MSN6216 Unit 9 Preparing and Managing a Capital Budget

This assignment provides an opportunity for you develop a capital budget for a major facility improvement that will benefit patients, nurses, and the organization.

Scenario

You are the unit manager of a 50-bed, step-down unit, and it is time for you to prepare your annual capital budget. You have seen a significant turnover in your nursing staff in the past three years. A review of exit interviews and patient surveys indicates low nurse satisfaction, poor morale, and complaints of an antiquated and depressing work environment. You have researched the impact of a positive working environment on staff productivity and morale and decided to request a renovation of the nurses’ lounge as the main purchase in your capital budget. You will present your request as a quality improvement investment.

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

Please place capital budget plan on first page.

Please identify every paragraph with a subject heading title as the bolded subjects below.

Completing the Budget

Describe the capital acquisition.

What is the scope of the renovation?

What will the renovated lounge look like?

o   Consider such factors as comfort, amenities, aesthetics, and capacity.

What is the timeline for the project?

Is your description of the renovation complete and accurate?

Justify the need for the capital acquisition.

In what ways will the renovation benefit the nursing staff?

o   How will those benefits affect patient care?

Examine the mission of your organization or unit.

o   How does the nurse’s lounge renovation support the mission and goals?

How are executive leaders likely to react to your budget?

Prepare the capital budget.

Do your budget have a minimum dollar amount?

Does the renovation include both direct and indirect expenses?

Have you included a budget line item for contingencies?

Describe the process for calculating costs.

What are your primary sources of cost information?

How up-to-date and reliable is your cost data?

What teams or individuals would you consult with in order to determine costs?

What are your methods of cost calculation?

Present a plan for budget management.

With whom can you collaborate to manage the budget?

o   For example, financial or administrative staff, budget committees.

What cost control methods would you employ?

How will you manage budget variances?

Explain how the renovation will affect the financial health of the organization.

Will the renovation yield a return on investment?

How long will it take for to recover the cost of the renovation?

Have you considered depreciation value?

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.

Submission Reminders

Do you have a complete and accurate description of the renovation?

Have you provided solid justification for the renovation?

Is your budget complete and accurate?

Have you explained how you determined costs?

Have you presented your plan for managing the budget?

Have you explained how the renovation will affect the financial health of the organization?

Have you presented your budget data and information clearly and accurately?

Are your claims and conclusions well supported by at least five sources of credible evidence?