Explain how a budget is designed and created.

Posted: September 23rd, 2022

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You are the nurse manager of a 35-bed hospital unit with 20 full-time equivalent (FTE) staff. You have been given the task of getting the budget under control. Several people have recently left the unit, and you have been working to fill those open positions. Your staff work scheduled overtime and many sign up to work extra shifts. Your unit serves an older population, as well, and has incurred expenses associated with this group of patients. As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your assessment. What major sections would you include in an operating budget? What are your primary sources of budget information? Would you include nice-to-have items in your budget? Why or why not? What factors, such as organizational objectives, policies, and competition for funding, might affect the development and management of an operating budget. Competency 1: Design an operating budget that incorporates variances or discretionary spending. Prepare an operating budget. Explain how a budget is designed and created. Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity. Develop an approach to ongoing budget management. Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success. Develop a strategic plan.

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