Summary Olga Jimenez HCA 240 Variance Analysis essay.
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Course
HCA 240
Institution
HCA 240
Olga Jimenez HCA 240 Variance Analysis essay.
Olga Jimenez HCA-240
August 16, 2020 Mrs. Sharon Ingram
Variance Analysis
According, to the cost variance Analysis there are many key factors a health care manager needs to consider such as the problem recognition, Determination of the problem o...
olga jimenez hca 240 variance analysis essay olga jimenez hca 240 august 16
2020 mrs sharon ingram variance analysis according
to the cost variance analysis there are many key factors a health c
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Olga Jimenez HCA 240 Variance Analysis essay.
Olga Jimenez
HCA-240
August 16, 2020
Mrs. Sharon Ingram
Variance Analysis
According, to the cost variance Analysis there are many key factors a health care
manager needs to consider such as the problem recognition, Determination of the problem or
cause, and correction of the problem. Many organizations have provided their employees ways
to catch this unexpected cost variances ways to investigate it is “All variances that exceed an
absolute dollar size (for example, $500), All variances that exceed budgeted or standard values
by some fixed percentage (for example, 10%), All variances that have been unfavorable for a
defined number of periods (for example, three periods), Some combination of the previous rules”
(Cleverley, Song & Cleverley, 2011, para. 14). Some of this criterion values might be considered
normal others subnormal is just up to management to consider which deviations need to
investigate. However, variance reports will be useful for any health care Management position to
minimize the cost in any given situation. While, still providing good quality and being able to
report back to the vice president.
Variance Analysis is a standard deviation of an actual observation this is how the
financial department looks at prior period values and budget value. Some of these two standards
to consider to used are prior period values and budget values. This helps explain why the cost
variance analysis are different from budget values from other months. There are three major
, 2
factors in the relevant analysis that play an important part in the relevant analysis are input
prices, productivity of inputs, and output levels. Input prices are changing over time and are
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