Term
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Definition
| any outlay of cash for any reason |
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Term
| What is financial management? |
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Definition
| the art of maximizing wealth or value |
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Term
| Success requires (5 items) |
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Definition
Overcoming the mystique
Thinking strategically
Reorienting the perspective
Speaking the language
Technical skills |
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Term
| 3 Parts of the financial management paradigm |
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Definition
Performance planning
Performance measurement
Performance management |
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Term
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Definition
| a detailed plan showing how resources will be acquired and used over a specific period. A plan for the future in formal, measurable terms. |
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Term
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Definition
Operating budget
Capital budget
Cash budget |
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Term
| Important planning documents (several) |
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Definition
Budget guidelines
Mission statement
Strategic plan
Market analysis
SWOT analysis
Goals and objectives
Other budgets |
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Term
| Why report performance? (5 reasons) |
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Definition
Measure performance
Increase awareness
Ensure sound, prudent management
Involve the management team
Achieve your goals |
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Term
| Good reports are... (4 things) |
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Definition
Timely
Frequent
Understandable
Comprehensive |
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Term
| What are performance dashboards? |
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Definition
| Simple, multi-dimensional systems to monitor critical indicators of overall performance |
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Term
| What is variance analysis? |
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Definition
| Determine the underlying cause of deviation from a plan |
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Term
| What is expense forecasting? |
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Definition
| Prediction of the future based on history or present circumstances |
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Term
| Bilateral performance mapping |
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Definition
| Determine objectively where to look for improvements |
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Term
| 3 types of decision support analysis |
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Definition
Marginal analysis
Benefit:Cost Ratio Analysis
Breakeven Analysis |
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Term
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Definition
| pay must be fair as compared with those next to you - don't let pay be a dissatisfier |
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Term
| Herzberg's Motivational Factors (Satisfiers) |
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Definition
Achievement
Recognition
Work itself
advancement
Growth |
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Term
| Herzberg's Maintenance factors (Dissatisfiers) |
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Definition
Security
Salary
Work conditions
Supervision
Company policy |
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Term
| Push and Pull Factors of Brain Drain |
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Definition
Pay
Working Environments
Career growth and development
Violence and discrimination |
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Term
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Definition
| Migration of skilled labor |
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Term
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Definition
| -Value Analysis Process (safety, disposal, usage, item type) |
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Term
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Definition
| only have to buy it once or twice a year |
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Term
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Definition
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Term
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Definition
| Supplies stocked in warehouse and delivered immediately upon need |
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Term
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Definition
Develop a strong customer focus
Continually improve all processes
Involve employees
Mobilize both data and team knowledge to improve decision making |
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Term
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Definition
What are we trying to accomplish?
How will we know that a change is an improvement?
What changes can we make that will result in an improvement? |
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Term
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Definition
Check sheet
Fishbone diagram
Run chart
Pareto chart
Histogram
Flow chart
Scatter diagram |
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Term
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Definition
Step 1 Select a Problem/Process (Plan)
Step 2 Define Current Process
Step 3 Find Root Causes
Step 4 Develop Action Plans
Step 5 Try It (Do)
Step 6 Review Results (Check)
Step 7 Make Changes/Hold Gains (Act) |
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Term
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Definition
Six Sigma
Rapid cycle process improvement
Ante mortem review
Failure inducement
Root cause analysis
Failure mode analysis |
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Term
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Definition
Confusing departments and processes
Jumping to causes or solutions
Subjective presentations
Instant experts
Insufficient data |
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Term
| Pitfalls to avoid in measurement |
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Definition
| Pursuing one indicator at the expense of others |
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Term
| Balance scorecard: definition |
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Definition
“A multi-dimensional framework for describing, implementing and managing strategy at all levels of an
enterprise by linking objectives, initiatives, and measures to
an organization’s strategy.” |
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Term
| Three dimensions to measure |
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Definition
Industry
Hospital
Health System |
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Term
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Definition
Population Health
Stakeholder Perspectives
Supply Factors
Demand Factors
Efficiency |
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Term
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Definition
Comparison with similar organizations
Historical performance
Performance targets |
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Term
| Balanced Score Card Domains |
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Definition
Patient & Community
Provider Perspective and Communication
Capacity for Service Provision
Service Provision
Financial System
Overall Vision |
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Term
| 5 Principles of a Balance Score Card |
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Definition
Translating strategy into operational terms
Align the organizational strategy
Make strategy everyone's everyday job
Make strategy a continual process
Mobilize leadership for change |
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Term
| 3 functions of a balanced score card |
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Definition
measurement
strategic management
communication |
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Term
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Definition
Timeliness vs. absolute accuracy
Based on rapidly available data
Focus on significant drivers of organizations' total performance |
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Term
| Logical framework: definition |
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Definition
| A program planning and evaluation tool to link actions and results |
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Term
| Disadvantage of Logical framework |
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Definition
Limits creativity and innovation
Requires updating to reflect changes - static tool
Requires training and follow-up |
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Term
| Advantages to a logical framework |
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Definition
Statement of project components in one place
Systematic 'logic'
Identifies main factors related to success
M&E tool with indicators
Multidisciplinary approach |
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Term
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Definition
Inputs+Assumptions=Outputs
Outputs+Assumptions=Outcomes
Outcomes+Assumptions=Goals |
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