Week 5: Budgets and Their Impact

Week 5: Budgets and Their Impact

Week 5: Budgets and Their Impact

Like any other profession, nurses and their organizations are keenly interested in job performance. Given the multifaceted roles they play, nurses’ performances are directly related to many factors, including available resources, workloads, technology, and more. Many of these factors are economically driven, so it is important that nurse leaders understand the impact of economic and financial aspects of nursing performance as well as the impact of budgeting on team performance.

This week, you examine how nurse leaders relate indicators of nursing performance to economic/financial and budgetary factors. You also explore how such factors impact budgets and why it is necessary to address budget variances.

Learning Objectives

Students will:

  • Analyze strategies to manage budget variances
  • Recommend budget control strategies for healthcare products and service solutions
  • Apply financial principles to developing budgets and managing resources

Discussion: Why Do Good Budgets Go Bad?

In 1948, Harry Truman became President of the United States of America, winning an election against Thomas Dewey. The result of the election was a major surprise. It was considered such a forgone conclusion that Dewey would win that a Chicago newspaper printed the headline “DEWEY DEFEATS TRUMAN” before the election was over.

The newspaper that printed this headline pursued a plan based on projected data. Once that plan was set into motion, there was no turning back. By the time it became obvious that the election would go differently than anticipated, it was too late to take corrective action.

Organizations put a great deal of effort into their budget plans. Since budgets are based on projected data, sometimes the results go differently than anticipated. The result can be budget variances.

For this Discussion, you consider what causes budget results that are different than planned results, and you explore approaches healthcare organizations use to take corrective action to ensure resources are available to maintain performance.

To Prepare

  • Review the information in this week’s Resources dealing with variance analysis, how it is calculated, and how it can be used in decision making, including the video Variance Analysis.
  • Use the Variance Discussion Case document, provided in the Resources, to calculate budget variances for the case presented.
By Day 3 of Week 5

Post a description of your insight into the budget variances in the scenario. In your opinion, what can be done, in general, to manage budget variances? Propose some best practices and/or strategies for budget control, both in general and as to how it relates to your proposed healthcare product or service solution.

By Day 6 of Week 5

Read a selection of your colleagues’ responses and respond to at least two of your colleagues on two different days by offering supporting ideas you believe they should address, alternative solutions to the issue, or specific financial, budgetary, or other challenges you believe their approach should address.

Note: For this Discussion, you are required to complete your initial post before you will be able to view and respond to your colleagues’ postings. Begin by clicking on the “Post to Discussion Question” link, and then select “Create Thread” to complete your initial post. Remember, once you click on Submit, you cannot delete or edit your own posts, and you cannot post anonymously. Please check your post carefully before clicking on Submit!

At least 3 references 

Are you overwhelmed by your class schedule and need help completing this assignment? You deserve the best professional and plagiarism-free writing services. Allow us to take the weight off your shoulders by clicking this button.

Get help

Who Will Write your Paper

Writer avatar

Rating: 4.9/5    Reviews 377

Success rate 97%

Completed projects: 545

I am an experienced writer offering professional services across diverse fields. I provide quality work with strict adherence to the deadline.

Writer avatar
Tutor_Dr. Edith

Rating: 4.8/5    Reviews 381

Success rate 100%

Completed projects: 490

I am an experienced writer with great research and analytical skills. Original quality paper and on-time delivery are guaranteed. Let's do this!

Writer avatar

Rating: 4.7/5    Reviews 316

Success rate 97%

Completed projects: 398

I am a professional writer with more than 8 years of experience. My mission is to provide you with high-quality paper in a timely fashion.

Writer avatar

Rating: 4.8/5    Reviews 371

Success rate 99%

Completed projects: 432

Hi, I deliver quality papers on time following all the instructions provided. Client's satisfaction is my priority. Welcome for plagiarism-free papers.

Writer avatar
Tutor_Prof. Allan

Rating: 4.8/5    Reviews 400

Success rate 97%

Completed projects: 487

With over half a decade of academic experience, I'm committed both to efficiency and punctuality. If it's quality you're looking for, then I'm here to provide!

Writer avatar
Tutor_Prof. Gabie

Rating: 4.9/5    Reviews 447

Success rate 98%

Completed projects: 546

A quality-driven, skilled writer with over 5 years of experience in various disciplines. I deliver plagiarism-free papers and content of impeccable quality, always original and always before the deadline!

Writer avatar

Rating: 4.9/5    Reviews 427

Success rate 98%

Completed projects: 567

I have been a full-time freelance researcher and writer for a period of over 6 years. I have successfully completed over 1000 projects and assignments. I have had a good professional relationship with my clients. Try me today!

Writer avatar

Rating: 4.9/5    Reviews 305

Success rate 99%

Completed projects: 404

I am a proficient writer with knowledge across a wide range of academic disciplines. I guarantee quality, timely and original content.

Writer avatar

Rating: /5    Reviews 419

Success rate 99%

Completed projects: 506

Hi, count on me to deliver quality and exemplary papers. I will pay attention to all your instructions, and meet all your expectations.