What can be done in general to manage budget variances

Reference no: EM133607408

Discussion Post: Finance

In 1948, Harry Truman became President of the United States of America, winning an election against Thomas Dewey. The result of the election was a major surprise. It was considered such a forgone conclusion that Dewey would win that a Chicago newspaper printed the headline "DEWEY DEFEATS TRUMAN" before the election was over.

The newspaper that printed this headline pursued a plan based on projected data. Once that plan was set into motion, there was no turning back. By the time it became obvious that the election would go differently than anticipated, it was too late to take corrective action.

Organizations put a great deal of effort into their budget plans. Since budgets are based on projected data, sometimes the results go differently than anticipated. The result can be budget variances.

For this Discussion, you consider what causes budget results that are different than planned results, and you explore approaches healthcare organizations use to take corrective action to ensure resources are available to maintain performance.

Post a description of your insight into the budget variances in the scenario. In your opinion, what can be done, in general, to manage budget variances? Propose some best practices and/or strategies for budget control, both in general and as to how it relates to your proposed healthcare product or service solution.

Reference no: EM133607408

Questions Cloud

Determine additional rom and strengthening exercises : Determine additional ROM and strengthening exercises necessary for improving task performance. Collaborate with the patient to identify assistive devices

What does the controversy around anne hutchinson reveal : What does the controversy around Anne Hutchinson reveal about colonial America? For example, how might the treatment of Anne Hutchinson help us understand

Critically evaluate the major categories of cybercrime : Review security risks in an organisation and design an IT security policy and Understand common types of computer- oriented crimes

What is the primary purpose of teaching this activity : What is the PRIMARY purpose of teaching this activity as part of the intervention? To increase supination of bilateral forearms To improve bilateral upper

What can be done in general to manage budget variances : Post a description of your insight into the budget variances in the scenario. In your opinion, what can be done, in general, to manage budget variances?

What do you think might be happening : What do you think might be happening? What questions would be important to ask? What focused exam would be performed?

What could the nurse managers and staff nurses do : What is the perceived problem? Is a change needed? What evidence of resistance to change can you find in this case study? If you were a staff nurse

Post an explanation of the translation science framework : Post an explanation of the translation science framework or model that you selected and explain why it is most relevant to your practice problem.

Apply a range of descriptive analytic : Apply a range of descriptive analytic and/or statistical techniques to convert data into actionable insight

User Account

All Pages