Budget Management Analysis Essays
HCS/571 Financial Resource Management
June 27, 2011
Dr. Lena Watson
Budget Management Analysis
Budget management analysis is used by mangers as a tool and helps determine that all resources available are being used efficiently. The budgets are determined yearly and are based upon the previous year’s budget and variances. This paper will discuss specific strategies to manage budgets within forecast, compare five to seven expense results with budget expectations, describe possible reasons for variances, give strategies to keep results aligned with expectations, recommend three benchmarking techniques, and identify those that might improve budget accuracy, and justify the choices made.
Strategies to …show more content…
Benchmarking helps to identify performance gaps and identify where improvement is needed. “Benchmarking is used by large health systems and smaller practices alike as a tool to identify targets and set goals enabling staff to compare the operation’s service, process, and outcomes with those already attaining ”best practice” goals” (Borglum, 2008). There are many benchmarking