Zero-Based Operational FTE Budget
SU NSG 6620 Week 10 Assignment 2: Zero-Based Operational FTE Budget
Assignment 2: Zero-Based Operational FTE Budget
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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 INFORMATION;
Introduction
Zero-based budgeting (ZBB) is a method of budgeting that starts from the ground up and works upward. It provides a framework for allocating funding based on what each department needs, rather than on how much money they have been allocated in the past. Zero-based budgeting is best suited for small organizations, but it can also be used by larger organizations with fixed budgets or limited revenue streams.
Definition
Zero-based operational FTEs are a method of budgeting that starts from the ground up and works upward. This method can be used in any organization, but it’s especially useful for agencies with high employee turnover or large numbers of contractors.
There are two parts to this process:
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Developing an organizational chart around which to base your budget (see below). * Calculating each person’s individual budget using zero-based operational FTEs
Benefits
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Reduces redundancy.
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Allows for better decision making.
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Better planning and budgeting, which leads to better allocation of resources and improved communication at the company level.
Budgeting Process
There are a number of steps you can take to ensure that your budgeting process is effective. To start, it’s important to define the problem that you’re trying to solve and identify the resources available for tackling this challenge. Next, create a timeline for completing your project or program and assign tasks according to their importance and urgency. Finally, form a team composed entirely of stakeholders who will be involved in creating or implementing your plan—and make sure everyone understands how they’re expected to work together toward achieving this goal!
Once all these pieces have been put into place, let’s review what we’ve learned: zero-based budgeting requires an approach based on identifying where each dollar goes before determining how much money should actually be spent on any given project or program (in other words: zero). This method helps organizations avoid wasting resources by preventing them from overspending during development phases when funding decisions are made based on historical data rather than actual needs/solutions being addressed today.”
Zero-Based Operational FTEs Budgeting Steps
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Start with zero. Zero-based budgeting is based on starting with the current number of FTEs, rather than calculating how many people are needed to meet a workload.
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Identify the current number of FTEs. You can use an internal tool or do your own calculation by dividing your total annual operating expenses by your total annual operating income (which includes both revenues and expenses). If you don’t know this number, ask someone else in the business who does!
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Define the current workload: For example, if you run a bakery that makes pies, then define “pies” as one type of product in terms of its size (e.g., medium), shape (e.g., round) and color (e..g., purple). Similarly for other products such as bread rolls and cookies; these could be considered separate types within their category but still fall under one overall category called “food.” When defining categories like these it’s important that they stay consistent across time so that everyone understands where things fit into each other logically within their industry context – otherwise there will always be confusion about how certain tasks relate back together versus what happens next after completing previous steps when working towards achieving goals related thereto.”
Summary
This article has provided a detailed overview of the zero-based budgeting process, including how it compares to traditional budgeting. The main takeaway is that while both approaches are similar in their goal of creating an accurate picture of your organization’s financial situation, they emphasize different areas and can have varying impacts on the overall financial health of your company.
Lastly, be sure to check out our webinar series on Zero-Based Budgeting: Things You Need To Know!
Zero-Based Operational FTEs is a method of budgeting that starts from the ground up and works upward.
Zero-Based Operational FTEs is a method of budgeting that starts from the ground up and works upward. The approach to budgeting is different from annual, rolling or incremental budgets because it does not use historical data for forecasting. Instead, it uses actual performance data to determine future needs and resources. Zero-Based Operational FTEs can be especially helpful for organizations that have recently undergone significant change in their operating model (such as mergers or acquisitions).
Conclusion
Zero-based budgeting is a method of budgeting that starts from the ground up and works upward. Zero-based budgeting is a powerful tool for managing your company’s finances. It encourages good financial practices by focusing on what you spend rather than just how much money you make.
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