University of Phoenix Material
Terminology and Stakeholders
Define the following terms using your text or other resources. Cite all resources according to APA guidelines.
| Term | Definition | Resource Used |
| Time value of money | This is money today being worth more than their exact amount in future. $1 in 1970s could buy a lot but nowadays $1 can’t buy much and in future,2100s, it might just be useless and never buy anything. | Collier, P. M. (2015). Accounting for managers: Interpreting accounting information for decision making. John Wiley & Sons. |
| Efficient market | An efficient market is a market in which all information has already been incorporated into the current market price like the stock market as the prices are constantly updated to reflect market information. | Kaplan, R. S., & Atkinson, A. A. (2015). Advanced management accounting. PHI Learning. |
| Primary versus secondary market | Primary market is where investors buy securities being sold for the first time while secondary markets is where the investors sell securities, they already purchased and own. | DRURY, C. M. (2013). Management and cost accounting. Springer. |
| Risk-return tradeoff | This is where an investor only accepts the highest return on a trade based on risk. The higher the risk the higher the returns that they stand to get. | Garrison, R. H., Noreen, E. W., Brewer, P. C., & McGowan, A. (2010). Managerial accounting. Issues in Accounting Education, 25(4), 792-793. |
| Agency (principal and agent problems) | This is when one player in a team does something that directly affects the rest. A good example is when a manager takes up new tasks without consulting their team members creates an principal and agency problems. | Ward, K. (2012). Strategic management accounting. Routledge. |
| Market information and security prices and information asymmetry | Market information are the deciding factors for an investor to either buy or sell a stock. Asymmetry keeps up with new trends in making decisions that are based on the market information available to the investor. | Hilton, R. W., & Platt, D. E. (2013). Managerial accounting: creating value in a dynamic business environment. McGraw-Hill Education. |
| Agile and lean principles | These are principles and methodologies that seek to improve production efficiency. | DRURY, C. M. (2013). Management and cost accounting. Springer. |
| Return on investment | This is the money that an investor made after investing in a certain venture. It also shows a breakdown of their expenditure. | Otley, D., & Emmanuel, K. M. C. (2013). Readings in accounting for management control. Springer. |
| Cash flow and a source of value | Sources of value are activities that bring in money. Cash flow is how money moves from activity to activity. These activities includes investing activities, financing activities and operating activities. | Hall, M. (2010). Accounting information and managerial work. Accounting, Organizations and Society, 35(3), 301-315. |
| Project management | This is the act of planning, organizing and controlling of organization’s resources to meet a projects objective. Resources could include Money and human resources/labor. | Hilton, R. W., & Platt, D. E. (2013). Managerial accounting: creating value in a dynamic business environment. McGraw-Hill Education. |
| Outsourcing and offshoring | Outsourcing and the subcontracting of work to be done by anther organization. Offshoring is getting work done in another country. | Otley, D., & Emmanuel, K. M. C. (2013). Readings in accounting for management control. Springer. |
| Inventory turnover | This is the number of times an inventory is sold or is used over a period of time like days, weeks, months or years. | Kaplan, R. S., & Atkinson, A. A. (2015). Advanced management accounting. PHI Learning. |
| Just-in-time inventory (JIT) | It is a method that is used in production to increase efficiency and thus eliminating waste. Companies only order and receive inventory just when they are needed in the production process reducing the cost of inventory. | Otley, D., & Emmanuel, K. M. C. (2013). Readings in accounting for management control. Springer. |
| Vendor managed inventory (VMI) | This is where product buyers give information to a vendor of the product and the vendor takes full responsibility of maintaining the agreed inventory of material. | Collier, P. M. (2015). Accounting for managers: Interpreting accounting information for decision making. John Wiley & Sons. |
| Forecasting and demand management | Forecasting is the prediction of the future by using historical factual records to extrapolate what might likely happen in the future. Demand management is planning methodology used to manage to demand for services or products of an organization. This involves planning, organizing and execution following a methodology seen to be suited for the demand at hand. | Ward, K. (2012). Strategic management accounting. Routledge. |
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List and describe at least five stakeholders in the health care payer system.
| Stakeholder | Description (at least 50 words each) |
| Government/Policy maker | The government, State and federal, establish and enforce rules and regulations to be followed by everyone in the healthcare sector. They play a very important role since they are the regulatory body that make rules that are in favor of everyone and ensure the advancement of patient care and public wellbeing. The guard the citizens against exploitation by corporations who are always out there to make money from sick people. |
| Providers | Providers are basically those people who provide health care services. They include Nurses, doctors and all other medical practitioners. They provide their services in hospital, clinics, nursing homes and in doctor’s offices. A providers works with the patients and other providers to give the best care they can to ensure patient recovery. |
| pharmaceutical firms | They are companies that make drugs and equipment used by healthcare providers to treat the patients or see them to full recovery. They are responsible for research and coming up with new drugs that are more efficient. Their drugs are subject to government regulatory bodies in making sure that they are safe for patients, providers and anyone who may come in contact with them. Their pricing to an extent determine the amount patients pay. |
| Payers | A payer is someone or a company that pays for healthcare services. In the US, they include private insurance bodies and the government. For situations where there is a copayment system, the patients or their guardians pay part of the amount and the private insurance pays for the rest. This payment system eases the burden on the patient in the long run. |
| Patients | Patients are the core stakeholders in healthcare payer system and hence all services, policies and many more revolve around them. Without them, healthcare systems wouldn’t exist as a whole. These are the citizens who the government protects and make regular contribution towards health insurance and make no or copayments whenever they are seeking health services. |
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