Fiscal Planning and Time Management PDF

Summary

This document provides learning outcomes, definitions, and methods for fiscal planning and time management, including topics relating to budgets, forecasting, and time wasters.

Full Transcript

Learning Outcomes  Demonstrate cost consciousness in identifying personal and organizational needs  Define basic fiscal terminology  Differentiate among the three major types of budgets (personnel, operating, and capital) and the four most common budgeting methods (incremental, zero based,...

Learning Outcomes  Demonstrate cost consciousness in identifying personal and organizational needs  Define basic fiscal terminology  Differentiate among the three major types of budgets (personnel, operating, and capital) and the four most common budgeting methods (incremental, zero based, flexible, and new performance budgeting)  Recognize the need to involve subordinates and followers in fiscal planning whenever possible 1-Define time management 2-Enumerate steps of time management 3-Identify common time waster 4-Discuss principles of time management 5-Apply the role of the unit manager in time management Balancing Cost and Quality Cost containment: effective and efficient delivery of services while generating needed revenues for continued organizational productivity Cost-effective: producing good results for the amount of money spent; in other words, the product is worth the price. Responsibility Accounting and Forecasting  Responsibility Accounting: each of an organization’s revenues, expenses, assets, and liabilities is someone’s responsibility. Should be Have a high Receive Be held an active degree of regular data accountable participant control over reports that for the in unit what is compare financial budgeting included in actual results of the unit expenses the with operating budgeted unit. expenses Forecasting Involves making an educated budget estimate by using historical data. The role of unit manager Have expertise in forecasting patient census trends Forecasting supply and equipment needs for their units Monitor and evaluate all aspects of a unit’s budget control. Communicate budgetary planning goals to the staff. Basics of Budgets Is a financial plan that includes estimated expenses as well as income for some time.  Accuracy dictates the worth of a budget  The more accurate the budget blueprint, the better the institution can plan the most efficient use of its resources.  Detail how resources (money, time, people) will be acquired and used to support planned services within the defined period. Steps in the Budgetary Process  Assess: what needs to be covered in the budget.  Diagnosis: the goal or what needs to be accomplished, which is to create a cost-effective budget that maximizes the use of available resources.  Develop a plan. Ex fiscal-year budget.  Implementation. Ongoing monitoring and analysis occur to avoid inadequate or excess funds at the end of the fiscal year.  Evaluation. The budget must be reviewed periodically and modified as needed throughout the fiscal year Types of Budgets The Personnel Budget  The largest of the budget expenditures is the workforce or personnel budget because health care is labor intensive. The Operating Budget  Reflects expenses that change in response to the volume of service, such as the cost of electricity, repairs and maintenance, and supplies. The Capital Budget  plan for the purchase of buildings or major equipment Budgeting Methods  Incremental Budgeting: Essential reviewing and adding on the last year’s budget  Work well in stable contexts.  Zero Based Budget :  Start with what you want to do  Then think about what you need and how much it costs  Do not believe that last year's budget was appropriate Flexible Budgeting:  Flex up and down over the year depending on volume. A flexible budget automatically calculates what the expenses should be, given the volume that is occurring. Performance Budgeting:  The manager would budget as needed to achieve specific outcomes and would evaluate budgetary success accordingly. TIME MANAGEMENT Definition of Time Measured or measurable period during which an action, process, or condition exists or continues Definition of Time management It is written statements that list the expected behavior of an employee.  Time management: is a set of principles, practices, skills, tools, and systems that work together to help you get more value out of your time to improve the quality of your life. Time Management The ability to spend your time on the things that matter to you and your organization Definition of Time wasters Something that prevents a person from accomplishing a job or achieving goal Definition of procrastination the act of procrastinating; putting off or delaying an action to a later time Definition of Goals Specific statement of achievement that provides direction in an organization. 3 Basic steps of time management Personal Organizational Internal Time External Time wasters wasters Common time wasters: External time wasters Internal time wasters 1- Interruption such as 1- Lack of daily and weekly telephone calls and drop – plans visitors 2-Lack of clear goals, ( socialization) objectives and priorities 2- Meeting, both scheduled 3-Failure to delegate, working and un scheduled on routine tasks 3-Ineffective communication 4- lack of information 5- poor filing system 4-In ability to say no Paperwork and reading 5-Procrastination 6- incompetent 6-Lack of personal coworkers organization and self 7- lack of described discipline policies and procedures The basic principles of time management to deal with time constraints and time wasters  Goal setting  Setting priorities.  Time analysis  Daily planning and scheduling  Delegation  Controlling interruptions  Control Telephone calls  Drop-in visitors  Evaluation Nurse Manager role in Time Management - Appropriate prioritizes day–to–day planning to meet short-term and long-term unit goals  - Builds time for planning into the work schedule  - Analyze how time is managed on the unit level using job analysis  - Eliminate environmental barriers to effective time use  Handle paper work efficiently and maintain a net work area

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