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1. NSG 6620 Week 4 Strategies for Establishing Operational Budgets
NSG 6620 Week 4 Strategies for Establishing Operational BudgetsNSG 6620 Week 4
Strategies for Establishing Operational BudgetsPermalink: https:// /nsg-6620-week-4-
…rational-budgets/NSG 6620 Week 4 Assignment 1 DiscussionDiscussion Question 1:
Strategies for Establishing Operational BudgetsAn operational budget is the plan for an
organization or unit for daily operating expenses.The operational budget is very similar to
how one manages a personal home budget but on a grander scale.For example, there is a
balance between accounts receivable and accounts payable, and then there is either a
surplus or deficit at the end of the budget period.Most budget periods are a fiscal year or a
calendar year. NSG 6620 Week 4 Strategies for Establishing Operational Budgets.The unit
operating budget is the most critical budget in which unit managers must be involved and
have the most control over.Extensive information is needed to prepare the operational
budget.For example, the operational budget typically requires information related to
workload budgets with activity reports, units of service, and workload calculations like
HPPD; expense budgets for personnel, staffing, and supplies equipment; the overhead
budget; and the revenue budget.Nurses in the unit are often part of the operational budget
to examine, or be aware of, weekly or monthly budget variances.This helps the unit function
with a positive versus a negative revenue stream.Using the readings for the week, the South
University Online Library, and the Internet, respond to the following:Describe at least two
strategies for establishing operational budgets.Examine the advantages and disadvantages
of using each strategy.Explain the strategies your nurse manager or CNO uses to gather and
secure the most timely and relevant information to shape future operating budgets.Identify
two challenges the nurse manager or CNO faces with this task.Examine implications for the
nurse manager or CNO when the unit operating budget is running in the “red” or has
numerous negative monthly variances.Comment on the postings of at least two
peers.Evaluation Criteria:Described at least two strategies for establishing operational
budgets.Examined the advantages and disadvantages of using each strategy.Explained the
strategies your nurse manager or CNO uses to gather and secure the most timely and
relevant information to shape future operating budgets.Identified two challenges the nurse
manager or CNO faces with this task.Examined implications for the nurse manager or CNO
when the unit operating budget is running in the “red” or has numerous negative monthly
variances.Justified your answers with appropriate research and reasoning.Commented on
the postings of at least two peers.