Assignment: Variance Analysis Essay In Nursing Management
Instructions:
A minimum of one scholarly source from a journal article or research must be included in each question. References must be peer-reviewed and within the last five years.
Text Book Leger, J. & Dunham-Taylor, J. (2018)Financial management for nurse managers: Merging the heart with the dollar.(4th ed.). Burlington, MA: Jones & Bartlett. ISBN: 978-1-284-12725-6
1. Reflect on your readings and identify two key points that provided clarity to assist in your understanding of variance analysis. Include page numbers and why this section was particularly helpful. (Minimum 300 words. In-text citation must be included).
2. Review the variance reporting located on pages 161-169 of Leger, J. & Dunham-Taylor, J. (2018)Financial management for nurse managers: Merging the heart with the dollar.(4th ed.). Burlington, MA: Jones & Bartlett. ISBN: 978-1-284-12725-6
• Departmental and administrative leaders must routinely evaluate their monthly operating budgets for variances and develop action plans to correct areas of missed opportunity.
• Imagine you are the leader of this department cost center. Utilizing your learning thus far, prepare an explanation of the variance and your plan to correct or justify the overages noted. You may use one of two assumptions:
- Budgeted volume for the cost center was at budget; therefore expenses were not controlled for salaries and supplies. Develop an action plan to align expenses to budget for the next reporting month.
- Volumes exceeded budget by 20% (there were 20% more patients receiving care in the month). Analyze if this increase in patient volume offset the personnel cost and care supply costs for the unit.
• Justify your rationale for your selection of scenario 1 or 2 in a 3-4 paragraph.
More Explanation,
"Question 1: Reflect on your readings and identify two key points that provided clarity to assist in your understanding of variance analysis. Include page numbers and why this section was particularly helpful. (Minimum 300 words. In-text citation must be included).
(This questions requires page numbers -either the 2018 version or older versions- that help you clarify understanding of variance analysis).
Question 2: We can either use older version (2017) or 2018 BUT we have to indicate the pages where we reviewed the variance reporting in the older version(2017). Then choose either scenario 1 or scenario 2 to answer the question. In other words, you can use 2017 version just indicate what pages you got the variance reporting!
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.