20 Feb Why Do Good Budgets Go Bad?
In 1948, Harry Truman became President of the United States of America, winning an election against Thomas Dewey. The result of the election was a major surprise. It was considered such a forgone conclusion that Dewey would win that a Chicago newspaper printed the headline “DEWEY DEFEATS TRUMAN” before the election was over.
The newspaper that printed this headline pursued a plan based on projected data. Once that plan was set into motion, there was no turning back. By the time it became obvious that the election would go differently than anticipated, it was too late to take corrective action.
Organizations put a great deal of effort into their budget plans. Since budgets are based on projected data, sometimes the results go differently than anticipated. The result can be budget variances.
For this Discussion, you consider what causes budget results that are different than planned results, and you explore approaches healthcare organizations use to take corrective action to ensure resources are available to maintain performance.
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 3, “Quantifying Nursing Care, Staffing, and Productivity” (pp. 80–101)
Kowalski, S. L. (2018). Budgeting for a video monitoring system to reduce patient falls and sitter costs: A quality improvement projectLinks to an external site.. Nursing Economic$, 36(6), 291–295.
Lockhart, L. (2018). A pay for performance primerLinks to an external site.. Nursing Made Incredibly Easy, 16(3), 55. doi:10.1097/01.NME.0000531880.09273.33
Woodruff, J. (2019). What is budget variance analysis?Links to an external site. http://smallbusiness.chron.com/budget-variance-analysis-60250.html
Document: Variance Discussion Case (PDF)Download Variance Discussion Case (PDF)
Required Media
Dashboards
Explore the use of dashboards for displaying important data as a way to communicate findings for decision-making. (5m)
Nurses and Budgeting
Walden faculty and students share their perspectives on how nurse leaders utilize budgets and budgeting tools to inform nursing practice. (6m)
Be sure to review the Learning Resources before completing this activity.
Click the weekly resources link to access the resources.
WEEKLY RESOURCES
To Prepare
Review the information in this week’s Resources dealing with variance analysis, how it is calculated, and how it can be used in decision making, including the video Variance Analysis.
Use the Variance Discussion Case document, provided in the Resources, to calculate budget variances for the case presented.
By Day 3 of Week 5
Post a description of your insight into the budget variances in the scenario. In your opinion, what can be done, in general, to manage budget variances? Propose some best practices and/or strategies for budget control, both in general and as to how it relates to your proposed healthcare product or service solution.
By Day 6 of Week 5
Read a selection of your colleagues’ responses and respond to at least two of your colleagues on two different days by offering supporting ideas you believe they should address, alternative solutions to the issue, or specific financial, budgetary, or other challenges you believe their approach should address.
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!
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Wridemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.