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Benchmark Assignment.
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Assignment Content.
Part 1:
2010 Operating Budget.
Review the 2009 Budget Issues – Nurses file.
Decide which of the two highlighted options you will implement from the Nursing Statistics memo of the 2009 Budget Issues – Nurses document.
Discuss decision-making processes in creating a budget.
Create a new 2010 Operating Budget based on the labor decision you select from the Nursing Statistics memo.
Part 2: Analysis Paper
Write a 1,050- to 1,400-word paper. Your paper should:
• Discuss decision-making processes in creating a budget.
• Explain the role of variance analysis in maintaining an operating budget.
• Differentiate between managerial accounting and financial management.
• Explain generally accepted accounting principles applied to the health care industry and how they are applied to your Operating Budget Projection.
• Discuss the decision between the two labor alternatives facing the management of PFCH and the annual cost increase of each.
• Make a recommendation about which labor alternative should be chosen.
• Justify and analyze the labor decision that you recommend. Your justification should present numbers related to fiscal management including how each decision affects the 2010 Budget Projection.
• Analyze the effect of your decision on the operating budget, including:
– The opportunity cost of your recommendation.
– How your recommendation affects employee satisfaction.
– How your recommendation affects patient care and patient satisfaction.
Cite a minimum of 4 sources.
