Discussion Post
You'll recall that as part of developing your project charter, you submitted a preliminary budget. The lesson goes into much greater depth on the financial aspects of a project. This is a good time to look at your preliminary budget, consider what was presented in this week's lesson, and reflect back on other financial concepts and tools you learned throughout the nurse executive track. Use the following questions as the basis for your discussion this week.
o What variances can you identify on your project to date? If you had to report on the reason for variances +/- 10% of budget, what would your report say?
Think back to lessons and discussions on forecasting. What adjustments do you feel you need to make to your project budget based on your progress to date and what you foresee moving forward? What changed to cause you to have to adjust (forecast) the project budget?
Virtual students: You are told that your original budget of $1 million is being cut to $750,000.00. Go back to the budgets that you set for your project where I encouraged you to budget for most, if not all (or more) of the $1 million. Given this reduction in your budget, what changes will you make to bring your project in line with the new amount? Talk about your decision-making process. What will you cut and why? How will this impact the overall success or quality of your project?
Important note: All projects have a budget!!! No project is "budget neutral" or "costs nothing to the organization". Even if you're the only person assigned to the project, your salary or the time you spend on the project is costing the organization money. Please think carefully about your project's resources and the financial implications of your project. As executive leaders this is an important aspect of your role.
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.