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Course Catalog

551.603.01 FUNDAMENTALS OF BUDGETING AND FINANCIAL MANAGEMENT

Department: Extradepartmental
Term: 2nd term
Credits: 3 credits
Contact: Jamila Savage
Academic Year: 2013 - 2014
Course Instructor:
  • William Ward
Description:

Explains the role of budgeting as a key component of the administrative process. Students learn to develop a budget and evaluate the financial status of a department or operating unit and determine what, if any, corrective actions need to be taken. Presents various analytical methods in management decision making, including benefit/cost ratio analysis, variance analysis, and break-even analysis. Also includes approaches to benchmarking, productivity improvement techniques, and methods for building cost standards.

Learning Objective(s):

Upon successfully completing this course, students will be able to: 1. Demonstrate an understanding of budgeting's role as a key component of the administrative process 2. Develop budgets for revenues, staffing and salaries, supplies and services, and equipment 3. Evaluate the financial status of a department or operating unit using volume adjusted variance analysis to determine the cause(s) of performance deviation 4. Use a variety of analytical methods to support sound business decision-making: marginal analysis, benefit:cost ratio analysis, and breakeven analysis 5. Demonstrate an understanding of revenue, cost, and productivity improvement techniques 6. Build cost standards, perform bilateral performance mapping, and analyze process flow 7. Demonstrate an understanding of how to perform useful benchmarking analysis 8. Develop effective action/implementation plans.


Methods of Assessment: Student evaluation based on two exams (85%) and class participation (15%)
Location: East Baltimore
Class Times:
  • Monday 3:30 - 6:20
Enrollment Minimum: 10
Enrollment Restriction: restricted to graduate students
Instructor Consent: No consent required
Auditors Allowed: No
Grading Restriction: Letter Grade or Pass/Fail
Jointly Offered With: