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Article: Justifying capital expenditures in the laboratory. (Capital Expenditures).
- Article from:
- Medical Laboratory Observer
- Article date:
- October 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Nelson Publishing. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Capital justification is a major process for you as a laboratory administrator. You must be able to decide the capital needs of your laboratory, and then be able to convince the financial department and others in the institution that your need is not only justifiable, but also more important than other requests for capital made by other department administrators.
In reality, you are asking the institution to make an investment in your project, whether that be a new instrument, lab remodeling, or any other project requiring the expenditure of capital monies. You have to show that the investment is worthwhile, and most of the time, that it will add dollars to the ...