StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The Financial Future of the Organization - Assignment Example

Cite this document
Summary
The article “The Financial Future of the Organization” explains five steps that healthcare financial managers need to do when performing a forecast for the financial future of the organization. The author suggests that if the financial manager follows the five steps outlined in the article…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.7% of users find it useful
The Financial Future of the Organization
Read Text Preview

Extract of sample "The Financial Future of the Organization"

Stark says that managers must also include all employees who work in the organization as part of the planning process, instead of only relying on other finance officers. Stark suggests that there needs to be a plan that establishes the business need for a forecast and that it should be followed for best results. He outlines a plan for them. In order to create a plan, Stark suggests that when the organization is making the forecast, they should use at least two years of data. This data should include data from "multiple healthcare information systems (HIS), spreadsheets, small departmental databases and enterprise data warehouse information (p. 2). These sources will give the most accurate forecast.

He suggests that data has to come "in their pure form" to make the forecast completely accurate. They also have to find a way to gather the information before it is purged from their system (he explains that most healthcare organizations purge data around the two-year mark). Once the information is gathered it should be examined in a visual way either through trend, distribution or scatter graphs to see whether it is "clean data" or "to find anomalies" (p. 3). Once the information is gathered, a model is then built using either a "cause and effect, time-series [or] judgment model," depending on the needs of the particular healthcare business (p. 3). According to the biographic information, Stark is VP of product management for an organization called MedeFinance.

Although he works in finance the model he used seems to be left up to the individual organizations to interpret as to how to use it. Parts 3 and 4 of the model that has to do with building the model and evaluation of the model are difficult to understand for the layperson. If this was something that was being explained to employees other than financial people, it would be better written in laymen's terms. Also, some financial managers may have difficulty understanding.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(The Financial Future of the Organization Assignment, n.d.)
The Financial Future of the Organization Assignment. Retrieved from https://studentshare.org/finance-accounting/1547666-article-critque
(The Financial Future of the Organization Assignment)
The Financial Future of the Organization Assignment. https://studentshare.org/finance-accounting/1547666-article-critque.
“The Financial Future of the Organization Assignment”. https://studentshare.org/finance-accounting/1547666-article-critque.
  • Cited: 0 times

CHECK THESE SAMPLES OF The Financial Future of the Organization

The Impact of WACC on Capital Budgeting and Structure

Thus the slightest mistake can lead to devastating effects on The Financial Future of the Organization.... Thus the slightest mistake can lead to devastating effects on The Financial Future of the Organization.... One powerful budgeting, investment and project evaluation approach that is employed by a number of financial institutions is the "Discounted Cash Flow" (DCF) technique.... One powerful budgeting, investment and project evaluation approach that is employed by a number of financial institutions is the "Discounted Cash Flow" (DCF) technique....
2 Pages (500 words) Essay

Innovative Organisations

At the end of the financial year 2008, GE has built an overall market cap of $105 billion with Price/Earnings ratio at 5.... GE has a major financial services business that is going to pose trouble to the overall organization given the turbulent times in the current scenario and the questions raised on innovations & risk management in the financial services world.... It would be very challenging for GE to maintain their reputation of innovations that never fail and have to set an example by not succumbing to the current crisis in the financial service world by remaining profitable....
8 Pages (2000 words) Case Study

The Role of a Financial Manager

His or her duties vary slightly according to the size of the organization.... … The researcher of the essay discusses the role of a Financial Manager that is not only to analyze financial information and generate financial reports that will assist the organization in decision-making, but also develop a succesful business progress and elaborate planning procedures for the company.... The researcher focuses on describing of the position named Financial Manager that is the person usually responsible for supervising and keeping in existence the organization's financial policies and history....
5 Pages (1250 words) Essay

Organisation Culture

The above elements/ criteria are used in order to explain the strategies followed by the Grameen Bank for supporting the poor women; also these elements are used for understanding the perspectives of the bank's plans in regard to the financial development of poor women, at least for covering their basic needs.... Most commonly, these initiatives are organized by the public sector; however, the… Grameen Bank is an organization focusing on the support of people of low income; more specifically, the bank aims to help people of low income to enter the business field....
14 Pages (3500 words) Coursework

Organizational Culture

Looking at this vision and strategy, it is very clear what then objective of the company is, and employees of the organization will therefore strive hard, for purposes of developing high quality technology that satisfies this strategy.... This is because the companies under consideration use their innovative products for purposes of achieving the strategic goals of the organization.... In the paper “Organizational Culture” the author analyzes the role of organizational culture, in promoting innovative practices within an organization....
9 Pages (2250 words) Essay

Culture and Organization

Founded in the year 1901 by Thomas Sutherland, the company rose to become one of the largest banking and financial service providers across the… The bank is headquartered in London, Britain.... The bank dates back to 1865, when initial branches were launched in Hong Kong and Shanghai (HSBC, 2014b)....
12 Pages (3000 words) Essay

Business Plan for SolarWorld

In the highly competitive current business environment, it is difficult for one to enter a new business sector or keep an existing business competitive.... In this context, a well structured business proposal can provide a high-level review of the different elements of the business… This paper will propose a business plan for SolarWorld, a small scale business operating in the US energy sector, to keep its stakeholders informed of the current market position SolarWorld is a small scale business operating in the renewable energy industry, and the company was founded in 1999....
4 Pages (1000 words) Assignment

Analysis and Interpretation of Financial Performance

That is why I identified the profitability ratios as the most efficient and effective way to evaluate the financial performance of the Wetherspoons Company.... Looking at Wetherspoons Company's financial statements and reports over the last five years, any potential investor would be very willing… From my analysis of the Company's current trading and financial position, I gathered the following; 26th October 2014, total sales increased by 11....
8 Pages (2000 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us