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The service level of any institution and the product offered is a function of many factors including the availability of social and physical inputs that supports the production process. The sum of the total products that are put forth in support of the production is known as the factors of production. Basically, the factors of production falls under four main categories in a business settings namely: land, capital, entrepreneurship and labor. Indeed, these factors hold regardless of whether the business enterprise focuses on the production of goods or services as its final products. However, the inputs of these factors should also adopt a certain optimal proportion. Excess of one over the other may result to poor economic implications due to lack of the aspect of substitutability. This therefore necessitates proper understanding of the organizational level of production and the optimal quantity of each factor in order to maintain and push the production towards the optimal capacity. Consequently, this helps boost the production of the respective organization. It is the role of the organizational management to seek, evaluate and understand the level of the performance that can be attributed to the factors of production available in the organization. Consequently, the management is charged with the absolute responsibility of managing and improving the performance of the organization and the maintenance of the same at the optimal level.
This paper focuses on a hospital premises called Minnesota. The management of the organization has been engaging in active research over the increasing cases of internal injury examinations of the patients. Over the recent past, the organization has had difficulty in such examinations and quite often than not leading to direct surgery. Over and above, this has not only increased the costs of medication but also complicated tasks within the whole businesses of the premises besides scaring away most clients through stigmatization. As a result, the organization wishes to invest a share of its capital in the field through advanced imaging machine called the Magnetic Resonance Imaging processing machine. Besides decreasing the costs of operations within the premises, the machine will also boost the efficiency of the various operations within the premises.
Consequently, the management would like to invest a sum share of its capital in the purchases of a Magnetic Resonance Machine which is aimed at not only boosting the level service outlay within the premises but also in boosting efficiency within the premises. In essence, the MRI comprises of a test which employs the aspect of magnetic field sandwich with pulses of energetic Radio wave in making pictures of internal body organs and structures. Indeed, MRI is capable of denoting more than singular information regarding the body structures such as the bones that can be observed using ultrasounds, Computed Tomography (CT) scan as well as the X-rays. However, other than the ordinary problems denoted in the inner segments of the body as seen by the above equipments, the MRI can also display other problems that can’t be shown over any other imaging machines or methods.
Research about MRI Processor
The Magnetic Resonance Imaging processor comprises of a plug-in that helps compute the parametric maps within the Magnetic Resonance. However, one of the most important uses of the processor is in its ability to apply various mechanisms in distinguishing between different tissues as well as advancing disease processes. In this sense, the prime contrast mechanism employs the relaxation of magnetization. These therefore form a couple of relaxations commonly referred to as Spin-lattice relaxation and spin-spin relaxations. In its execution, the patient may be asked to wear a hospital gown in absence of metal fastener. This is the case since certain metals blurs the images. Secondly, the patient may lie on narrow table sliding through to a huge engulfed scanner. In some instance, a colored contrast is administered through a vein on the hand or forearm. The coloration is an aid for the radiologists to improve visibility. On the other hand, certain devices commonly referred to as the coils are then placed around the head, legs or the arms for study. Indeed, these samples normally send impulses in form of radio waves to and fro and improve the image quality simultaneously (Brown & Semelka, 2010).
For a proper working of the MRI machine, the segment of the body under examination is placed in a specialized machine which is basically a magnet-made comprising of a very strong magnetic appliance. From then, digitalized images from the MRI are produced which can further be transferred into a computer for further scrutiny. Furthermore, such images can also be observed in a remote scene. Such scenes includes but not limited to a clinic or an operation room. In order to enhance the visibility of certain structures under the MRI, some contrast materials can also be used to increase the conspicuousness of certain structures. Indeed, there exist different types of MRI machines including the standard MRI machines and the Open types but their functions are synchronized to form a common operational machine (Westbrook & Talbot, et al, 2005).
The scrutiny under the MRI is an important gesture for the Minnesota health Care for a number of reasons most of which involves improved efficiency and quality. In particular, the conduction of the Magnetic Resonance Imaging is executed with a number of objectives. However, Minnesota intends to invest in this capital machine with a view to introduce in-depth examination of tumors, diseases related to blood vessels, internal bleedings besides other internal infections. MRI is also deemed to be quite effective in providing other requisite information regarding the outputs of Ultrasound and CT scans. Furthermore, the management also wishes to enhance the output generation of the MRI through the use of contrast materials that would enhance visibility of the abnormal tissues (Semelka 2006).
As a result, the health care will be in a position to examine in details the problems related to one of the following body segments: MRI will be used in examining the head problems in relation to the brains. In this regard, the hospital will expand its scope to examination of the brain tumors, bleeding as well as aneurysm. Besides that, the hospital will also be in a position to examine and therefore address nerve injuries among other cranial related injuries including the impartial implication of stroke on the brains. In addition, the acquisition of the MRI will enable the premises to extend its scope to careful and in-depth settlement of the Ear Mouth and Teeth (ENT) department where patients with hearing and visual impairment can be catered from (Hashemi & Lisanti, et al, 2004).
Other than the general features that make the MRI suitable advanced equipment in the health discipline, it also has a number of physical features that makes it suitable in its practical placement. For instance, Magnetic Resonance Image processor does not necessarily need radiation rays for ionization. This means that it is not radiation dependent. This therefore minimizes the risks that it may expose to patients and the user as well. Furthermore, the gadget also exists in various modalities with conventional anatomical scan. This ensures simultaneous up take and presentation of imageries and a subsequent tagging. The presence of the magnetic field is also important to the functioning of the MRI processor since if regulates the frequencies of resonance Hashemi & Lisanti, et al, 2004).
Other than that, Minnesota health care management team will also be in a position to examine Chest problems. Through the actual check up of the chest by the use of MRI, the medical practitioners within the premises will be able to examine the heart problems involving the valves and coronary arteries which form the main functional unit of the heart. Indeed, the MRI can show damages present in the lungs or the heart. Besides that, the Chest conducted MRI can be an invaluable examination of both lung and breast cancers and therefore a major source of foundation for the respective treatment. Other than the general view of the hearts and the lungs, the MRI can also be an important tool in the examination of the blood vessels. This aspect is known as the Magnetic Resonance Angiography (MRA). By virtue of this means, MRI is an important tool in identifying such ailments as aneurysm and blockages in the blood vessel and therefore easing the course of the resultant treatment. In essence, contrast materials are often used alongside the MRI while examining blood vessels in order to beef up the visibility of the tissues (Siegelman, 2005).
Other than the above scrutiny, MRI can also be used in the examination of the abdomen and the pelvis. Indeed, the use of MRI can help identify problems insides the organs. In particular, it can be used to examine the problems relating to the uterus and prostate in both women and men respectively. Furthermore, the technology is an important tool for identifying bones and joints problems such as temporalmandibular joints, cartilage ailments as well as torn ligaments. On the same note, the MRI is used to confirm breakage from the results of an X-ray where the results may not be out rightly clear. Finally, the MRI is also an important technological advance in checking up spinal injuries through examinations of both spinal discs and nerves in quest for such disorders as disc bulges, spinal stenosis as well as spinal related tumors. Other than the output profitability of the Magnetic Resonance Imaging processor, the equipment has other in-built advantages to the user and the patients. In particular, the MRI is characterized with zero tolerance to exposure to harmful radiations. This is a positive aspect that overshadows others in the same field such as the X-rays and the Ultrasounds. Furthermore, the gadget also displays a positive aspect of flexibility due to its ability to be programmed. Therefore, it can be used in different situations adjusted freely to suit the condition at hand (Mitchell & Cohen, 2004).
However, despite the high level of the profitability index, the investment in the Magnetic Resonance Imaging machine is a ‘heavy’ investment that takes a lump sum share of the business share capital and therefore challenging in the budgetary allocation within the working period at hand for Minnesota Health Care. In addition to that, the purchase of the machine comes along with other requisite investments that form a supplementary investment to compliment it. For instance, the complete purchase and installation within the Health Care premises will see the direct implication on the inevitable need for trained personnel for the machine at both the technical level and the doctorate physicians’ level. By virtue of the latter, the management team therefore is charged with the singular responsibility of deciding on the requisite means of acquiring both the technical and the professional staffs who will work along with the machine in order to realize a positive implication accruing to its purchase. However, if this is not to be done, the purchase of the machine will bear no positive contribution towards the enhancement of the operations at the premises. Besides that, the successful purchase of the machine will see the company through a radical transformation into a major dealer in internal ailments of the clients and therefore an inevitable need for the expansion of the physical amenities of the organization. Consequently, this translates to increased costs of setting up new structures such as buildings that would facilitate offering of subsidiary services besides the general improvement on the level and quality of services offered (Lufkin, 1998).
The Management Goals that the investment will Support
However, despite the many challenges that the successful purchase of the equipment will spark a number of benefits into the organization, it will also help in the achievement of various management goals. For instance, one of the main objectives of the management is to increase efficiency in service delivery and therefore increase the pool of clients in favor of the services. Consequently, this means increase in revenue generation. Minnesota can therefore increase its profit margin through the efficient and optimal use of the injected resource besides expanding the aggregate capital outlay. The use of the MRI will also lead to specialized treatment to both bone and brain tumors which are also likely to raise the need for the healthcare within the premises. This will be an injection into the revenue generation capacity of Minnesota and therefore a move towards the achievement of the set up organizational goals. Due to the high acuity of the MKI, the intervention through the subsequent purchase would result to further diversifications of the activity of the organization. Consequently, this would beef up the level of operations and therefore necessitate a review of the entire organizational framework. In this regard, both the internal and the external environment will experience certain inevitable changes. Besides the aggregate resultant changes in the level of output due to increased capacity of in quality and value dispensation, management of the organization is bound to experience several changes with respect to its constituents and combinations of activities for supervision purpose. However, the incorporation of the, MKI will further lead to the achievement of quality healthcare for all prospective clients.
On the other hand, the successful purchase of the Magnetic Resonance Image processor will have a number of implications on the economic performance of the Minnesota health care center. For instance, the vast coverage of accuracy of MRI processor will build up the reputation of the Minnesota and therefore grow the number of clients from a vast region. In essence, this means that the number of clients in search of the improved and quality services will rise. This will translate into increased capital regeneration and a subsequent rise in the level of output. Furthermore, high level of services will ensure rapid cash conversion cycle which will also translate high performance index for the organization in general. As a result, the organization is likely to generate more funds that would enable it conduct extensive performance appraisal that would further motivate the employees to work extra hard for the good of the organization. On aggregate, this aspect would lead to extensive rise in the level of output and the extended benefit on the individual employees (Murrell & Meredith, 2000).
However, if this has to happen successfully, the management should engage a life cycle costing model of budgetary decision making in setting up the budgetary allocation and execute a deliberate action of allocating the huge lump sum for investment in the specific MRI procurement decisions besides other investment appraisals. Indeed, the life cycle costing model refers to the systematic evaluation of the cost-benefit aspect of any asset that the organization seeks to purchase. In this regard through the management, the MKI kits are well evaluated prior to purchases while other vital preparations are also put in place to prepare a foundation for the installation of MRI. Consequently this minimizes the essence of dormant assets within the organization. Indeed, through the life cycle costing model, initial costs on capital regarding the acquisition of the asset as well as the opportunity cost there in is put into consideration. Additionally, the future prospects of the assets are also incorporated in redefining the viability of procuring the prospective asset. Indeed, such considerations are necessary for the enhancement of efficiency as well as effective resource allocation within the organizations.
On the same tone the management of the Minnesota will also adopt the life cycle costing model in streamlining all the other costs of expenditure while effecting the purchase of the processor. This will ensure that despite the huge capital outflow while at the same time leaving a considerable amount of working capital. Careful capital outlay is vital in ensuring smooth running of the business crucial activities regardless of the new interventions. Besides that, the capital projection that deviates towards purchase of the asset is turned is ploughed back within a short term period of economic use of the new asset with a long term benefit. In particular, the successful purchase of the MRI processor results into a momentous instability of the organization due to the huge funds outlay but a consequent injections in the long-run after the clients adjustment to the new provisions in the medical market.
Benefits of the Investments to the Organization
In addition, other than helping in the realization of the management objectives, the purchase of the organizations’ MRI processor, results in the achievement of multiple organizational goals. These include the emergence as the sole expert in the treatment of internal fractures, brain tumors and other internal complexities. Furthermore, Minnesota also records a higher reputable name than its competitors through high class facilities and service delivery perpetuated by the use of the high class level of equipments. Besides that, the organization is capable of interacting with the society which forms the greatest percentage of its stakeholders through community based activities with a view to giving back to the society in order to revamp their public relations. This also acts to improve the image of the organization in the view of the society. Additionally, the organization further develops an insight to more specialized service delivery due to availability of capital and technical back up for the implantation of expansion strategies. In this regard, the use of the new equipment assists the organization in dominating the market of healthcare through quality assurance and convenience.
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In summation, the investment on Magnetic Resonance Image processor is also a mile stone in the organizational achievement of increased profit generation capacity and the long term benefits from market dominance. Furthermore, it helps the organization provide the necessary quality services which equally builds up the organizational reputation. The acquisition further opens up the scope of the organization through opening up of the broader spectrum of the medical practices. In essence, the MRI kits will also aid in active research within the premises due to its high acuity of image manipulation through the powerful magnetic influence. In particular, it will be possible for the medical practitioners and other specialized to advance their knowledge through fateful expansion of research on the matters within the hospital discipline.
Justification of the Expenditure
Finally, the move to acquire such equipment is a wise managerial decision that enables the expansion of scope and capacity. Despite the heavy initial capital, the long-run benefits from the investments are so big to let go. Indeed, any organization that seeks to dominate the market in the long-run should undertake perpetual long term investments that would pool the organizational resources into a common pool for investments while at the same time freezing unnecessary expenditures like wasteful advertisements. Amidst all the gadget of the class of MRI processor, such as X-rays and ultrasounds, MRI processor emerges to be the most powerful image making equipment that has a high imaging capacity due to its high powered super-conducting magnet. Consequently, this feature gives MRI processor, an upper hand for the choice of investment in order to reap maximum dominance capacity. Additionally, due to the high initial cost, the investment is therefore worth for the organization as it helps it assume some monopolistic power with respect to the services of the MRI processor. Indeed, the high observation capacity and the ability to show minute feature with regard to internal ailment makes MRI processor, an instrument of its own in the field and therefore worth investment by the Minnesota Hospital or any other health care center that wishes to specialize examination in the broader discipline.
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Investments in an organization are the main source of the revolving funds due to the presence of the ploughed back revenue. However, increases in the level of investments from ploughed back capital can only be legitimized if the budgetary allocation in an organization does so and equally harmonizes it without neglecting the daily businesses of the organization. In essence, the money withdrawn from the common pool of funds for the organization should be just a proportion that can freely leave the organization without necessarily paralyzing the normal operations of the organization. In the scope of this paper, the investment of the Minnesota Hospital in the Magnetic Resonance Image processor is one of the most sound investment that can be attributable to high returns in case of successful investments. Consequently, such investment would result to huge profit generation if properly managed under the statutory requirement of the locality in which the organization exists. MRI images are vital for medical analysis. Indeed, they act as a directive for the doctor to make a more conclusive diagnosis test particularly when coloring materials are used in testing the infections particularly in the blood vessels. Unlike other imaging gadgets, MRI do not display anomalous intermingling of the various body segments.
The use of MRI in the field of medicine has continuously continued to grow over the recent past and the implication is the conversion of the diagnostic processes from the ancient styles. Furthermore, the process is non-invasive in that it leads to the disclosure of high quality structured data. Besides that, the data produced here is normally versatile and quite flexible too. In the recent past, there has been very fast diffusion of research worldwide through the modern engineers. In addition, the MRI has further improved through the seizure of Principles of MR as well as the advanced processing of images using the MRI which integrates the knowledge of RMI with the most contemporary advances within the field.