This assignment provides learners with the opportunity to apply…

QuestionAnswered step-by-stepThis assignment provides learners with the opportunity to apply…This assignment provides learners with the opportunity to apply budgeting knowledge and skills by calculating full-time equivalents for a nursing unit, projecting FTE needs related to census changes, and analyzing a variance scenario.Week 4: Staffing Budgets/FTEs/Variance Analysis Agreement V2 (Links to an external site.)This assignment provides learners with the opportunity to apply budgeting knowledge and skills by calculating full-time equivalents for a nursing unit, projecting FTE needs related to census changes, and analyzing a variance scenario.Due Date:  Sunday 11:59 p.m. MT at the end of Week 4Total Points Possible: 150 RequirementsDescription of the AssignmentThis 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 ContentAnswer the questions and complete the calculations required for the two sections of the assignment. Key points related to Calculations:1. 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 =34.2. 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.3. 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 FTEsCalculations of full-time equivalents (FTEs)Project FTE needs related to census changesSection Two: Variance AnalysisCalculating varianceVariance analysis with explanationDownload the Assignment Word Document and submit your answers directly onto the form. When completed, upload into the assignment portal in your course. For the questions requiring a written response, please adhere to proper grammar and syntax, and provide references. For the questions requiring calculations, show all your work including the formula used. Include the references for formula chosen.  Preparing the AssignmentSection One—Staffing Budget and FTEsPersonnel Budget Case StudySandra Chambers has recently accepted the position of assistant administrator for the department of nursing at Potter Regional Medical Center where she will oversee the operations of five medical units. As she evaluates the budgets for the different cost centers, she finds that all are being used at near or full capacity. The activity in four of the five has remained steady over the past 2 years. A fifth unit has realized a steady increase in patient volume during that time and is currently at 88% capacity. It has been projected that within the next 12 months the volume of patients moving through that unit will increase by 20%. Sandra needs to determine if the current FTEs for the unit will be sufficient to ensure quality and safe care continues to be provided, and if not, what is the number of FTEs that will be needed to cover a 20% increase in volume. Suggest all the information Sandra needs to collect in order to project the FTEs needed for the next fiscal year accounting for the projected increased capacity. Remember, she is new to her position so be sure to include background data on the unit itself as it relates to previous budgets, nursing staff, and the organization. In other words, summarize your approach to this Case Study. Sandra has collected the following census information on all five units for the last month, inaddition to what was asked in question number one. Calculate the ADC and Occupancy Rate for each unit using the Daily Census/Occupancy Rate table to determine which unit is currently at 88% occupancy rate and projected to increase over the next year.   Unit     Beds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Total Patient DaysA 35 31 30 31 30 29 30 31 30 31 29 29 32 31 33 31 31 33 34 34 34 34 32 30 32 31 30 30 33 31 34 0 941B 15 15 14 11 9 7 12 12 15 13 13 16 15 15 15 16 16 15 14 15 16 15 13 13 17 16 15 16 16 14 15 0 424C 13 10 12 11 11 11 13 13 13 12 13 12 12 12 13 13 13 13 13 13 13 13 13 13 12 12 12 12 13 13 13 0 372D 32 30 27 27 24 26 23 27 29 28 28 25 27 30 26 31 31 30 30 30 32 32 32 26 25 25 25 23 31 31 30 0 841E 6 6 3 3 3 3 5 5 5 2 2 2 2 4 4 3 3 0 0 0 6 5 5 3 3 3 2 5 4 3 3 0 97(adapted from…..Healthcare Financial Management Association (2012).  Managing fiscal resources: A budget and productivity case study.  Retrieved from hfmamd.org Average Daily Census/Occupancy RateUnit ADC Occupancy (%)A    B    C    D    E     The Unit with an 88% occupancy rate is _____.3. Using data contained in the first questions, complete the table below and determine the Average Length of Stay (ALOS) for the following three units.      Show your work.Unit # Beds Patient Days # Discharges Average Length of Stay (ALOS)A        110  C           96  D           85   What is the ALOS for the unit you identified earlier at an 88% occupancy rate?  _____ You have determined the Unit for which Sandra must make FTE projections. For the remaining questions in this section, refer to the figures used and or obtained related to the Unit identified in Question 1. Additional information includes the budgeted hours of care per patient day (HPPD-budgeted) is 7.5; andeach employee receives 300 paid non-productive hours/year. Due Date: Sunday 11:59 p.m. MT at the end of Week 4Students are given the opportunity to request an extension on assignments for emergent situations. Supporting documentation must be submitted to the assigned faculty. If the student’s request is not approved, the assignment is graded and a late penalty is applied as follows:Monday = 10% of total possible point reductionTuesday = 20% of total possible point reductionWednesday = 30% of total possible point reductionIf the student’s request is approved, the student will be informed of the revised due date. Should the student fail to meet the revised due date, the assignment is graded and a late penalty is applied as follows:Monday = 10% of total possible point reductionTuesday = 20% of total possible point reductionWednesday = 30% of total possible point reductionTotal Points Possible: 150 Requirements Description of the AssignmentThis 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 ContentAnswer 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 VarianceRundio, A. (2022). The nurse manager’s guide to budgeting and finance. (3rd ed.). Sigma Theta Tau International.Section One: Staffing Budget and FTEsCalculations of full-time equivalents (FTEs)Project FTE needs related to census changesSection Two: Variance AnalysisCalculating varianceVariance analysis with explanationDownload the Assignment Word Document and submit your answers directly onto the form. When completed, upload into the assignment portal in your course. For the questions requiring a written response, please adhere to proper grammar and syntax, and provide references. For the questions requiring calculations, show all your work including the formula used. Include the references for formula chosen.Rubric  Week 4: Staffing Budget and FTEs and Variance Analysis (NOV18) Criteria Ratings Pts  This criterion is linked to a Learning OutcomeBackground Information  10 ptsApproach to Personnel Case Study is clearly articulated and contains all the elements needed to address the situation presented in the scenario.  8 ptsApproach to Personnel Case Study is generally described and contains nearly all elements needed to address the situation presented in the scenario.  6 ptsApproach to Personnel Case Study is minimally described, generally stated and missing key elements needed to address the situation presented in the scenario.  0 ptsApproach to Personnel Case Study is absent or does not contain adequate elements to all the elements needed to address the situation presented in the scenario.  10 pts   This criterion is linked to a Learning OutcomeADC and Occupancy Rate  10 ptsTable completed with formulas referenced and shown, work shown with correct calculations, and correct unit identified.  8 ptsAll but one element are present and correct.  3 ptsAll but two elements are present and correct.  0 ptsNo elements are present or they are present and incorrect.  10 pts   This criterion is linked to a Learning OutcomeAverage Length of Stay (ALOS)  10 ptsALOS table completed with formulas referenced and shown, work shown with correct calculations, ALOS of identified unit correct.  8 ptsAll but one element are present and correct.  3 ptsAll but two elements are present and correct.  0 ptsNo elements are present or they are present and incorrect.  10 pts   This criterion is linked to a Learning OutcomeCurrent FTE  15 ptsCurrent FTEs of identified unit calculated correctly and includes reference for formulas used, formula and work shown, calculations correct.  10 ptsAll but one element are present and correct.  5 ptsAll but two elements are present and correct.  0 ptsNo elements are present or they are present and incorrect.  15 pts   This criterion is linked to a Learning OutcomeTotal FTE (Accounts for nonproductive time-current)  15 ptsTotal FTEs (accounts for nonproductive time) of identified unit calculated correctly and includes reference for formulas used, formula and work shown, calculations correct.  10 ptsAll but one element are present and correct.  5 ptsAll but two elements are present and correct.  0 ptsNo elements are present or they are present and incorrect.  15 pts   This criterion is linked to a Learning OutcomeEffect of Volume Increase on FTE  10 ptsDescribes effect of increase of patient volume on FTEs over the next year. Describes what effect an increased length of stay would have on FTEs.  5 ptsOnly one element present or is answered correctly.  0 ptsBoth elements are missing or no elements are answered correctly.  10 pts   This criterion is linked to a Learning OutcomeTotal FTE (Projected)  15 ptsTotal FTEs (accounts for nonproductive time) for projected volume increase of identified unit calculated correctly and includes reference for formulas used, formula and work shown, calculations correct.  10 ptsAll but one element are present and correct.  5 ptsAll but two elements are present and correct.  0 ptsNo elements are present or they are present and incorrect.  15 pts   This criterion is linked to a Learning OutcomeFTE Difference Explanation  10 ptsExplains potential causes for being under budget and explicitly describes its effect on the budget request for next year. Uses data from given and calculated elements to support explanations.  8 ptsAll but one element are present and correct.  3 ptsAll but two elements are present and correct.  0 ptsNo elements are present or they are present and incorrect.  10 pts   This criterion is linked to a Learning OutcomePersonnel Budget table  5 ptsTable completed with correct calculations.  0 ptsTable incomplete or complete with incorrect calculations.  5 pts   This criterion is linked to a Learning OutcomeVolume (Efficiency) Variance Calculated  10 ptsCalculated correctly and includes reference for formulas used, formula and work shown, calculations correct.  8 ptsAll but one element are present and correct.  3 ptsAll but two elements are present and correct.  0 ptsNo elements are present or they are present and incorrect.  10 pts   This criterion is linked to a Learning OutcomeVolume Quantity Variance Calculated  10 ptsCalculated correctly and includes reference for formulas used, formula and work shown, calculations correct.  8 ptsAll but one element are present and correct.  3 ptsAll but two elements are present and correct.  0 ptsNo elements are present or they are present and incorrect.  10 pts   This criterion is linked to a Learning OutcomeCost (price) Variance calculated  10 ptsCalculated correctly and includes reference for formulas used, formula and work shown, calculations correct.  8 ptsAll but one element are present and correct.  3 ptsAll but two elements are present and correct.  0 ptsNo elements are present or they are present and incorrect.  10 pts   This criterion is linked to a Learning OutcomeCalculation of Total Variance  5 ptsCalculation of Total Variance is correct.  0 ptsCalculation of Total Variance is incorrect.  5 pts   This criterion is linked to a Learning OutcomeAnalysis of Variances  10 ptsAnalysis of Variances thoroughly explained; variance justification with evidence included; effects on current and future budges explicit and clearly articulated.  8 ptsAnalysis of Variances generally explained; or variance justification is missing or lacks support from evidence; or effects on current and future budges is missing or generally addressed.  3 ptsAnalysis of Variances contains only one of the required elements: thorough explanation; variance justification with evidence included; effects on current and future budges explicit and clearly articulated.  0 ptsAnalysis of variances is missing or is inaccurate.  10 pts   This criterion is linked to a Learning OutcomeWriting Conventions, format, and reference citations  5 ptsNo errors in any of the three elements of writing conventions, format, and reference citations.  3 ptsOne error in any of the three elements of writing conventions, format, and reference citations.  1 ptsTwo errors in any of the three elements of writing conventions, format, and reference citations.  0 ptsMore than three errors in any of the three elements of writing conventions, format, and reference citations.  5 pts   This criterion is linked to a Learning OutcomeLate Deductions  0 pts0 pts lost – submission met deadline  0 ptsStudent does not meet the deadline for submission 10% per day up to 30% total (3-days)  0 pts   Total Points: 150 PreviousNext Health ScienceScienceNursingMSN NR 533Share Question

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