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Course Catalog

312.603.81 Fundamentals of Budgeting and Financial Management

Department:
Health Policy and Management
Term:
1st term
Credits:
3 credits
Academic Year:
2016 - 2017
Location:
Internet
Auditors Allowed:
Yes, with instructor consent
Grading Restriction:
Letter Grade or Pass/Fail
Contact:
William Ward
Course Instructor:
Resources:
Prerequisite:

Introduction to Online Learning.

Description:

Provides students with an understanding of budgeting as an important management tool. Focuses on budget development, evaluation of the financial status of a department or operating unit and the ability to determine what, if any, corrective actions need to be taken. Includes strategies for measuring and reporting skills. Considers the analytical tools used to support evaluation and decision-making including; volume adjusted variance analysis, benefit-cost ratio analysis, breakeven analysis, process flow analysis, benchmarking, and methods for building cost standards.

Learning Objectives:

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. Discuss revenue, cost, and productivity improvement techniques
  6. Build cost standards, perform bilateral performance mapping, and analyze process flow
  7. Discuss how to perform useful benchmarking analysis
  8. Develop effective action/implementation plans
Methods of Assessment:

Method of student evaluation based on midterm exam (35%), final exam (45%), and class participation through micro cases, discussion forums and 4 LiveTalk sessions (20%).

Enrollment Restriction:

Restricted to graduate students

Instructor Consent:

No consent required

Jointly Offered With: