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Week 4: Staffing Budgets/FTEs/Variance Analysis Assignment V2
Start Assignment
- Due Sunday by 11:59pm
- Points 150
- Submitting a file upload
Purpose
This assignment provides learners with the opportunity to apply budgeting knowledge and skills by calculating full-time equivalents for a nursing unit, projecting FTE needs related to census changes, and analyzing a variance scenario.
Week 4: Staffing Budgets/FTEs/Variance Analysis Agreement V2Links to an external site.
Due Date: Sunday 11:59 p.m. MT at the end of Week 4
Students are given the opportunity to request an extension on assignments for emergent situations. Supporting documentation must be submitted to the assigned faculty. If the student’s request is not approved, the assignment is graded and a late penalty is applied as follows:
- Monday = 10% of total possible point reduction
- Tuesday = 20% of total possible point reduction
- Wednesday = 30% of total possible point reduction
If the student’s request is approved, the student will be informed of the revised due date. Should the student fail to meet the revised due date, the assignment is graded and a late penalty is applied as follows:
- Monday = 10% of total possible point reduction
- Tuesday = 20% of total possible point reduction
- Wednesday = 30% of total possible point reduction
Total Points Possible: 150
Requirements
Description of the Assignment
This assignment is in two scenario-based sections each related to staffing budgets. In the first, the student will perform multistep calculations of FTEs and projection of future FTE needs for a selected nursing unit. The second section involves calculation of budget variance and its analysis. Each section requires supported written interpretation of findings.
Criteria for Content
Answer the questions and complete the calculations required for the two sections of the assignment.
Key points related to Calculations:
- When performing calculations, standard rounding rules apply. If the number to the right of the decimal is less than 5, round down to the nearest whole number, e.g., 33.4 = 33 If the number to the right of the decimal is 5 or greater, round up to the nearest whole number, e.g. 33.5 =34.
- Read the question carefully. Pay close attention to the units be asked and keep them consistent. For example, hours vs FTEs; days vs months vs years.
- Provide ALL formulas with references. Designate which formula associates with which source. It is not sufficient to simply list the source at the beginning of the section. Write out the formula used BEFORE filling in the numbers.
Example: Efficiency Variance + Volume Variance + Cost Variance = Total Variance
Rundio, A. (2022). The nurse manager’s guide to budgeting and finance. (3rd ed.). Sigma Theta Tau International.
- Section One: Staffing Budget and FTEs
- Calculations of full-time equivalents (FTEs)
- Project FTE needs related to census changes
- Section Two: Variance Analysis
- Calculating variance
- Variance analysis with explanation
Download the Assignment Word Document and submit your answers directly onto the form. When completed, upload into the assignment portal in your course. For the questions requiring a written response, please adhere to proper grammar and syntax, and provide references. For the questions requiring calculations, show all your work including the formula used. Include the references for formula chosen.
Rubric
Week 4: Staffing Budget and FTEs and Variance Analysis (NOV18)
Week 4: Staffing Budget and FTEs and Variance Analysis (NOV18)
CriteriaRatingsPts
This criterion is linked to a Learning OutcomeBackground Information
10 pts
Approach to Personnel Case Study is clearly articulated and contains all the elements needed to address the situation presented in the scenario.
8 pts
Approach to Personnel Case Study is generally described and contains nearly all elements needed to address the situation presented in the scenario.
6 pts
Approach to Personnel Case Study is minimally described, generally stated and missing key elements needed to address the situation presented in the scenario.
0 pts
Approach to Personnel Case Study is absent or does not contain adequate elements to all the elements needed to address the situation presented in the scenario.
10 pts
This criterion is linked to a Learning OutcomeADC and Occupancy Rate
10 pts
Table completed with formulas referenced and shown, work shown with correct calculations, and correct unit identified.
8 pts
All but one element are present and correct.
3 pts
All but two elements are present and correct.
0 pts
No elements are present or they are present and incorrect.
10 pts
This criterion is linked to a Learning OutcomeAverage Length of Stay (ALOS)
10 pts
ALOS table completed with formulas referenced and shown, work shown with correct calculations, ALOS of identified unit correct.
8 pts
All but one element are present and correct.
3 pts
All but two elements are present and correct.
0 pts
No elements are present or they are present and incorrect.
10 pts
This criterion is linked to a Learning OutcomeCurrent FTE
15 pts
Current FTEs of identified unit calculated correctly and includes reference for formulas used, formula and work shown, calculations correct.
10 pts
All but one element are present and correct.
5 pts
All but two elements are present and correct.
0 pts
No elements are present or they are present and incorrect.
15 pts
This criterion is linked to a Learning OutcomeTotal FTE (Accounts for nonproductive time-current)
15 pts
Total FTEs (accounts for nonproductive time) of identified unit calculated correctly and includes reference for formulas used, formula and work shown, calculations correct.
10 pts
All but one element are present and correct.
5 pts
All but two elements are present and correct.
0 pts
No elements are present or they are present and incorrect.
15 pts
This criterion is linked to a Learning OutcomeEffect of Volume Increase on FTE
10 pts
Describes effect of increase of patient volume on FTEs over the next year. Describes what effect an increased length of stay would have on FTEs.
5 pts
Only one element present or is answered correctly.
0 pts
Both elements are missing or no elements are answered correctly.
10 pts
This criterion is linked to a Learning OutcomeTotal FTE (Projected)
15 pts
Total FTEs (accounts for nonproductive time) for projected volume increase of identified unit calculated correctly and includes reference for formulas used, formula and work shown, calculations correct.
10 pts
All but one element are present and correct.
5 pts
All but two elements are present and correct.
0 pts
No elements are present or they are present and incorrect.
15 pts
This criterion is linked to a Learning OutcomeFTE Difference Explanation
10 pts
Explains potential causes for being under budget and explicitly describes its effect on the budget request for next year. Uses data from given and calculated elements to support explanations.
8 pts
All but one element are present and correct.
3 pts
All but two elements are present and correct.
0 pts
No elements are present or they are present and incorrect.
10 pts
This criterion is linked to a Learning OutcomePersonnel Budget table
5 pts
Table completed with correct calculations.
0 pts
Table incomplete or complete with incorrect calculations.
5 pts
This criterion is linked to a Learning OutcomeVolume (Efficiency) Variance Calculated
10 pts
Calculated correctly and includes reference for formulas used, formula and work shown, calculations correct.
8 pts
All but one element are present and correct.
3 pts
All but two elements are present and correct.
0 pts
No elements are present or they are present and incorrect.
10 pts
This criterion is linked to a Learning OutcomeVolume Quantity Variance Calculated
10 pts
Calculated correctly and includes reference for formulas used, formula and work shown, calculations correct.
8 pts
All but one element are present and correct.
3 pts
All but two elements are present and correct.
0 pts
No elements are present or they are present and incorrect.
10 pts
This criterion is linked to a Learning OutcomeCost (price) Variance calculated
10 pts
Calculated correctly and includes reference for formulas used, formula and work shown, calculations correct.
8 pts
All but one element are present and correct.
3 pts
All but two elements are present and correct.
0 pts
No elements are present or they are present and incorrect.
10 pts
This criterion is linked to a Learning OutcomeCalculation of Total Variance
5 pts
Calculation of Total Variance is correct.
0 pts
Calculation of Total Variance is incorrect.
5 pts
This criterion is linked to a Learning OutcomeAnalysis of Variances
10 pts
Analysis of Variances thoroughly explained; variance justification with evidence included; effects on current and future budges explicit and clearly articulated.
8 pts
Analysis of Variances generally explained; or variance justification is missing or lacks support from evidence; or effects on current and future budges is missing or generally addressed.
3 pts
Analysis of Variances contains only one of the required elements: thorough explanation; variance justification with evidence included; effects on current and future budges explicit and clearly articulated.
0 pts
Analysis of variances is missing or is inaccurate.
10 pts
This criterion is linked to a Learning OutcomeWriting Conventions, format, and reference citations
5 pts
No errors in any of the three elements of writing conventions, format, and reference citations.
3 pts
One error in any of the three elements of writing conventions, format, and reference citations.
1 pts
Two errors in any of the three elements of writing conventions, format, and reference citations.
0 pts
More than three errors in any of the three elements of writing conventions, format, and reference citations.
5 pts
This criterion is linked to a Learning OutcomeLate Deductions
0 pts
0 pts lost – submission met deadline
0 pts
Student does not meet the deadline for submission 10% per day up to 30% total (3-days)
0 pts
Total Points: 150
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