Get NURS 6211 Week 8: Variance Analysis essay assignment help
Six months have passed and your university clinic has been allowed to remain open. As you review the expenditures for those past six months, you are surprised to see how high certain costs have risen. As you reflect back, you are reminded of the flu epidemic that hit the university and affected many more students than you planned on needing services. Does this epidemic account for all of the increased costs? Could there be some other factors that contributed to the overspending?
NURS 6211 Week 8: Variance Analysis essay assignment
This week you focus on key analytical tools used for determining the extent that different factors explain discrepancies from the original budget.
Having a budget is critical for the financial stability of an organization. Keeping track of how well the organization is actually adhering to the budget, and subsequent identification of why the budget numbers are being missed is equally important. Without this critical “why” piece, it is difficult to make the necessary adjustments to the budget or to organizational behavior that might be promoting overspending.
A good budget is built with thoughtful consideration of future costs and revenue. Though your budget is formulated with expected figures in mind, the actual resulting values may vary considerably. This variance–from projected to actual–can be a pleasant surprise or a fiscal nightmare and can make financial decision making difficult. Fortunately, variance analysis can enable management to determine why variance occurred and what can be done to mitigate its effects.
For those not comfortable with the use of Microsoft Excel, this week’s Optional Resources suggest several tutorials.
Note: For those Assignments in this course that require you to perform calculations you must:
- Use the Excel spreadsheet template for the Week 8 assignment
- Show all your calculations and formulas in the spreadsheet.
- Answer any questions included with the problems (as text in the Excel spreadsheet).
A title and reference page are NOT needed in this assignment. Put your name and assignment at the top of the Excel spreadsheet.
Use the Week 8 Application Assignment Template for the Week 8 assignment
For this Assignment run a variance analysis. Based on the information you obtain: assess the results of the analysis, suggest potential causes of the budget variances and an explanation for addressing the situation.
Using the following performance data calculate the volume adjusted labor rate variance and volume adjusted efficiency variance. Your Variable Expense Factor is 40% and your Volume Change Factor is 50%.
Note: Submit the Excel spreadsheet containing your Salary Variance Scenario calculations to the Assignment submission link.
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