Resources:
Budgets under Chief Financial Officer in the Patton-Fuller Community Hospital Virtual Organization – https://ecampus.phoenix.edu/secure/aapd/cist/vop/index.html
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Write My Essay For Me2010 Operating Budget Projection
Review the 2009 Operating Budget Projections and the assumptions following the projected numbers in the Budgets tab under Chief Financial Officers in the Patton-Fuller Community Hospital Virtual Organization.
Assume the 2009 projections were realized.
Use the 2010 Operating Budget Projections.
Develop a budget for Patton-Fuller Community Hospital based on the 2009 Operating Budget and the 2010 Operating Budget Assumptions.
Write a 500-word paper in which you:
Discuss which financial management practices are most effective in creating and monitoring an operating budget.
SAMPLE SOLUTION
An operating budget defines the revenues and expenses that an organization is likely to incur over a given time period. It also defines a detailed projection of the expenditure and profit expectations to be made in a predefined time. Often, companies formulate operating budgets at the end of the year to define the expected activities for the closing and the upcoming year. To formulate and monitor an effective operating budget, there is need for a financial management practice as will be discussed in this paper.
The Effective Financial Management Practices in Formulating and Managing an Operational Budget
There are many financial management practices that can be used in coming up with operational budget. The first one is benchmarking which permits the management to have a clear view of the economic status of the organization especially when compared to the performance of competitors in a given financial year. Such a comparison helps…
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