Creating and Managing Budget

Business acumen, including financial management skills, is a key competency for nurse leaders, and a primary responsibility for many is the development and management of operating and capital budgets.
For this assessment, you will speak with a leader of your choice who has experience with creating and managing budgets, learn about that person’s approach to budget management, and consider techniques or strategies you may emulate when you create and manage budgets.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
• Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
o Evaluate a nurse leader’s approach to budget management.
• Competency 3: Develop a capital budget.
o Compare the process of managing an operating budget to that of managing a capital budget.
• Competency 4: Determine the equipment and services needed to maintain seamless patient or client care.
o Describe the process of allocating resources for labor, equipment, and services.
• Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
o Describe an effective approach that contributes to planning for profitability and fiscal success.
• Competency 6: Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards.