Reference no: EM132415404
To prepare for this Application Assignment, review the Northeast Health System 2011 Annual Report. As you review, analyze the concept of variance. Consider what factors influence variance and how organizations control these factors in a real world setting. Analyze how the economic environment in which the organization operates influences the means of adjusting expenditures to meet financial goals.
To complete this Application Assignment, you will calculate: 1) the variance for selected items from the annual report and 2) the percentage that each expense item contributes to the overall expenses. Next, you will write a 2- to 3-page paper that explains how the variance and expense percentage calculations are used to monitor and control the budget.
You will submit both the excel spreadsheet and the 2- to 3-page paper as follows:
1. Using the provided Excel spreadsheet, calculate the variances for each line item under the tab labeled "Variances." A guideline for calculating the variances is located in the Weekly Resources.
2. Using the provided Excel spreadsheet, calculate the expense proportion of each line item under the tab labeled "Proportional Allocations."
3. After completing the spreadsheet, please address the following in a 2- to 3-page paper. The first paragraph should address the first two elements. The bulk of the paper should address the remaining elements.
Explain the concept of variance. Cite your sources.
Briefly describe the Northeast Health System from the information found in the annual report.
Summarize the key variances (positive or negative) you uncovered during your analysis (data only). Focus on the most significant variance items.
Summarize the key findings from your proportional allocation analysis. Focus on the most significant proportions.
What observations can you make about the Northeast Health System based on the variances and proportional allocations that you calculated?
What do you believe led to the variances you identified?
Since certain line items in a budget are more controllable than others, what actions might you recommend to the Northeast Health System to either decrease or increase their significant variances and proportional allocations?
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