Purpose
NR711 Week 5: Discussion Operating Budget.The purpose of this discussion is to explore the role DNP-prepared nurse in creating a budget, effective financial planning, and determining the allocation of resources.
Instructions
Reflect upon your readings and professional experience and examine the role of the DNP-prepared department or organizational leader in navigating the following:
- Planning and executing the operating budget
- Controlling cost overruns and overtime
- Explaining variances: i.e., Defending overtime hours associated with patient census or acuity fluctuations
- Securing funds for staff’s ongoing competency training and professional development. Link to week 6
Please click on the following link to review the DNP Discussion Guidelines on the Student Resource Center program page:
Answer Guide:NR711 Week 5: Discussion Operating Budget
A DNP-prepared leader ought to understand the intricacies of budgeting. The role in Planning and executing the operating budget is to ensure that all planned expenses and revenues are clear. This ensures the best use of material and human resources. Planning is pertinent as it ensures the use of the best method to achieve financial objectives while ensuring that the care provided is quality and cost-effective. The DNP leader can therefore ensure that he or she has an active role in the healthcare organization by controlling personnel and supply costs and collaborating with other healthcare providers to control the cost while providing quality and safe care (Bai et al., 2017).