MSN6216 – Advanced Finance and Operations Management
Unit 4 Discussion
DQ1 Budget Preparation
For this discussion, imagine you have taken a new position as a nurse leader for a long-term care facility and it is your first week on the job. Your manager has asked you to develop the budget worksheet for next week’s budget meeting with the board of directors. You have never prepared a budget and are feeling anxious regarding this process.
Describe your strategy for dealing with this request?
What resources will you leverage?
How will health care informatics and technology assist in the creation of a budget?
Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.
Response Guidelines
Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.
As you contemplate your response, consider the following questions:
How does your experience with developing the budget worksheet compare with that of your colleague?
What suggestions or recommendations can you offer to help your colleague strengthen their budgeting skills?
What resources have you found to be useful in preparing a budget worksheet that you would recommend?
Learning Components
This activity will help you achieve the following learning components:
Determine resource needs.
Determine primary sources of budget information.
Identify factors affecting the budget.
Identify assumptions underlying a budget.
Proofread and edit budget data and information.
Apply the principles of effective composition.
DQ2 Inadequate Budgets
You are the nurse leader on a busy medical-surgical unit and have been experiencing a vacancy rate of 20 percent for RNs on the unit. The patient satisfaction feedback and evaluation scores are quite low, and you believe this is related to having an inadequate budget to meet the unit goals.
Describe your strategy, as the nurse leader, for applying finance principles to achieve organizational goals and fiscal success for your unit.
Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.
Response Guidelines
Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.
As you contemplate your response, consider the following questions:
How does your experience with developing strategies to achieve organizational goals and fiscal success compare with that of your colleague?
What suggestions or recommendations can you offer to help your colleague strengthen their strategies for improving fiscal success?
What resources have you found to be useful in developing your strategies that you would recommend?
Learning Components
This activity will help you achieve the following learning components:
Determine how a department, unit, or project aligns with the mission and goals of an organization.
Determine budget allowances.
Identify the mission and goals of an organization.
Identify available resources.
Identify strategic objectives.
Identify productivity goals.
Identify factors affecting the budget.
Recognize budgetary limits.
Determine resource needs.
Apply the principles of effective composition.
Proofread and edit budget data and information.
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