312.603.81
Fundamentals of Budgeting and Financial Management
Location
Internet
Term
2nd Term
Department
Health Policy and Management
Credit(s)
3
Academic Year
2024 - 2025
Instruction Method
Asynchronous Online
Auditors Allowed
No
Available to Undergraduate
No
Grading Restriction
Letter Grade or Pass/Fail
Course Instructor(s)
Contact Name
Frequency Schedule
Every Year
Resources
Prerequisite
Introduction to Online Learning.
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:
- Demonstrate an understanding of budgeting's role as a key component of the administrative process
- Develop budgets for revenues, staffing and salaries, supplies and services, and equipment
- Evaluate the financial status of a department or operating unit using volume adjusted variance analysis to determine the cause(s) of performance deviation
- Use a variety of analytical methods to support sound business decision-making: marginal analysis, benefit:cost ratio analysis, and breakeven analysis
- Discuss revenue, cost, and productivity improvement techniques
- Build cost standards, perform bilateral performance mapping, and analyze process flow
- Discuss how to perform useful benchmarking analysis
- Develop effective action/implementation plans
Methods of Assessment
This course is evaluated as follows:
- 40% Midterm
- 40% Final Exam
- 20% Participation
Enrollment Restriction
Restricted to graduate students