Budget Negotiation and Communication

Budget Negotiation and essay assignment

Budget Negotiation and essay assignment

Write a 3-5 page executive summary that justifies the operating budget you prepared in Assessment 2.

Introduction

Note: Complete the assessments in this course in the order in which they are presented.

Negotiating budgets and communicating financial needs to stakeholders are vital skills for nurse leaders. Given today’s numerous constraints on funding and a highly competitive environment, the ability to win support for your budget proposals hinges on being able to present a compelling argument based on well-documented needs, accurate financial information, and a justifiable business case.

Get solution to your nursing paper : Budget Negotiation and

This assessment provides an opportunity for you to examine the mission and goals of a health care organization, in order to justify a budget proposal. A persuasive argument requires thoughtful justification and rationale for the expenses required to support your proposal. A proposal that supports the organization’s mission and goals strengthens your argument and is much more likely to get you what you need.

In every health care organization, dollars are scarce and the budget process is carefully scrutinized at every level. Nurse leaders must be business-savvy. They must be able to make a compelling case for why every budget line item and every dollar on a budget supports the mission and goals of the unit and the organization. This means that nurse leaders must be able to think in terms of the business of health care and be able to present a business proposal or plan with thorough and thoughtful justification and rationale for expenses. The business plan should present accurate, factual data and costs, and should also be concise and clearly organized.

Note: Complete the assessments in this course in the order in which they are presented.

Preparation

The financial department has reviewed your unit’s operating budget and has asked you to submit an executive summary that provides support for your budget proposal. Your challenge is to position your unit favorably within an environment of competing demands for limited funding.

Note: Remember that you can submit all of, or a portion of, your draft to Smarthinking for feedback, before you submit the final version for this assessment. However, be mindful of the turnaround time of 24-48 hours for receiving feedback, if you plan on using this free service.

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.

Consider the operating budget you developed in Assessment 2.

• How would you justify your budget to executive leaders?
• How would you link your budget to the organization’s goals and objectives?
• How would you propose to meet productivity goals while staying within budget?

The following resources are required to complete the assessment.

• APA Style Paper Tutorial [DOCX]. Use this tutorial for your executive summary.

Requirements

Note: The following requirements correspond to the grading criteria in the assessment scoring guide. Be sure that your executive summary addresses each point, at a minimum. You may also want to read the Guiding Questions: Budget Negotiations and [DOCX] to better understand how each criterion will be assessed.

Write an executive summary of the operating budget you prepared in Assessment 2 that makes a compelling case for why funds should be allocated for your budget.

• Outline a strategic plan that ensures profitability and fiscal success.
• Present a plan to meet staff productivity goals, while staying within budget parameters.
• Justify equipment and service costs.
• Analyze department, unit, or project alignment with the organization’s mission and goals.
• Write clearly and concisely, using correct grammar and mechanics.
• Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using current APA style.

Additional Requirements

Format your summary using APA style.

• Use the APA Style Paper Tutorial [DOCX] to help you in writing and formatting your summary. Be sure to include:
  • A title page and reference page. An abstract is not required.
  • A running head on all pages.
  • Appropriate section headings.
  • A minimum of five properly formatted citations and references.
• Your summary should be 3-5 pages in length, not including the title page and reference page.

Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

• Competency 1: Design an operating budget that incorporates variances or discretionary spending.
  • Outline a strategic plan that ensures profitability and fiscal success.
• Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
  • Present a plan to meet staff productivity goals, while staying within budget parameters.
• Competency 4: Determine the equipment and services needed to maintain seamless patient or client care.
  • Justify equipment and service costs.
• Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
  • Analyze department, unit, or project alignment with an organization’s mission and goals.
• Competency 6: Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards.
  • Write clearly and concisely, using correct grammar and mechanics.
  • Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using APA style.