Budget Assignment Example | Topics and Well Written Essays - 1250 words

Budget - Assignment Example This type of budget helps corporate to have an insight on whether the available income will suffice to finance the anticipated expenditure (Millett, 2011). On the other hand, budget forecast, utilizes financial figures for previous period to come up with figures for the current period (Brookson, 2000). Therefore, it can be scrutinize that budget is a very important tool that can help to monitor revenues and avoid unnecessary spending (Millett, 2011). This assignment will focus on determining strategies for managing budget within forecast by comparing expenses with the budget and determining the possible reasons for a variance. Additionally, bench marking techniques will be identified and how they can help to improve future budgetary forecast within a hospital. Determine specific strategies to manage budgets within forecasts. Corporate financial managers and senior clinical financial officers may utilize different strategies for managing budgets within forecast. Among the suggested st rategies that may be used include; cost variance strategy, performance based strategy, zero based strategy, bench marking strategy and activity based strategy (Brookson, 2000). The cost variance strategy, focuses on finding the difference between the budgeted cost and the actual cost .When a negative variance is obtain, it is an indication that the actual cost were more than budgeted cost (Finkler & McHugh, 2008). Therefore, clinical financial officers should find out the reason for a negative variance and employ necessary measures to prevent such discrepancies in the future. Clinical financial officers may use performance based strategy. This strategy employs performance based dashboard and matrices to determine the proximate cause for a variance and look on necessary measures that can be employed to remedy the situation (Brookson, 2000). Additionally, clinical financial officers may apply zero based strategy to control budget. In this strategy, each expense incurred is assessed an d necessary recommendations are made thereafter (Finkler & McHugh, 2008). Bench marking strategy may be used whereby; information of the best performing hospitals may be gathered and analyzed. The information gathered may be used by clinical financial officers and hospital managers to make future budgetary improvements in their respective hospitals. The improvements may be carried out by emulating the best practices from a benchmarked hospital (Finkler & McHugh, 2008). Connectively, clinical financial officers may apply activity based strategy to control budget. In this strategy, hospital operating cost data may be gathered and allotted to specific activities in the hospital (Finkler & McHugh, 2008). Compare five to seven expense results with budget expectations, and describe possible reasons for variance. The following expenses were selected for comparison purposes and the possible reasons for the variances have been explained under each expense: Supplies 8,418 6,693 (1,725) -25.8% 89,456 84,283 (5,173) -6.1% 79,183 -13.0% The supply expenses were higher than the budgeted cost based on above figures. This indicates that the difference between budgeted cost and actual supply cost provided a negative variance (Millett, 2011).The possible reason for a negative supply variance may be attributed to higher demand for medical tools used to attend

Emotion and Perception Essay Example | Topics and Well Written Essays - 750 words

Emotion and Perception - Essay Example Once we have such level of awareness, we can then proceed to doing things that would be helpful to us in the future. For example, if we shall be able to identify, in light of these three factors, what causes us to be angry, we can be able to reduce the instances that we are angry. Therefore, studying these things is very important. For the purpose of this paper, we shall examine the different roles that sensation, perception, and emotion play in social interactions. By reading Jeffrey Zaslow's article "Pursuits: Happiness Inc," we shall try to situate these factors using three examples from the article: At David's Bridal, management believes the usual theory that the happier the workers are, the better are their performance. This is actually debatable, and many studies have been conducted on this area, but we shall not discuss whether this is true or not. We shall just assume this for the purposes of discussion. Zaslow (2006) cites in his article the study conducted by Positive Psychologist Martin Seligman about the direct proportionality of resilience and happiness. Thus, David's Bridal made a decision that if it wants its sales people to be happy, it must train them to be resilient. To encourage resilience, Zaslow reports, these sales people were taught to focus on the things "that would bring them joy." People perceive things differently. ... With that in mind, no specific instruction was given to the sales people of David's Bridal. Just focus on what will give them joy. Individual differences play on what will make someone resilient and happy. Different strokes of perception and emotion for different folks. These sales people were also taught about "emotion regulation," "impulse control," and "learned optimism." (Zaslow 2006) Emotion Regulation helps them not to be frustrated when it appears that a bride will not buy from them, or that they were unable to close a deal. Impulse control is another aspect of emotional intelligence. By having control on their emotions, such sales people are better able to draw on their creative energy and think of ways to handle their difficulties well. Whirlpool and Sensory Logic For this section, Whirlpool is intertwined with Sensory Logic. Whirlpool hired Sensory Logic to test its products before launching them to the market. Sensory Logic studies the reaction of their subjects by videotaping them. In this case, Sensory Logic was able to determine whether a particular subject is happy or not based on indicators as quick as a millisecond. According to the article (Zaslow 2006), Sensory Logic studied how subjects sensed and perceived the geometric patterns of the Duet products of Whirlpool. Accordingly, Sensory Logic was able to determine whether a particular subject was lying or not. Zaslow further adds that this is better than a focus group. Subjects provided information that Whirlpool needed, not what subjects think that Whirlpool wants to hear. In the end, Whirlpool changed some patterns in their products based on the feedback they got. Therefore, we are able to see that the roles of sensation, perception, and emotion played on the success of Whirlpool a s a