Assignment: Establishing Operational Budgets

Assignment: Establishing Operational Budgets
Assignment: Establishing Operational Budgets
Assignment: Establishing Operational Budgets
Week 4 – Assignment 1 Discussion Discussion Question 1: Strategies for Establishing Operational Budgets An operational budget is the plan for an organization or unit for daily operating expenses. The operational budget is very similar to how one manages a personal home budget but on a grander scale. For example, there is a balance between accounts receivable and accounts payable, and then there is either a surplus or deficit at the end of the budget period. Most budget periods are a fiscal year or a calendar year. The unit operating budget is the most critical budget in which unit managers must be involved and have the most control over. Extensive information is needed to prepare the operational budget. For example, the operational budget typically requires information related to workload budgets with activity reports, units of service, and workload calculations like HPPD; expense budgets for personnel, staffing, and supplies equipment; the overhead budget; and the revenue budget. Nurses in the unit are often part of the operational budget to examine, or be aware of, weekly or monthly budget variances. This helps the unit function with a positive versus a negative revenue stream. Using the readings for the week, the South University Online Library, and the Internet, respond to the following: Describe at least two strategies for establishing operational budgets. Examine the advantages and disadvantages of using each strategy. Explain the strategies your nurse manager or CNO uses to gather and secure the most timely and relevant information to shape future operating budgets. Identify two challenges the nurse manager or CNO faces with this task. Examine implications for the nurse manager or CNO when the unit operating budget is running in the “red” or has numerous negative monthly variances. Comment on the postings of at least two peers. Evaluation Criteria: Described at least two strategies for establishing operational budgets. Examined the advantages and disadvantages of using each strategy. Explained the strategies your nurse manager or CNO uses to gather and secure the most timely and relevant information to shape future operating budgets. Identified two challenges the nurse manager or CNO faces with this task. Examined implications for the nurse manager or CNO when the unit operating budget is running in the “red” or has numerous negative monthly variances. Justified your answers with appropriate research and reasoning.Commented on the postings of at least two peers. DQ2

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