NURS4455 Module 3 Assignment 1: Financial Management Case Study
Module 3 Assignment 1: Financial Management Case Study vsu20(1)
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Overview: Financial Management Case Study
One of the important duties of a nurse leader is to manage personnel and personnel budgets. In this assignment, you will assume the role of a nurse manager. You will use given data to make important decisions regarding budgets and staffing.
Some nurse managers have computer spreadsheets or software applications to help them make decisions regarding budgets and staffing. You will only need simple mathematical operations* to perform the needed calculations in this assignment because the scenario has been simplified. Furthermore, some data have been provided for you that a nurse leader might need to gather or compute in a real setting. Still, you will get a glimpse of the complexity of responsibilities nurse leaders shoulder regarding financial management.
- To calculate the percent of the whole a given number represents, follow these steps:
Change the percentage to a decimal number by moving the decimal twice to the left (or dividing by 100).
Multiply the new decimal number by the whole.
Example: What is 30% of 70?
30%= .30; (.30) × 70 = 21
- To find out what percentage a number represents in relation to the whole, follow these steps:
Divide the number by the whole (usually the small number by the large number).
Change the decimal answer to percent by moving the decimal twice to the right (or multiplying by 100).
Example: What percent of 45 is 10?
10 ÷ 45 = .222; so, 10 is 22% of 45.
* You will only need addition, subtraction, multiplication, and division.
Case Study
You are the manager for 3 West, a medical/surgical unit. You have been given the following data to assist you in preparing your budget for the upcoming fiscal year.
Patient Data
Average Daily Census (ADC): 55
Budget based on 6.2 Avg. Hours per patient day (HPPD)
(6.2 HPPD excludes Nurse Manager and unit secretaries)
Staff Data
Total FTEs 40.0 Variable FTEs
1.0 Nurse Manager
2.5 Unit Secretaries
43.5 Total FTEs
Staffing Mix
RN 75%
LVN 10%
NA 15%
Average Salary Scale per Employee
Benefits are 35% of annual salaries
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Nurse Manager |
$76,000.00 per year |
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tered Nurses (RN) |
$34.00 per hour |
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Licens4ed Vocational Nurses (LVN) |
$20.00 per hour |
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Nurse Aides (NA) |
$12.50 per hour |
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Unit Secretary (US) |
$11.00 per hour |
Rubric
Use this rubric to guide your work on this assignment.
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Criteria |
Target |
Acceptable |
Unacceptable |
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Question 1 |
Both % and FTEs column totals within ± 2 of correct answers (13-16 Points) |
Either % or FTEs column totals within ± 2 of correct answers (5-12 points) |
Neither % nor FTEs column totals within ± 2 of correct answers (0-4 points) |
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Question 2 |
All column (except Hours and Salary) totals within ± 2 of correct answers (17-20 Points) |
At least 3 column totals within ± 2 of correct answers (5-16 points) |
Less than 3 column totals within ± 2 of correct answers (0-4 points) |
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Question 3
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All six values within ± 2 of correct answers (6-8 points) |
At least five values within ± 2 of correct answers (1-7 points) |
Less than five values within ± 2 of correct answers (0-1 point) |
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Response is clearly stated and explains some potential details, ramifications, and/or solutions (6-8 points) |
Response states some potential details or ramifications (2–7 points) |
Response is unclear or lacks potential details or ramifications (0-2 points) |
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Response shows keen understanding of responsibilities of the nurse leader regarding staff budgets (6-8 points)
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Response shows some knowledge of responsibilities of the nurse leader (2-7 points) |
Response fails to demonstrate knowledge of responsibilities of the nurse leader (0-1 point) |
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Question 4 |
All columns (except Hours and Salary) totals within ± 2 of correct answers (17-20 Points) |
At least 3 column totals within ± 2 of correct answers (5-16 points) |
Less than 3 column totals within ± 2 of correct answers (0-4 points) |
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Question 5 |
All columns (except Hours and Salary) totals within ± 2 of correct answers (17-20 points) |
At least 3 column totals within ± 2 of correct answers (5-16 points) |
Less than 3 column totals within ± 2 of correct answers (0-4 points) |
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Explanation & Answer
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