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Classmate A

Annotated Bibliography

Yereli, A. N. (2009). Activity-based costing and its application in a Turkish university hospital. AORN Journal, 89(3), 573-591.

This article set out to review the use of ABC hospitals. The inadequacy of the traditional costing system is recognized owing to the increased desire to manage resources efficiently within hospitals in the current global economy. The use of ABC is determined to be critical in the management and evaluation of costs and determination of the financial performance of a facility across different departments. The comparison between ABC and traditional costing methods was performed through an analysis of gall bladder surges in the unit of general surgery.

Cannavacciuolo, L., Illario, M., Ippolito, A., & Ponsiglione, C. (2015). An activity-based costing approach for detecting inefficiencies of healthcare processes. Business Process Management Journal.

The purpose of this article was to investigate the role of ABC in detecting existing inefficiencies within healthcare processes. The findings of this particular article indicated that BPM and ABC methodologies play a leading role in giving information about resources utilized and the costs of the activities. From the study, it is determined that ABC is an important tool for containments of costs and identification of paths for reengineering. The information that is provided by ABC as a costing method is key for supporting the decisions made by managers of a hospital.

Sandu, D. I. (2009). MULTIDIMENSIONAL MODEL FOR THE MASTER BUDGET. Journal of Applied Quantitative Methods, 4(4).

This article by Sandu published in 2009 in the Journal of Applied Quantitative Methods, aims to highlight the importance of a multidimensional model for the master budgets. The author generally appreciates that in an environment of competition, firms need timely and quality information to be able to make quality business decisions. This type of information can only be arrived at in the presence of effective business intelligence and business performance management tools. Planning for these activities and ensuring every framework is in place is noted to be a process that would only be successful with the use of master budgeting.

Bužinskienė, R. (2019). MASTER BUDGET FORMATION IN PRIVATE COMPANIES. Professional Studies: Theory & Practice/Profesines Studijos: Teorija ir Praktika, (21).

The aim of this article was to highlight the process of master budgeting within private companies and the benefits that such companies and their managers can derive from the use of master budgets. The article highlights the process of master budgeting and the conceptual framework that would be followed to arrive at a functional master budget. The role of master budgets as an enabler of profit planning is desired with other benefits, including controlling expenses, controlling revenues, forming a comprehensive action plan, and determination of the sources of finances.

Lessons Learned

From the articles that are viewed, I have been able to learn of the critical role that ABC and master budgets could play in the life of an organization. Master budgeting, for example, enables the development of a comprehensive action plan that would then enable control of revenues and expenditures as well as the determination of the sources of finances for the firm. ABC, on the other hand, is key for evaluation and management of costs and determination of the financial performance of a company.

Use of Concepts for Decision Making

Managers in various firms can thus use the concepts of master budgeting and ABCS to guide their decisions. Through ABC, a manager would be able to determine the financial performance of their firms and evaluate their costs, hence making decisions that touch on production and efficiency. Master budgets, on the other hand, would be useful for managers in managing their costs and expenditures to achieve business goals.

Classmate B

ABC

Al-Qudah et al. (2017). THE IMPLEMENTING ACTIVITY-BASED COSTING TECHNIQUE (ABC) AND ITS IMPACT ON PROFITABILITY: A STUDY OF LISTED MANUFACTURING COMPANIES IN JORDAN. Retrieved from, https://www.econjournals.com/index.php/ijefi/article/view/4384

The activity-based costing method is being used by many of the companies for the daily operations as it will be helpful for them to eliminate the unnecessary and indirect cost which affects the original cost of the product and related to the product in case they affect the depreciation, salaries and more. For the implementation of the ABC method, the author is trying to focus on it in this article because this method helps to easily evaluate and assess the profits of the organization which are achieved by the companies in Jordan. Therefore they are collecting the financial statements of various companies of a specific period and monitoring them and then discussing how they are affected in order to understand the profile structures (Al-Qudah et al, 2017).

Neto et al. (2018). Activity-Based Costing Using Multicriteria Drivers: An Accounting Proposal to Boost Companies Toward Sustainability. Retrieved from, https://www.frontiersin.org/articles/10.3389/fenrg.2018.00036/full

The cost like overall cost and indirect cost is being assigned with the help of ABC methods and by using it. They also include salary, cost related to product and services in this method. By using this method we can also manage activities that will help identify the actual cost for identifying the actual cost of the organization which is spent on them and we can also manage the pricing strategies and monitor them like the cost of the private purchase order, setting up of Machines. Moreover, we will also discuss the ABC method as it is a sustainable method that will be useful for making efficient decisions and help understand it in a better way (Neto et al, 2018).

Master budgeting

Wang, C. (2017). A Brief Discussion on the Comprehensive Budget of Industrial Enterprises. Retrieved from, https://www.researchgate.net/publication/324510855_A_Brief_Discussion_on_the_Comprehensive_Budget_of_Industrial_Enterprises

Of all the techniques, master budgeting is one of the best techniques because finance is crucial to the organizations and it is also necessary to monitor them by using it. Master budgeting is the best technique as it is being used for managing the direct activities as well as the performance of the organizations and with the help of this the outcome and finance can also be reviewed by the organizations and the management. The master budgeting method is used in the article with a view to identify the profit and also manage the relationship (Wang, 2017).

Shim et al. (2018). Budgeting Basics and Beyond. Retrieved from, https://books.google.co.in/books?hl=en&lr=&id=FsioDgAAQBAJ&oi=fnd&pg=PR11&dq=master+budgeting+&ots=qPF9ijZ5uq&sig=qsIjZEyDf4J45m_k8khyqXOqJvI#v=onepage&q=master%20budgeting&f=false

To manage the finance of the organization-based budgeting, the technique is being used and by using this organization managers are the operational cost and budget of the organization because the budget is very important to the organization at every level and department. The above article discusses minimizing the risk and achieving the goals of the organization, and also managing the financial statements of the organization. Being the manager of the company is very important about this concept which is crucial but important because it can be used for knowing the financial status of the organization and to achieve and acquire the organization goals in an effective way by making strategies (Shim et al, 2018).

Classmate C

Activity-Based Costing (ABC)

Article 1: Quesado, P., & Silva, R. (2021). Activity-Based Costing (ABC) and Its Implication for Open Innovation. Journal of Open Innovation:

The basic idea of ABC is also traced on cost drivers including trace with the relationship among resources along with activities that will establish cause on effect with the relationship among the products including activities. The ABC system has is rapidly increasing area for management that has accounting the literature has raised on interest between the investigations. The ABC system is essential for bibliometric studies which identify the origins with data also provides a guide the prospective studies. This review will identify some origins with knowledge, including providing a guide on the future. This demonstrates the essential with the ABC process which instructions provide a clear chart detailing application in academic for context. The main benefits of the ABC system have reduced the costs with simultaneously will improve the organizations strategic potential. The authors will provide reliable data also improves the decision-making methods. The mention applications of ABC process, which is in companies that also provide the services, that has implementation over ABC needs on required management commitment. (Godley, 2016).

Article 2: Ninerola, A., Hernandez‐Lara, A. B., & Sanchez‐Rebull, M. V. (2021). Improving healthcare performance through Activity‐Based Costing and Time‐Driven Activity‐Based Costing. The International Journal of Health Planning and Management.

This paper will review the application of ABC also Time-Driven on ABC has health with examines various among the two. The ABC also TDABC regularities have the use to become the healthcare on cost identification also controls with efficiency. The number of petitions using ABC also TDABC healthcare will expand in the last times years. The TDABC has a process that will gain ground on the ABC method. Mineola has identified journals with studies on published. According to the united states, the urgent requirement has to develop some efficiency about the health system also has one country on spending most healthcare.

Master Budgeting

Article 1: Godley, A. (2016). Budgeting is a valuable tool in preventing unfavorable business developments

Budgeting is a major component has financial success. Managers with managing budgets that will be thoughtfully including motivate on employees to achieve on companies with objectives. To run the successful budgeting has to coordinate the resources with the company. Deviations have a budget that may provide the initial warning also events that will indicate which is effective with approaches. Deviations that produce a budget may provide the warning with indicating ineffective approaches. Several multinational organizations have to budget useful in uncertain environments it may also be used on advertising the coordinate man activities. To avoid the budgetary has slack, enterprises that will evaluate the managerial performance has using the multiple indicators also managers have made their subordinate on communicating truthfully. In addition, that should use the truth involving schemes to reduce over budgetary slack.

Article 2: Michelon, P. D. S., Lunkes, R. J., & Bornia, A. C. (2020). Capital budgeting: a systematic review of the literature.

This investigation will provide to the literature by implementing the methodology with research on the potential that will identify the gaps with budgeting in according to existing scientific literature with contributing engineering administration for practice identifying the struggles that found the managers in engineering on interfering capital for budgeting methods. A master budget has central planning which has a tool over management with team uses to customers to get direct activities on corporations, as it has judged on the administration over different efficiency centers. An organization should seek professionals with expertise under a capital project that has appraisal over-familiar on knowledgeable for adequate practices with decision making. (Bornia, 2020).

References

Godley, A. (2016). Budgeting is a valuable tool in preventing unfavorable business developments

Michelon, P. D. S., Lunkes, R. J., & Bornia, A. C. (2020). Capital budgeting: a systematic review of the literature.