Description of the Assignment
This assignment is in two scenario-based sections each related to staffing budgets. In the first, the student will perform multistep calculations of FTEs and projection of future FTE needs for a selected nursing unit. The second section involves calculation of budget variance and its analysis. Each section requires supported written interpretation of findings.
Criteria for Content
Answer the questions and complete the calculations required for the two sections of the assignment.
Key points related to Calculations:
- When performing calculations, standard rounding rules apply. If the number to the right of the decimal is less than 5, round down to the nearest whole number, e.g., 33.4 = 33 If the number to the right of the decimal is 5 or greater, round up to the nearest whole number, e.g. 33.5 =34.
- Read the question carefully. Pay close attention to the units be asked and keep them consistent. For example, hours vs FTEs; days vs months vs years.
- Provide ALL formulas with references. Designate which formula associates with which source. It is not sufficient to simply list the source at the beginning of the section. Write out the formula used BEFORE filling in the numbers.
Example: Efficiency Variance + Volume Variance + Cost Variance = Total Variance
Rundio, A. (2022). The nurse manager’s guide to budgeting and finance (3rd ed.). Sigma Theta Tau International.
- Section One: Staffing Budget and FTEs
- Calculations of full-time equivalents (FTEs)
- Project FTE needs related to census changes
- Section Two: Variance Analysis
- Calculating variance
- Variance analysis with explanation
Solution
To effectively project the FTEs needed for the next fiscal year, Sandra will have to rely on a large range of information. First, Sandra needs past data on patient volume. In this case, such information as past patient admission trends, discharge rates, and seasonal fluctuation in patient admissions would help her identify patterns, which could form the basis for validating the projected 20% increase in patient volume in the fifth unit…………. Kindly click the purchase icon to access the full solution for $10 or WHATSAPP +254712575747