Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
Instructions:
Putting Together And Managing A Capital Budget
Prepare a 4-5 page capital budget for a significant capital purchase.
Note: Complete all of the assessments in this course in the order that they are provided.
The emphasis on significant acquisitions as part of the capital budget in today’s health-care setting has stressed the need for newer and better technology. While there has always been a need to invest in capital equipment and technology, the nursing profession also requires a safe and comfortable working environment.
This evaluation will allow you to create a capital budget for a major facility enhancement that will benefit patients, nurses, and the organization.
The majority of nurse leaders work with operating budgets, but they will also have a say in capital expenditures. A capital budget is normally created independently from the operational budget and is used to acquire products that are referred to as big-ticket items and would improve an organization’s capacity or services. Capital budgets may, for example, cover the purchase of land for the future location of a new outpatient surgery center, the construction of a new facility or the build-out of an existing building for renovation, or the replacement of obsolete equipment.
It’s crucial to keep in mind that health care is a big industry. While patient care and safety are top considerations for health care practitioners, health care organizations must follow a business model in order to stay afloat financially. You may have a role to play in setting a capital budget to improve care at any level as a nurse leader or executive. A rapidly changing health-care environment also need nurse leaders with financial management and budgeting abilities to guarantee that major capital expenditures support the organization’s mission and goals.
Please complete the exams in the order that they are provided in this course.
Preparation
It’s time to draft your annual capital budget as the unit manager of a 50-bed step-down unit. In the last three years, you’ve had a lot of turnover in your nursing staff; a review of departure interviews and patient surveys reveals low nurse satisfaction, low morale, and complaints about an outmoded and gloomy work atmosphere. You’ve done your study on the effects of a healthy work environment on employee productivity and morale, and you’ve chosen to request that the nurses’ lounge be renovated as the main item on your capital budget. Your request will be presented as an investment in quality improvement.
You might want to consider other connected subjects as you prepare to complete this evaluation to expand your comprehension or extend your perspective. Consider the following questions and talk about them with a fellow learner, a coworker, an interested friend, or a member of your professional community. These questions are for your personal development and exploration alone, and they are not required to be completed or submitted as part of your assessment.
How would you go about putting together a capital budget? What measures, for example, would you need to take?
What kind of resources would you use?
Will you work with other executives or employees?
How will you connect the capital expenditure vision to the mission and goals of the organization?
What hurdles do you see in explaining a capital budget to an organization’s administrative leaders?
What criteria could a health-care institution or service provider use to assess the return on a capital investment?
You can also utilize a budget format that your company uses or one that you find in the course materials or on the Internet.
Describe the process of acquiring capital.
Demonstrate the requirement for the capital purchase.
Make a capital budget plan.
Describe the cost-calculating procedure.
Prepare a budget management strategy.
Explain how the capital purchase will effect the company’s financial health.
Present statistics and information about the budget in a simple and correct manner.
Integrate relevant and reputable sources of evidence to back up your budget facts and information, using citations and references formatted correctly in accordance with current APA style.
Additional Conditions
If you made your budget table in Microsoft Excel, include the Excel file with your budget story. You can also insert the Excel file as an embedded object into your Word document.
Use the APA style to format your budget.
To assist you in creating and structuring your budget, use the APA Style Paper Template [DOCX] mentioned above. Include the following:
A title page and a reference page in APA format. It is not necessary to submit an abstract.
Five properly prepared citations and references are required.
Without the title page and reference page, your budget should be 45 pages long.
Measurement of Competencies
You will demonstrate your proficiency in the following course competencies and evaluation criteria by successfully completing this assessment:
Develop a capital budget (Competency 3).
Describe a capital purchase.
Make a budget for capital expenditures.
Describe the cost-calculating procedure.
Determine the equipment and services required to provide consistent patient or client care.
Demonstrate the requirement for a capital purchase.
Competency 5: Apply financial principles to a strategic plan in order to meet company objectives and achieve financial success.
Prepare a budget management strategy.
Explain how a capital purchase would effect the company’s financial health.
Competency 6: Communicate effectively with a variety of audiences in a format and style that is appropriate for the organization, professional, and scholarly norms.
Present statistics and information about the budget in a simple and correct manner.
Integrate relevant and reputable sources of evidence to back up your budget facts and information, and use APA style to properly write citations and references.
RUBRIC FOR GRADING:
1- Describe the process of acquiring capital.
Passing Grade: Describes a capital acquisition and specifies the assumptions used to develop the strategy.
2- Demonstrate why a capital purchase is necessary.
Passing Grade: Justifies the need for a capital purchase and describes the benefits and drawbacks of the proposed upgrades objectively.
3- Put together a capital budget.
Passing Grade: Creates a capital budget and identifies areas of ambiguity, knowledge gaps, and/or missing data that could improve the plan.
4- Describe the cost-calculating procedure.
Passing Grade: Explains how to calculate costs, flagging any data that is suspect, and explains how differences may affect computations.
5- Outline a budget management strategy.
Passing Grade: Presents a budget management strategy, including the assumptions that underpin the strategy.
6- Describe how a capital acquisition will affect an organization’s financial health.
Passing Grade: Describes how a capital acquisition will impact an organization’s financial health and indicates areas of ambiguity or knowledge gaps.
7- Clearly and accurately provide budget statistics and information.
Passing Grade: Provides clear and accurate budget statistics and information. Uses correct grammar and mechanics to express main points succinctly.
8- Use relevant and reputable sources of evidence to back up budget statistics and information, properly formatting citations and references in accordance with current APA style.
Passing Grade: Uses relevant, reliable, and persuasive evidence to back up budget statistics and information. The sources are up to date, and the citations and references are flawless.
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Putting Together And Managing A Capital Budget