Principles of costing and business control systems Assignment Sample UAE

The objective of the course is to get the students acquainted with the principles of financial resource management.

especially the health care Agencies are expected to Maximize the benefits of financial resources. Moreover, resource management can be categorized into three levels. at the Micro-level, the assignments will analyze how organizations make use of the financial resources efficiently.

 

 

Assignment solutions of Marketing Research assignment in UAE

This module will highlight Resource management strategies.

When someone plans to start a business at any level, he should consider effective resource management strategies. resource.

Management needs knowledge about Regulatory requirements. It is important to Maintain records for decision making, planning, and control purposes. Moreover, Legislations mandate organizations to maintain records.

To run a business successfully, management should Comply with basic costing principles.

LO 1 Outline the costing principles

Cost is the monetary worth of a service or product, whereas costing is the Process of estimating the actual price of a Service or product. As a manager of an organization, you must be sure of the cost and amount of resources needed to provide the services.

Costing helps to assess the resources at your disposal so that you can prioritize the resources based on the referral Scale of the organization. managers can ascertain price based on the principle of ascertaining the output or cost of a product.

LO 2 Outline the importance of business control systems

There are 5 principles of a business control system. The cost of a product is directly related to its cause. It is because the figures are always determined based on the nature of the activities involved. It is determined based on causal factors.

Moreover, abnormal pricing is fixed to cover the accident charges or Charges related to the services or products offered by a business.

Moreover, services will cost you only when you avail of them. So, unless you avail service or product yourself, you don’t have to pay for it. costing doesn’t include past expenses when anticipating future expenses, as it would make the calculation complicated. In other words, future costs will get overburdened with data from the past.

promotion is an exceptional case where product Cost gets treated as deferred revenue expenses. Keeping records of the expenses is likewise dependent on the double-entry principle.

 

 

Importance of business control systems

a business control system gets established to supervise Regulate Check record or restrict access to a particular system.

It is done to take the right measures to align Performance with the standards. a well-structured control system allows a business to accomplish its long-term objectives. Moreover, our business control system can be either preventive or corrective.

A corrective Control system addresses the risk or error that happened already. On the contrary, a preventive control system diminishes the likelihood of error or risk. These are some of the Costing and business Control system:

break-even analysis: How much sales a company needs to make to generate a profit. In the case of businesses that started recently, there is no gain or loss.

Cost profit analysis: It evaluates and lists cost and benefit to the society,

LO 3 Assess Regulatory Frameworks needed Managing Resource in the healthcare sector

Resource management should comply with the principles followed in different structures, legislations related to the social and healthcare sector. The basic need is the standardization of a risk management framework, which is a tool to assess the current risks, predict future threats and take measures to get rid of the same.

The administrative necessities which influence the business cost or the board of monetary assets are as per the following:-

• Changes reflected in policies: The changes reflected in business policies affect resource management. Policy Changes by the Public authority or the administrative organization may commensurate to new compliance, incurring additional expenses while conveying social care and health benefits.

Henceforth changes in the approach may bring about additional efforts towards consistency, resulting in an outgo of monetary assets.

• Competitive variables – The competitive variables incorporate the aspects of services provided by other specialist co-ops or organizations in the health and social care sector. Competitive factors play an important role. Risk mitigations, compliance to code of conduct and legislations bring about additional expenses, which may compete in the social and healthcare sectors.

LO 4 Evaluating Resource Management Strategies

Resource management systems get implemented by healthcare organizations for effective management of monetary resources. The management framework incorporates the tools and processes needed to control the monetary resource allocation, optimal utilization of assets, and so on. The resource management framework helps the social care co-ops to track total expenses incurred by the association.

A resource management framework that exists in correlation with the healthcare organizations includes the following:

• Income Source
• Tracking Expenses
• anticipating Expenses

 

 

Conclusion

We clarified the importance of financial resource management most appropriately. apart from that, this covers the systems needed to manage financial resources. In the final phase, the paper highlights the resource management strategies implemented by healthcare organizations.

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