Financial and Economic Decision-Making
9 Credits (ECTS)
Financial and Economic Decision-Making
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Module Description
This module provides students with the tools to make informed and sound financial and economic decisions within healthcare organisations.
It covers the basics of financial management, including budgeting, cost control, and funding strategies, and explores economic analysis techniques that support sustainable industry practices and financial viability.
Entry Requirements
Candidates who apply for this course must have:
- Level 6 Degree and 2 years’ work experience.
Preference is given to applicants having:
- Level 6 Degree in a discipline related to the Study Programme; and
- A minimum of 2 years’ work experience in management within the sector covered by the Study Programme.
OR
- Level 5 Diploma or Higher Diploma and 5 years’ work experience in a supervisory or managerial role.
* Students whose first language is not English will be required to demonstrate English language capability at IELTS level 6.0 or equivalent.
Target Audience
This course is targeted at Healthcare professionals with work experience; people such as:
- Individuals seeking to advance their academic and professional knowledge in healthcare management.
- Individuals wanting to pursue senior management and leadership careers within the healthcare profession.
- Individuals wanting to enhance their ability to interpret, assess, and communicate healthcare-related information.
Career Paths
This programme is not designed to prepare students for specific warranted professions or regulated occupations.
Instead, it aims to provide participants with the knowledge, skills, and competencies outlined in this curriculum, equipping them for diverse leadership and management roles within the healthcare sector.
This programme is targeted at healthcare professionals, managers, and aspiring leaders seeking to advance their careers in healthcare management. It also caters to individuals from non-healthcare backgrounds who wish to transition into healthcare leadership roles.
Graduates will be well-prepared for senior management and leadership positions in hospitals, healthcare organisations, government agencies, consulting firms, and international health institutions.
How you’ll be assessed
The course comprises:
- Evening classes for part-time courses.
- Classes held throughout the day for full-time courses.
- Guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos.
- Self-study hours comprising research, reading and assignment work.
Assessment
Assessment is carried out via two mandatory components:
- Formative Assessment
- Summative Assessment
The programme includes different forms of assessment which allow for and promote students’ critical engagement. The formative and summative assessment tasks may include an in-class assignment and/or a home-based written assignment using diverse assessment tools which may take the form of online and in-class discussions, examinations, case studies, reports, proposals, essays, and presentations, etc., as applicable to the diverse modules.
Learning Outcomes
Competences:
At the end of the module/unit the learner will have acquired the responsibility and autonomy to:
- Apply the principles of financial management.
- Formulate and evaluate financial strategies that align with organisational objectives.
- Apply budgeting techniques.
- Analyse cost control methods.
- Understand and apply economic analysis frameworks and techniques.
- Appraise the role of healthcare (industry) economics in decision-making regarding resource allocation, investment and sustainability.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Financial Analysis and Strategy
- Budgeting and Cost Management
- Economic and Decision-Making Frameworks
- Healthcare Economics
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Critically analyse financial statements to assess the financial health of an organisation.
- Develop and manage budgets, perform variance analysis, and make necessary adjustments to achieve financial objectives.
- Perform economic evaluations and conduct cost-benefit analysis, ROI, and NPV calculations to support decision-making.
- Apply various cost-control methods to maintain financial sustainability.
- Present economic analysis results in a clear and understandable manner to support decision-making.
Module-Specific Learner Skills:
The learner will be able to:
- Communicate complex financial strategies and budget reports effectively to both specialist and non-specialist audiences.
Module-Specific Digital Skills and Competences:
The learner will be able to:
- Navigate through the online learning platform to find assignments, discussion boards, literature, tutorials, etc.
- Utilise digital tools for economic analysis, including ROI calculators and forecasting tools.
- Navigate healthcare financial information systems to extract relevant data for informed decision-making.