Posted: June 15th, 2022

NURS-FPX6216 Assessment 2 Preparing Operating Budget

NURS-FPX6216 Assessment 2 Preparing Operating Budget

NURS6216 Assessment2 Instructions

Prepare an 8–10-page operating budget for a hospital unit.

Introduction
Note: Complete the assessments in this course in the order in which they are presented.

Sound financial management is essential to the fiscal well-being of all health care organizations, and the nurse leader plays an important part. Consequently, the preparation and effective management of operating budgets is a critical skill for nurse leaders. The budget guides leaders in optimizing the use of resources, and because nurses are closest to patients, they understand very well what it takes to operate on a daily basis and provide safe, high-quality care.

This assessment provides an opportunity for you to develop an operating budget for a health care unit. Keep in mind, staff is a large part of this budget and is often hard to control.

Numbers on a budget sheet or report are only numbers. Nurse leaders are major decision makers who must be informed and able to make data-driven decisions, often in a very limited amount of time. Financial analysis consists of the organization and presentation of data in a meaningful and relevant format that enables analysis, comparison, and synthesis. All health care organizations need to have good financial management, and the nurse leader plays an important role in that. So, it is very important for nurse leaders to know how to make and manage operating budgets well. The budget tells leaders how to make the best use of resources, and nurses know what it takes to run every day and give safe, high-quality care because they are closest to the patients.

This test gives you the chance to come up with a budget for running a health care unit. Staff is a big part of this budget, and they can be hard to control.

Numbers on a report or budget sheet are just numbers. Nurse leaders make important decisions and must be well-informed and able to make decisions based on data, often in very little time. Financial analysis is the process of organizing and presenting data in a way that makes sense and can be used for comparison, analysis, and synthesis.

Note: Do the assignments and tests in this course in the order they are given.

Note: Complete the assessments in this course in the order in which they are presented.

NURS-FPX6216 Assessment 2 Preparing Operating Budget Preparation
You are the nurse manager of a 35-bed hospital unit with 20 full-time equivalent (FTE) staff. You have been given the task of getting the budget under control. Several people have recently left the unit, and you have been working to fill those open positions. Your staff work scheduled overtime and many sign up to work extra shifts. Your unit serves an older population, as well, and has incurred expenses associated with this group of patients.

As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your assessment.

What major sections would you include in an operating budget?
What are your primary sources of budget information?
Would you include nice-to-have items in your budget? Why or why not?
What factors, such as organizational objectives, policies, and competition for funding, might affect the development and management of an operating budget?
The following resources are required to complete the assessment.

APA Style Paper Tutorial [DOCX]. Use this tutorial for the written portion of your operating budget.
Requirements

Note: The following requirements correspond to the grading criteria in the assessment scoring guide. Be sure that your budget addresses each point, at a minimum. You may also want to read the Guiding Questions: Preparing and Managing an Operating Budget [DOCX] to better understand how each criterion will be assessed.

Prepare and submit an operating budget for your hospital unit.

Prepare the operating budget.
Note: Assemble your budget figures in a table, using a format of your choice. You may use either Microsoft Word or Excel to create your budget table.
Explain how the budget was designed and created.
Develop a strategic plan.
Develop an approach to ongoing budget management.
Present budget data and information clearly and accurately.
Integrate relevant and credible sources of evidence to support your budget data and information, correctly formatting citations and references using current APA style.
Additional Requirements

If you use Microsoft Excel to create your budget table, submit the Excel file along with your budget narrative. You may also add the Excel file to your Word document as an embedded object.

Format your budget narrative using APA style.

Use the APA Style Paper Tutorial [DOCX], linked above, to help you in writing and formatting your document. Be sure to include:
An APA-formatted title page and reference page. An abstract is not required.
A minimum of five properly formatted citations and references.
Your budget should be 8-10 pages in length, not including the title page and reference page.
Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.

Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

Competency 1: Design an operating budget that incorporates variances or discretionary spending.
Prepare an operating budget.
Explain how a budget is designed and created.
Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
Develop an approach to ongoing budget management.
Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
Develop a strategic plan.
Competency 6: Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards.
Present budget data and information clearly and accurately.
Integrate relevant and credible sources of evidence to support budget data and information, correctly formatting citations and references using APA style.
Guiding Questions
Preparing and Managing an Operating Budget
This document is designed to give you questions to consider and additional guidance to help you successfully complete the Preparing and Managing an Operating Budget assessment. You may find it useful to use this document as a pre-writing exercise, an outlining tool, or as a final check to ensure that you have sufficiently addressed all the grading criteria for this assessment. This document is a resource to help you complete the assessment. Do not turn in this document as your assessment submission.

Preparing the Budget
Prepare and submit an operating budget for your hospital unit.

Prepare the operating budget.

Have you clearly identified the major sections of the budget?
Does your budget cover a one-year time period?
Does your budget adhere to standard formatting conventions used in health care settings?
Explain how the budget was designed and created.

What assumptions, if any, underlie your budget?
What was your process for determining line items and cost center codes?
Did you allocate funding for labor and equipment costs?
Have you determined staffing requirements and calculated workload?
What are your equipment needs and associated, ongoing expenses?
What are your primary sources of budget information?
How up-to-date and reliable is the data?
Develop a strategic plan.

Examine the mission of your organization or unit.
Is your budget in line with the mission?
How are executive leaders likely to react to your budget?
Does your budget include nice-to-have items?
Present a plan for ongoing budget management.

Consider the various factors affecting your budget, such as organizational objectives, policies, and competition for funding.
Explain how you will:
Limit staff overtime.
Manage non-productive time and expenses, such as education or paid time off to obtain certifications.
Manage ongoing expenses related to supplies and equipment. NURS-FPX6216 Assessment 2 Preparing Operating Budget
Present budget data and information clearly and accurately.

Express your main points succinctly, using correct grammar and mechanics.
Proofread your budget to eliminate errors in your data and information.
Integrate relevant and credible sources of evidence to support your budget data and information, correctly formatting citations and references using APA style.

Is your supporting evidence clear and explicit?
Integrate relevant evidence from at least five scholarly or professional sources.
NURS-FPX6216 Assessment 2 Preparing Operating Budget Submission Reminders
Have you clearly outlined the major components of your budget in an easy-to-read format?
Have you adequately described your budgeting process?
Do you have a strategic plan that supports the organization’s or unit’s mission?
Have you explained how you will approach ongoing budget management?
Have you presented your budget data and information clearly and accurately?
Are your claim

Order | Check Discount

Tags: best custom paper writing service, best nursing paper writing service, best nursing writing service, best paper writing services, help writing papers for college