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SEMINAR ON BUDGETTING. Nursing assignment

Seminar

INTRODUCTION-.( Budgeting of school or college should be separate .i.e. Principal in charge of the school of nursing should be the drawing and disbursing officer and empowered to a plan for operating the funds in all different heads. The budget for the school/college is annually planned by the nursing director, principal and general manager and approved by the managing director. HISTORY -  Budget word was first coined by the British Kings in early days from the word. BOUGETTE’ The important milestones were: –1215 AD: constitutional exposure 1718 AD: consolidated fund act passed which considered budget as financial statement of Govt activities for facilitating accountability of public fund. 1882 AD: Budget entered the parliament for first time seeking advice. 
MEANING-The word “budget” derived from the old English word “budgettee” means a ‘sack’ or ‘pouch’ which the chancellor of the exchequer used to take out his papers for laying before the parliament, the government, financial sch Now the term “budget” refers to the(Literally the word “budget” means a Leather bag or sachet to carry official papers in scheme for the ensuing year. Now the term “budget” refers to the financial papers, certainly not the sack. DEFINITION-An estimate of income and expenditure for a set period of time “Budget is a concrete precise picture of the total operation of an enterprise in“Budget is an operational plan, for definite period usually a year. Expressed in financial terms and based on expected income and expenditure. 

PURPOSES OF BUDGETING-  Budget supplies the mechanism for translating fiscal.It clearly recognizes controllable cost areas( It enhances fiscal planning and decision-making. (objective into projected monthly spending pattern. It helps to identify problem areas and facilitates effective solution.( It allows feedback of the utilization of budget. (It offers a useful format for communicating fiscal objectives. To evaluate the performance of managers( To motivate managers to strive to achieve budget goals. ( To communicate plans to various responsibility center managers. ( To control resources (It also helps co-ordinate the activities of the organization by compelling managers to examine relationships between their own operation and those of other departments. 

PREREQUISITES TO BUDGETING- The following conditions are necessary for the development and implementation of a budgetary programme. Organizational Structure:-There is a need for a sound organizational structure with clear lines of the authority and responsibility.  All the employees know their responsibilities and the person to whom they are responsible; they have the authority to do what they are responsible for and are held accountable for their actions.   Such as number of admissions, average length of stay, percentage of occupancy, and number of patient days- are used for planning and control of the budget process. Someone must be responsible for collecting and reporting statistical data. Nonmonetary statistical data:- (Organisation charts and job descriptions are available, and goals and objectives are set for areas of responsibilities. Budgets are then developed to confirm to the pattern of authority and responsibility. Nurse managers focus their attention on the principle of management by exception by nothing what is not going as planned so they can take necessary action.Revenues and expenses are reported by responsibility areas, thus providing historical data that are valuable for the planning and providing budgetary control for evaluation as performance can be compared to plans. They are designed to be consistent with the organizational plan. Charts of accounts:- Managers must be willing to devote their time and energy to the budgeting process. They are most likely to do that when they are familiar with the principles of budgeting and its usefulness for planning and controlling, through budget education. It is essential for budgetary program. Although budgeting is done at departmental level , it must be valued by top administration.Managerial support:- Procedure for review, revision, and approval of budgets are discussed in detail. A calendar of budgeting activities with the schedule for each stage of the program is presented. Samples of standardized forms are available. It should be available in a budget manual, in which objectives of budgetary are clarified, and instructions for budget development are discussed in detail.Formal budgeting policies and procedure. FEATURES OF BUDGET:- It should estimate revenues( It is a plan of program and has comprehensive plan of action ( It should have support of top management throughout the period of its planning and supplementation. ( It should be in the form of statistical standard laid down in specific numerical terms. ( It should be product of joint venture + cooperation of executives/ department heads at different levels of management. ( It should be synthesis of past, present, and future. (It should be flexible. & expenditures as accurately. 

IMPORTANCE OF BUDGET:-   Budget helps one to weigh the values and to make decision when necessary on whether one is of greater value in the program than the other.( Budget serves as guide for action in the organization. ( It facilitates coordinating operation of various departments and sections for realizing organizational objectives. (Budget is needed for planning for future course of action and to have control over all activities in the organization. 

PRINCIPLES OF BUDGET:- Budgetary process requires consistent delegation for which fixed duties and responsibilities are required to be allocated to managers at different level for framing and executing budget.( It requires that a program activities planned in advance. ( It should ensure the most effective use of scarce financial and non financial resources. ( It should focus on objectives and policies of the organization. It must from objectives and give realistic expression to the way of realizing such objectives. (Budget should provide sound financial management by focusing on requirement of the organization. Budget is prepared under the direction and supervision of administrator or financial officer.( Budget period must be appropriate to the nature of business or service and to the type of budget. ( Setting budget target, requires an adequate checks and balance against the adoption of too high or too low estimate. (It should include coordinating efforts of various departments establishing a frame of reference for managerial decisions, and providing a criterion for evaluating managerial performance. While developing a budget, the provision should be made for its flexibility( It necessitates a review of the performance of the previous year and an evaluation of its adequacy both in quality and quantity. (Budget are to be prepared and interpreted consistently throughout the organization in the communication of planning process. 

 TYPES OF BUDGETS:- Among the factor that nurse managers might include in their operating budgets are personnel salaries, employee benefits, insurance, medical- surgical supplies, rent, light, housekeeping, laundry service, drug, fees etc. The operating table reveals an input and output analysis of expected revenues and expenses. It provides an overview of an agency’s functions by projecting the planned operations, usually for the upcoming year.Operating Budget(Revenues and Expenses). It is prepared for assuring planned timely capital investment in the business to ensure the availability of the capital at the right time over longer period.(For a college of nursing, salaries, supplies(A.V.Aids), lighting, employee benefits, insurance, inspection fees. CASH BUDGET-Using cash budget, the nurse manager estimates the amount of money to be collected from clients and other sources and allocates the cash to the expenditures.( At the other extreme, if too much cash is available, interest or other earnings that money could generate lost. ( If manager have insufficient cash on hand, they will not be able to purchase needed resources. LABOUR OR PERSONAL 

BUDGETS-In college of nursing recruitment of teachers, work assigned, their salaries, leave etc.( This budget is also affected by personal policies, such as salary related to position and number of days allowed for educational and personal leave. ( Patients occupancy and the general complexity of cases affect staffing patterns. FLEXIBLE BUDGET-For college of nursing general and administrative expenses, salaries, academic fees etc.( Periodic budget reviews help managers compensate for changes by seeing the relationship between rise and fall. (Some variable expense are unpredictable and can be determined only after change has begin : thus the need for flexible budgets, to show the effects of changes in volume of business on expense time.

 STRATEGIC PLANNING BUDGET-For college of nursing, improvement in admission process, increase research and scholarship productivity, transform nursing education etc.( Program budgets are part of strategic plan focuses on all the benefits and the cost associated with a particular program. (It is a long range budgets for long range planning are often called the agency’s strategic plan. 

STEPS IN BUDGETING:- Existing programs are revised and proposed programs designed to ensure that achievement of these objectives.( Review the objectives of the existing programs and written for proposed program to ensure that achievement of these objectives will support agency. (Review the goals of the agency or organization to identify activities of highest priority(because these are most likely to receive funding. Comparisons are made to determine which alternative is most cost-effective.( Alternative methods are identified for realizing designated objectives and price of each alternative is determined. (Manpower, capital and operating expenses are computed for each program, old and new. A budget request is developed which details a fiscal plan for the preferred program indicates alternative methods for meeting the same objective, and explains why the recommended program is preferred. ADVANTAGES:-   It encourage managers to make a careful analysis of operations and to make decision on careful consideration.( They state goals for all the units, offer a standard performance, and stress the continuous nature of planning and control process. ( Budget plans for detail program activities. (Fixed and variable costs and their effect on the total cost are analyzed. Financial matters can be handled in an orderly fashion, and agency activities can be coordinated and balance.( Staffing, equipment, and supply needs can be projected and waste minimized. ( Weakness in the organization can be relieved and corrective measures are taken. ) Hasty judgements are minimized. DISADVANTAGES:-Skill and experience are required for successful budgetary control.( Forecasting is required but uncertain because budgetary control is subject to human judgement, interpretation, and evaluation. )There is danger of over budgeting; the budget becomes cumbersome, meaningless, and expensive. ( Its time consuming and expensive. It converts all aspects of organizational performance into monetary value for a single comparable unit of measurement. ) The budget may become an end in itself instead of means to an end.

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