Nr533 Week 3 Touchpoint Reflection: Financial and Budgeting Principles
Nr533 Week 3. Guidelines for Touchpoint Reflections
A downloadable version of the guidelines, which includes further information, is available for access on the Course Resources page.
Reflection Information
EXPERIENCE
This week’s readings contained a great deal of information on financial and budgeting principles. Some of you may have had some familiarity with the concepts and maybe even experience in working with them. However, there is always something new to learn.
REFLECTION
What pre-conceived notions related to healthcare financial and budgeting principles did you hold before this week that you understand better now or for which you have a different perspective? How have these new revelations influenced your thinking related to access, availability, and quality of healthcare?
IMPLICATIONS FOR THE FUTURE
How has your enhanced knowing affected the way you view your proposed project?
What areas of additional financial or budgeting data gathering have you identified as a need for your plan?
Nr533 Week 3 Touchpoint Reflection Answer
Prior to delving into this week’s lesson on financial and budgeting principles, my understanding of these concepts was primarily shaped by experiences in previous workplaces. I held pre-conceived notions, especially regarding the pivotal role of top management in the budgeting process.Nr533 Week 3 Touchpoint Reflection
Through firsthand encounters, I observed that the top management played a significant role in setting targets and finalizing budgets. However, this week’s lesson has provided me with deeper insights, particularly in understanding that top management not only establishes targets but also engages in continuous monitoring of real performance, identifies deviations, implements corrective measures, empowers personnel, and recognizes high-performing employees (Robinson, 2016).Nr533 Week 3 Touchpoint Reflection
Moreover, the lesson emphasized the integral role of employee involvement in effective financial and budgeting practices. I learned that a successful budgeting process necessitates collaboration and engagement from all levels of the organization. This inclusive approach ensures that employees understand the financial goals, fostering a sense of ownership and accountability throughout the organization.
Robinson, T. R. (2016). Strategic Business Partner: Aligning People Strategies with Business Goals. CRC Press.
In conclusion, the comprehensive insights gained from this week’s lesson have broadened my perspective on financial and budgeting principles, emphasizing the interconnectedness of top management engagement, continuous monitoring, employee involvement, and the overall success of organizational financial strategies.
