Writing a variance report is very important when reviewing a previous month’s budget when working in a variable hospital. The variance report allows for departments to compare the budget that was planned for to what the actual outcomes of the budget were. Using a variance report is vital when working in a variable hospital that updates its budget on a monthly basis. In order to write a detailed variance report for upper management, one should include the factors of the variance report that are of importance. I will be examining the items I would include in my variance report when my salaries are high and supplies are low as explained in the instructions. In this paper I will explain what factors I would include in my variance report as well as compare the relationships between variance reporting, interpreting variance report results, and actual results of performance.
In my variance report, the factors that I would include would be changes that happened during the course of the budget, determine if we should investigate those changes, determine why those changes happened, and how to prevent changes in the budget from happening again. Considering these factors can help managers create an effective budget and work out any kinks that may be within the budget. One main factor that I would consider when looking into what changes were made during the course of the budget is determining why salaries were higher in my monthly report. One possible reason could be that there are too many staff assigned to a shift when work volume is low. “Cost increases could have resulted from higher prices paid for inputs such as wage and salary” (Cleverley, Song, & Cleverley, 2011, pg. 392). The reason for higher salaries could be du...
... middle of paper ...
...ent budgets. Looking at historic budgets and comparing them to the results of the current budgets allows for managers to seek out the best system for their department’s budget and how to stay within that designated budget. There are different reason that may cause variance within a budget such as inputs and outputs. Departments may choose to investigate these variances if they feel it is cost effective to do so. There is a clear relationship between the variance report, interpreting variance report results, and the actual results of a department performance. This relationship enables managers to check their resources against results to make sure there department runs in a cost effective manner without going over budget. Staying within budget allows for department managers to run their area efficiently and be aware of any costs that may be used within the department.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Our team has compiled a report outlining potential methods for gathering data regarding the number of recreational anglers and their impact on saltwater fish populations of the Atlantic Ocean. Methods for Sampling Sport Anglers In order to produce the most accurate results, our team recommends conducting a combination of surveys to reach different demographics within the general population. A survey of residents of coastal counties would be beneficial, as it would provide researchers with an overview of fishing activity within the region.... [tags: Sampling, Stratified sampling, Sample]
1054 words (3 pages)
Frequency Distribution Is A Visual Display That Organizes And Presents The Frequency Counts For Easy Interpretation Of Information
- Frequency distribution is a visual display that organizes and presents the frequency counts for easy interpretation of information. A measure of central tendency is a value that describes a set of statistics through the identification of the central position within the given set of data. The valid measures of central tendency include mean, mode and median. Dispersion is defined as variability or spread in variables or probabilistic distributions. It includes standard deviation and variance. The univariate methods are useful since they include the calculation of margins of error in a measure between two groups.... [tags: Sampling, Sample, Stratified sampling]
1239 words (3.5 pages)
- Variance Analysis Report As the necessity for variance reports is essential, the preparation of them can be done yearly or quarterly, “some healthcare organizations still prepare variance reports on a quarterly basis”, (Dr. Crosby, n.d. pg. 215). This report will reflect the budget results which depict higher wages paid, and lower costs spent on supplies that were originally allocated on the budget plan reported for this time period. “In general, there are three primary causes for differences between budgeted and actual costs: (1) Prices paid for inputs were different; (2) Output level was higher or lower than budgeted; and (3) actual quantities of inputs used were different”, (Cleverley, So... [tags: Cost, Cost accounting, Budget, Variance]
859 words (2.5 pages)
- There are many sampling methods and each of sampling method has its advantages. Researchers need to select well of the sampling method to improve the data quality and overall results quality. There are a pool of sampling methods to choose from including simple random sampling, stratified sampling, systematic sampling and cluster sampling (Oulte, 2011). Each sampling method can be applicable at different situations and times. For simple random sampling, it is more suitable applying for when the whole population is available to reach for researchers; for the stratified sampling, it is more appropriate when there are specific sub-groups which has direct relationships with the research objective... [tags: Sampling, Stratified sampling, Cluster sampling]
1305 words (3.7 pages)
- This memo would be an overview of sampling, starting with the definition of what sampling is, when and how it is used ranging to the discussion of different types of sampling and the risks related to them. The memo will also discuss the steps involved with sampling and the role of sampling in auditing including the attributes sampling and the variables sampling. Sampling is to draw a conclusion efficiently about a population of interest by testing the acquired assurance on a subset of that population, which is called the sample, at less cost of time and money than those of testing the whole population.... [tags: Sampling, Sample size, Sampling error, Sample]
1811 words (5.2 pages)
- An important tool to achieve optimization and standardization is the use of precision as a sampling technique attribute. Present in an increasing number of literatures, precision concerns repeated measurements which will give an unchanged result under the same conditions. Reaching maximum replication of a samples through the reduction of costs and time is a popular target for various studies (Santana-Garcon, Newman & Harvey, 2014). However, efficiency and accuracy have to be taken into consideration as an accurate result will not be useful if the time taken for completing the given task will be exceeded.... [tags: Sample size, Sampling, Accuracy and precision]
720 words (2.1 pages)
- a. In statistics, a population is a collection of individuals, things, events, etc. The population is the topic that one wants to make inferences on, whereas a sample is a subset of the population that is being collected—to be studied. After the sample is studied in statistics, one draws an inference of the population. There are four general sampling methods used in statistics: representative sample, random sample and quasi-random sample, stratified and quota sample, convenience sample, and purposive sample.... [tags: Sampling, Randomness, Statistical population]
726 words (2.1 pages)
- Sampling Technique The sampling method used in this experiment was transect sampling. Six evenly spaced transects were selected for this study, with three on each side of the path. Each group was assigned one transect to collect samples along various points. Transects were approximately 50m in length. Samples were taken at three different points along each transect, at 5m, 30m, and 50m. At the first point of sampling at 5m, 4 beat samples were taken, and 2 pitfall traps were set about 1 meter apart from each other.... [tags: Sample size, Sample, Sampling]
732 words (2.1 pages)
- 3.4.1 Bias This is study will be prone to selection, recall, social desirability and compliance biases due to the non-random sampling method (survey) and non-participation of some medical doctors. 188.8.131.52 Selection bias Selection bias is defined as an error brought in when the study population is not representative of the targeted population (60). It can occur during the recruitment of study participants or during the course of retaining the research subjects (61). Although this survey intends to recruit all the eligible medical doctors from the graduate years 2013-15, it is possible that some participants may withdraw, not respond or never be contacted despite several attempts resulting in... [tags: Scientific method, Sampling, Physician]
1801 words (5.1 pages)
- Conducting research is an important part of growing logical thinking in order to answer questions involving human interactions. Furthermore, offer an understanding of the dynamics of day-to-day life in the modern world. As a result, it is necessary to practice proper sampling methods to conduct effective researches. Therefore, when designing a study to measure public opinion regarding police use of force, using quota sampling would be the logical choice to use for this study. Referring back to class discussion, this non-probability sampling method, in particular, takes on people to divide them into groups in order to fill in quotas.... [tags: Sampling, Sample, Sampling error, Sample size]
1169 words (3.3 pages)