SU NSG 6620 Week 10 Assignment

SU NSG 6620 Week 10 Assignment

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Assignment 2: Zero-Based Operational FTE Budget

In Week 7, you began preparing a zero-based operational FTE budget draft for your nursing unit.This week, you will finalize your budget and submit your assignment in the format of a Microsoft Excel worksheet.

Week 10 Tasks

Begin this assignment by incorporating the instructor’s feedback on the worksheet you submitted in Week 7.

Then, finalize your zero-based operational FTE budget, and ensure that it covers the following:

Identify and describe the selected nursing unit on which the zero-based operational FTE budget is performed.What is the type of service provided by the nursing unit (for example, fifteen-bed intensive care unit or twenty-bed oncology unit)?

Finalize the budget worksheet or spreadsheet with subcodes.Make sure to include the following:

Operating expenses with subcodes

Description of subcodes

Prior-year expenses of subcodes

Original budget allocations for subcodes

Annualized expense for subcodes

Budget adjustments for subcodes

Approved budget for subcodes

Personnel costs for one nursing unit

Use APA style and formatting for your assignment.Make sure to include a title and a reference section for the assignment.

Submit your budget in a Microsoft Excel worksheet to the W10: Assignment 2 Dropbox by Tuesday, November 7. Name your document SU_NSG6620_W10_A2_LastName_FirstInitial.xls

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ADDITIONAL DETAILS 

Zero-Based Operational FTE Budget

What is a zero-based operational FTE budget? A zero-based operational FTE budget is a Budget in which all costs are justified for each function or activity. This type of budgeting starts from scratch (zero-base) each time rather than using last year’s data as the starting point. In simpler terms, a zero-based operational FTE budget means that you will be justify the need for every single position that you have within your company. This can be a daunting task, but it is necessary in order to create an accurate and effective budget. If you’re not sure where to start, check out our blog post on how to create a zero-based operational FTE budget.

What is an FTE Budget?

An FTE budget is a financial tool used by organizations to track and predict their staffing needs and costs. The budget is typically expressed as a number of full-time equivalent (FTE) employees needed to meet the organization’s goals.

Organizations use FTE budgets to track both the direct costs of employee salaries and benefits, as well as the indirect costs associated with employee training, development, and turnover. FTE budgets can also be used to compare the cost-effectiveness of different staffing models or to predict future staffing needs based on changes in organizational goals or business conditions.

What is a Zero-Based Operational FTE Budget?

A zero-based operational FTE budget is a type of budgeting in which all expenses are justified and approved based on their impact on the organization’s goals and objectives. This type of budgeting starts from scratch each year, with no assumptions about what should be funded. Every expense must be justified and approved in order to be included in the budget.

This type of budgeting can be very time-consuming and difficult, but it ensures that all expenses are carefully considered and aligned with the organization’s strategic goals. It can also help to identify areas where costs can be reduced without impacting the organization’s ability to achieve its objectives.

How to Create a Zero-Based Operational FTE Budget

Assuming you have a work force, the first step is to understand what an FTE is.

An FTE or “Full Time Equivalent” is the number of hours worked by one employee on a full time basis. So if you have two employees who each work 20 hours per week, that would be the equivalent of one FTE.

The next step is understanding how many operational FTEs you will need in order to deliver your services. This will require some analysis and understanding of your current work processes and how they can be improved. Once you have an understanding of this, you can start to build your zero-based operational FTE budget.

To do this, you will need to map out all of your current work processes and determine how many FTEs are required for each task. Once you have this information, you can start to look for ways to streamline these processes and reduce the number of FTEs required.

By doing this, you will be able to create a zero-based operational FTE budget that is based on the actual number of staff required to deliver your services, rather than the traditional method of budgeting for a certain number of staff regardless of whether they are needed or not.

Pros and Cons of a Zero-Based Operational FTE Budget

There are many benefits to a zero-based operational FTE budget. Perhaps the most obvious benefit is that it can help organizations save money. A zero-based operational FTE budget forces organizations to justify all of their expenditures, which can lead to cost savings. Additionally, a zero-based operational FTE budget can help improve efficiency and effectiveness by ensuring that resources are being used in the most efficient way possible.

However, there are also some potential drawbacks to a zero-based operational FTE budget. One drawback is that it can be time-consuming and difficult to develop and implement a zero-based operational FTE budget. Additionally, a zero-based operational FTE budget may not be appropriate for all organizations; for example, small organizations or those with limited resources may not be able to benefit from a zero-based operational FTE budget in the same way as larger organizations. Finally, some critics argue that a zero-based operational FTE budget can lead to micromanagement and encourage an emphasis on short-term results rather than long-term goal achievement.

Implementing a Zero-Based Operational FTE Budget

Operational FTE budgets are an important tool for managing the workforce and ensuring that resources are aligned with business goals. A zero-based operational FTE budget starts with a clean slate and identifies the optimal number of staff needed to achieve specific objectives.

When implementing a zero-based operational FTE budget, businesses should first identify their organizational goals. Once these goals have been established, businesses can identify the number of staff needed to achieve these objectives. To ensure that the correct number of staff are hired, businesses should use data and analytics to identify the right mix of skills and experience needed.

Once the business has identified their needs, they can begin recruiting and hiring employees. To ensure that employees are productive from day one, businesses should provide comprehensive training on company culture and expectations. Additionally, regular performance reviews will help to ensure that employees are meeting or exceeding expectations.