Kindly read the instruction of the assignment carefully. Please use the information provided by the assignment only. Do not use any foreign material. You are the administrator of the medical - surgical department at UMUC Health. Review the transcripts from the budget meeting and recent voicemails from your CFO and, using the available information and resources, develop an operating budget for your department. Your budget should include a 2-4 page document with an accompanying Excel spreadsheet that: Provides the revenue and expenses through the current month of the current year.Estimates the revenue and expenses for the rest of the current fiscal year based on the assumptions provided in the transcript documents.Prepares a budget for the next fiscal year.An important detail is to remember you are the Director of the Med-Surg Department, and your budgets should reflect only that Department, you do not need to develop a budget for the whole hospital. When considering the information provided in the budget meeting transcript, the projections are for the whole hospital, of which the med-surf department is only a part. When reviewing the assignment consider the following Of the $1.2 billion in total hospital wide patient services revenue, approximately 57% of the total revenue is for in-patient care; the other 43% is for outpatient revenueThe Medical Surgical Budget reflects only in-patient revenueYearly budgeted Medical Surgical Dept. in-patient revenue: $50,000,000 As a percent of the total in-patient revenue, the Med-Surg Dept. represents: 7% In-patient revenue for the Dept. in the first 6 months is below budget by approximately $1.9 million

BUSINESS PLANProject yourself as an entrepreneur of a small-scale business in Saudi Arabia.Assignment Objectives & Requirements:1. Ownersa. Your Business Name, Address, E‐Mail 2. General Business Description (300 – 500 words)A. What business will you be in? What will you do?Mission StatementCompany goals and objectivesB. Business Philosophya. What is important to you in your business? To whom will you market your product? Describe your Industry: Is it a growth industry? What long term or Short-term changes do you foresee in the industry? How will your company take advantage of it? Describe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture? Legal form of ownership: Sole proprietor, Partnership, Corporation, Limited liability corporation (LLC)? Why have you selected this form?3. Products and Services (300 – 500 words)a. Describe in depth your products or services. (Technical specifications)b. What factors will give you competitive advantages or disadvantages? Examples include level of quality or unique or proprietary features. 4. Marketing Plan (300 – 500 words)a. Market Research- Why?b. Market Research- How? Primary or Secondary Data?c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all‐important sales projection.Facts about your industry What is the total size of your market? Current demand in target market. Trends in target market—growth trends, trends in consumer preferences, and trends in product development. Growth potential and opportunity for a business of your size. What barriers to entry do you face in entering this market with your new company? How will you overcome the barriers? How could the change in technology, change in government regulations, change in the economy, change in your industry, affect your organization.Product Describe the most important features. What is special about it? Describe the benefits. That is, what will the product do for the customer?Customer Identify your targeted customers, their demographicsCompetition What products and companies will compete with you? How will your products or services compare with the competition? Strategy • Outline a marketing Strategy.Promotion How will you promote your Product? What will be your promotional budget?Method of setting pricesCompare your prices with those of the competitors. Are they higher, lower, the same? Why? How important is price as a competitive factor? Do your intended customers really make their purchase decisions mostly on price? What will be your customer service and credit policies?Distribution ChannelsHow do you sell your products or services?Legal Environment • Licensing and bonding requirements Health, workplace, or environmental regulations Special regulations covering your industry or profession Insurance coverage Trademarks, copyrights, or patents (pending, existing, or purchasedPersonnelNumber of employees Type of labor (skilled, unskilled, and professional) Where and how will you find the right employees? Quality of existing staff Pay structure Training methods and requirements Who does which tasks? For certain functions, will you use contract workers in addition to employees?Inventory What kind of inventory will you keep: raw materials, supplies, finished goods? Average value in stock (i.e., what is your inventory investment)? Rate of turnover and how this compares to the industry averages? Seasonal buildups? Lead‐time for ordering?Suppliers:Identify key suppliers. Credit and delivery policies 5. Financial Plan (300 – 500 words)The financial plan consists of a 12‐month profit and loss projection, a cash‐flow projection, a projected balance sheet, and a break‐even calculation. Together they constitute a reasonable estimate of your company's financial future.6. Conclusion (300 – 400 words)