Assignment 2 has a word limit of 1500 minimum and 2500 words maximum.
The tasks for this assignment relate to the change management plan developed in Assignment Having selected the intended change and provided a context and need for the change, and mapped the process of change and its management, you must now consider financial implications of the change for your facility or health service.
The following financial aspects of the intended change should be addressed:
• Resources required for the change and how you will mobilize them (i.e. how you will use the allocated funding and existing or additional human resource (personnel) to implement the change plan).
• Impact of the change on the ‘bottom line’ (i.e. surplus/profits) and cash flow of the facility or health service in the short and longer term.
• Any capital investment decisions required as a result of the change and source of funding.
• Financial risks that may arise from the change and the process to mitigate the causes and effects of those risks.
• Possible regulatory compliance issues to meet the requirements of government and other regulatory bodies.
You will need to consider:
• Role of the finance function in strategic and operational management.
• Application of each of the following to the change management process: cash, operational and capital budgeting; managing short-term resources and obligations; long-term financing; accountability and control factors.