MSN6216 – Advanced Finance and Operations Management
Unit 9 Assignment
Preparing and Managing a Capital Budget
Professional Context
In today’s health care environment, the focus on major purchases as part of the capital budget has emphasized the need for newer and better technology. Although the need to invest in capital equipment and technology has been ongoing, the nursing workforce must also have a safe and pleasant work environment.
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.
Instructions
Note: The requirements outlined below correspond to the grading criteria in the Preparing and Managing a Capital Budget Scoring Guide, so be sure to address each point. You may also want to review the performance level descriptions for each criterion to see how your work will be assessed. Additionally, the Guiding Questions: Preparing and Managing a Capital Budget document, linked in the Resources, provides additional considerations that may be helpful in completing your assignment.
Prepare a capital budget for a facility renovation.
Note: You may use the budget in the Vila Health: Developing a Capital Budget multimedia exercise from this unit’s studies as an example of how you might format your table. You may also use a budget format used in your organization or a format you find in any of the course resources or on the Internet.
Describe the capital acquisition.
Justify the need for the capital acquisition.
Prepare the capital 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.
Describe the process for calculating costs.
Present a plan for budget management.
Explain how the renovation will affect the financial health of the organization.
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 APA style.
Note: Remember, you can submit all, or a portion, of your draft budget to Smarthinking for feedback, before you submit the final version for this assignment. However, be mindful of the turnaround time of 24–48 hours for receiving feedback if you plan on using this free service.
Submission Requirements
If you used 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 using APA style.
Use the APA Style Paper Template linked in the Resources. An APA Style Paper Tutorial is also provided to help you in writing and formatting your analysis. 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 4–5 pages in length, not including the title page and reference page.
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