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Instructions:
Part A: Answer the following questions:
What is the definition of
Instructions:
Part A: Answer the following questions:
What is the definition of budgeting?
What are the ways to classify budgeting?
How would you explain the various management approaches to budgeting?
What are the steps in the budgeting process, and how would you describe each step in sequence?
Who is responsible for evaluating budget performance?
Part B: Scenario
Suppose that you are the new CEO at Memorial Hospital. Memorial is a nonprofit hospital with 300 beds and is located in a busy metropolitan area directly adjacent to a large university. Memorial is the only hospital within a 20-mile radius of campus, but construction on a new, competing hospital has just started within 5 miles. Identify three forecast content items. How will they be measured? What is the expected status of the content items in the future? Which forecasting techniques should you use? Why?
Details: Using the text and other resources, answer the items listed above. Label your work Part A and Part B. Use a narrative style and respond to all aspects of Part A and Part B using APA format for references and in-text citations. Your completed assignment should be approximately 3 pages.
Note: This assignment adapted from: Nowicki, M. (2022). Introduction to the financial management of healthcare organizations (8th ed.) Health Administration Press.
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