FINANCE 650 - What are the major components of the planning/control cycle
Question # 00513274
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Updated on: 04/18/2017 12:12 AM Due on: 04/18/2017
- What are the major components of the planning/control cycle?
- What are the four major budgets of a health care organization? Briefly discuss each.
- Describe the four types of responsibility centers, including the characteristics of each.
- What are transfer prices? Discuss their major disadvantages.
- Name two financial measures used to judge the performance of investment centers that are not used to measure the financial performance of profit centers.
- What does the term “variance analysis mean when applied of financial performance of health care organizations?
- A new cardiac catheterization lab was constructed at Havea Heart Hospital. The investment for the lab was $450,000 in equipment costs and $50,000 in renovation costs. A desired return on investment is 12 percent. Once the lab was constructed, 5,000 patients were served in the first year and were charged $340, for each procedure. The annual fixed cost for the catheterization lab is $1 million and the variable cost is $129 per procedure. What is the catheterization labs profit? Did this profit meet its desired ROI? Why or Why not?
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Solution: FINANCE 650 - What are the major components of the planning/control cycle