As the HIM manager in charge of your department's budget, you are mandated to report on variances of more than 6% either positive or negative to your Chief
Financial Officer and include the reasons for the variance and any action plans necessary. Based on the table below for the December variance report, what category would you be required to report on to the CFO?
To determine which category to report, we need to calculate the percentage variance for each category. The calculation is as follows: For Office Supplies, the percentage variance is (430 / 5120) * 100 ≈ 8.40%. For Contract Services, the percentage variance is (160 / 8500) * 100 ≈ 1.88%. For Travel, the percentage variance is (200 / 3500) * 100 ≈ 5.71%. For Education, the percentage variance is (100 / 2500) * 100 ≈ 4.00%. Since only Office Supplies has a variance greater than 6%, it is the category that must be reported to the CFO.
OFFICE SUPPLY correct answer - too many wrong answers huh!!!
Evidence is needed to what kind of trips and approval by management