Program

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Program Learning Outcomes and Assessment – Spring 2021

Course: FIN 3402 Financial Management Program Learning Outcome: Demonstrate knowledge of financial concepts. Material: Chapter 6 - Planning and Budgeting Assessment Tool: Written Assignment (33 points)

Students are required to earn a passing grade (70% or better) on this assignment.

Any student who does not earn a score of 70% or better on this assignment will be

required to repeat the course.

Chapter 6 Assignment - Planning and Budgeting:

For this assignment, please compose a paragraph-length response (generally five sentences) to each of the below seven items. These responses must be in your own words and not copied from the textbook or any other source. Your written submission should contain seven sections, numbered “1” through “7” as described below. Each of your seven numbered sections is to be written in paragraph form, double-spaced, in 12-point font, and with complete sentences (and without lists, bullet points, or errors related to spelling/grammar/writing/punctuation, etc.). Each of your seven numbered sections should flow like an independent essay.

The written content component of this assignment is worth 28 points, as detailed below.

Up to 7 points may be deducted for spelling/punctuation/grammar/sentence structure/references/citations errors.

1. Please describe the purpose and the various components of the operating budget. [4 points] 2. Please define volume forecasting and explain how it affects other items in the operating budget. [4 points]

3. Please describe at least four factors that are considered when volume forecasts are being developed. [4 points]

4. Please explain what is meant by variance analysis in health care finance. [4 points]

5. How is variance analysis used by departmental or clinic managers? [4 points]

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6. Define and explain the relationship between simple variance analysis and flexible variance analysis. [4 points]

7. What is the advantage of flexible variance analysis compared to simple variance analysis? [4 points]

This assignment is worth a total of 33 points as follows, and there are two required deliverables for this assessment:

• You must send your complete first draft of this assignment to either Santa Fe Writing Tutoring or Smartthinking for these tutors to review and provide recommended improvements. (You are welcome and encouraged to utilize the services of both of these resources, but only one is required.)

As part of your grade for this assignment, you are then required to submit, via uploading into Canvas, a) documented proof that you have had the written content of your assignment reviewed by either Santa Fe Writing Tutoring or Smartthinking, and b) the complete first draft of this assignment that you sent to the tutors for review.

Points = 5 Due Date = March 8, 2021, 11:59 p.m.

• You are required to submit, via uploading into Canvas, the final revised version of the written content of your assignment.

Points = 28 (Up to 7 points may be deducted for writing/formatting errors.) Due Date = March 21, 2021, 11:59 p.m.

Very Important Information Regarding This Assignment:

As you will recall, the following language is included in the Expectations for Students in HSA Courses document and the Course Syllabus, both of which were provided to you in the Week 1 Canvas module for this class:

The Business Programs Department is now part of the Accreditation Council for Business Schools and Programs (ACBSP). As part of the accreditation process, each core Business Programs course has been assigned a program learning outcome (PLO), along with a specific assignment to measure whether students have met the program learning outcome. Students are required to earn a passing grade (70% or better) on the designated PLO assignment for each course. Any student who does not earn a score of 70% or better on the PLO assignment will be required to repeat the course.

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Since earning a score of 70% or better on this assignment is required in order to pass this course, you have been given extra time for completion. You are, however, strongly advised to use this time wisely and not wait until the last minute to complete this work.