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.
- Apply financial principles to develop budgets and manage resources
- Apply expense forecasts, performance benchmarks, process analysis, and implementation planning in financial decision making