca@waldenu.edu

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