Capital Expenditure Budget
If you were assigned to prepare a capital expenditure budget request to add a retail pharmacy in the hospital, which two individuals from your department(s) would you want to have on your team to help you? How would you utilize them to help you? Justify your response and include a minimum of one scholarly reference to support your answer.
Example Answer: If I were assigned to prepare a capital expenditure budget request in order to add a retail pharmacy in the hospital, one of the two people I would have on my team would be the CFO, he or she knows all the vital information of the financial status for the company.
“CFOs should be able to: • Communicate dearly; • Provide leadership in day-to-day operations; ” Manage resources and fmances; • Build coalitions; • Create a positive organizational culture; and • Maintain strong physician relations. Communicate clearly.”(Doody 2000) All of these attributes will aid with getting funding that we need.
The second person l need on my team is the accounting manager. He or she would know how much we would need charge for the services. Also they would let me know when we are over budget and how the first year might look like financially. because I would need someone to assist with the pricing of services and other important decision making matters of the pharmacy. On a daily accountants deal with numbers and are concerned with a seeing profitable revenue. My two selections will give me the jump I need to have a prosperous pharmacy.
Doody, M. F. (2000). Broader Range of Skills Distinguishes Successful CFOs. Hfm (Healthcare Financial Management), 54(9), 52.
Assignment 1: Operating Budget
In a one- to two-page paper, which will be included in your Final Project, explain why your manager or the board would or would not accept a proposal for the capital investment. List at least three arguments that could be used for or against the proposal. In other words, what will the intended audience be looking for when reviewing the proposal?
Assignment 2: Capital Expenditure Proposals
Complete the following sections for your capital investment proposal:
Your paper needs to be two to three pages in length (not including the title and reference pages) and formatted according to APA style as outlined in the Ashford Writing Center. You must use the textbook and at least one scholarly source per area. Cite and reference your sources in APA format as outlined in the Ashford Writing Center. The details in this paper can then be converted to your speaker notes on your PowerPoint presentation for the Final Project.
Key Strategic Goals: one page minimum, include specific funding sources for the capital investment.