You are attending a meeting with the Board of Directors of the Community Medicine Group. The doctors are concerned about the large amount of cash
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You are attending a meeting with the Board of Directors of the Community Medicine Group. The doctors are concerned about the large amount of cash that
accumulates in the practice checkbook for long periods. Explain to them cash management and how you think they might approach putting this money to work earning interest.
You are the CEO of Lakeshore Regional Medical Center and are reviewing the planning and budgeting process for the next fiscal year, with the Finance Committee of the Board of Directors. They want to change the process and are considering options. They have requested that you review the following options and provide them with a written response in the form of a memo. Write this memo as if you were writing to individuals that were new to these concepts.
a. Should the budget be zero-based or conventional?
b. Are you in favor of a top-down or bottom-up process?
c. Should the budget be fixed or flexible?
d. Explain the purpose of variance analysis to the Board members.
e. Explain to the Board members how planning and budgeting are linked.