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Healthcare budgets

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What are the roles played by a budget and how many budget types are available?
Under what conditions is a flexible budget likely to be more effective than a forecast budget?

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Solution Summary

Your response is 329 words (about a page) and briefly gives you two main roles for budgets. A list of many kinds of budgets are given and a discussion about when flexible budgets are particularly useful is given.

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The roles that budgets play are typically two-fold. The budget serves as planning and approval document, forcing managers and the team to specify what they think will happen (or would like to happen) in the upcoming year . The budget details out what resources will be needed to carry out that plan. Budgets are reviewed and scrutinized. The process to reach agreement about what activities and projects will be carried out and what resources will be approved to get them done results in buy-in and approval from many parts of the organization.

Budgets also ...

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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