20 Feb SWOT and Cost Analysis
How well do you know your organization?
Many of us spend a great deal of time at our workplace, and this often leads us to feel that we know the organization very well. But when it comes to organizational familiarity, there are several levels of understanding. Leaders faced with decisions about investing resources often use tools such as SWOT and cost analyses to truly reflect on the company and on the appropriateness and potential of an investment.
In this Discussion, you will examine the use of these tools. You will reflect on your own proposal, and on the costs and potential revenue streams or other benefits associated with a healthcare product or service. You will also consider the environment in which your organization operates and potential relevant opportunities and threats.
Resources
Be sure to review the Learning Resources before completing this activity.
Click the weekly resources link to access the resources.
WEEKLY RESOURCES
Learning Resources
Required Readings
Knighten, M. L., & Waxman, K. (2024). Penner’s economics and financial management for nurses and nurse leaders (4th ed.). Springer Publishing Company.
Chapter 7, “Cost-Benefit Analysis” (pp. 172–215)
Ramsey, Z., Palter, J. S., Hardwick, J., Moskoff, J., Christian, E. L., & Bailitz, J. (2018). Decreased nursing staffing adversely affects emergency department throughput metricsLinks to an external site.. Western Journal of Emergency Medicine: Integrating Emergency Care with Population Health, 19 (3), 496–500. doi:10.5811/westjem.2018.1.36327
Stonehouse, D. (2018). SWOT: What is it all about and how do you use it?Links to an external site. British Journal of Healthcare Assistants , 12 (12), 617–619. doi:10.12968/bjha.2018.12.12.617
Required Media
Using and Understanding Financial Analysis Tools
Examine some of the financial analysis tools that are employed by nurse leaders to help inform decision-making for nursing practice. Consider how these tools help nurse leaders make decisions to support both organizational performance and positive patient outcomes. (5m)
To Prepare
Reflect on the strengths, weaknesses, opportunities, and threats associated with the healthcare product or service you have proposed.
Reflect on the costs and potential revenue streams associated with the healthcare product or service you have proposed.
By Day 3 of Week 7
Post a brief description of what you believe to be the strengths, weaknesses, opportunities, and threats of the healthcare product or service you have proposed. Also include a statement considering where costs and revenues fall in your SWOT analysis. Are their weaknesses associated with the costs? In other words, are the costs high enough to represent budgetary issues? Do potential revenue streams represent a strength? Consult with your internal finance counselor, as appropriate.
By Day 6 of Week 7
Read a selection of your colleagues’ responses and respond to at least two of your colleagues on two different days and critique their SWOT and cost analysis, offering supporting or contrary ideas regarding strengths, weaknesses, opportunities or threats to be considered or additional thoughts about the impact of their cost and/or revenue projections.
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!
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