Prof Name Course Name July 10 2024 Student Name Capella University Assessment 4 Preparing and Managing a Capital Budget NURSFPX com Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email us at Contact nursfpx com Website NURSFPX com For Free MSN Sample NURSFPX com free Sample Preparing and Supervising a Capital Budget NURSFPX com This evaluation tackles the obstacles faced by a 50 bed facility experiencing high turnover among nursing staff due to an unsatisfactory workplace environment and low morale The approach involves creating a budget for staff training and revamping their lounge concentrating on capital acquisitions budget administration and justifications As a nursing leader my aim is to establish a rejuvenating and motivating lounge for nurses The objective is to formulate a capital budget that facilitates resource assessment and delivers favorable results Capital budgeting is vital for organizational planning and decision making regarding the allocation of resources for different projects These one time investments with long term advantages demand careful resource management Positioned as a transitional facility between the intensive care unit and the general surgery floor the initiative aims to develop a modern lounge where nurses can unwind and access amenities in a conducive setting Capital Procurement and Assumptions The renovation plan involves revamping the dull work environment which contributes to nurse resignations Studies indicate that a positive work environment encourages Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email us at Contact nursfpx com Website NURSFPX com For Free MSN Sample NURSFPX com free Sample Justification for Capital Procurement motivation connectivity value and superior facilities resulting in fewer errors better patient care and reduced readmissions The strategy encompasses a lounge makeover with cozy furnishings adaptable medical grade furniture lockers vending machines water dispensers and hygiene products to promote relaxation security and protection against workplace infections The project is estimated to span eight months for comprehensive infrastructure changes The assumption is that a comfortable space addressing nurses requirements will boost satisfaction levels and enhance healthcare quality Nurse motivation significantly impacts healthcare quality and staff retention Renovating the facility to foster a sense of belonging is pivotal for nursing leaders These alterations benefit nurses by providing a staff focused environment that encourages comfort and positive interactions Positive work environments enhance staff productivity align practices with organizational objectives and empower nurses to deliver patient centered care The lounge renovations aim to fulfill nurses emotional physical and psychological needs crucial for effectively supporting patients NURSFPX com Employee satisfaction enhances care quality aligning with the organization s commitment to patient centered care Offering a lounge provides a designated space for relaxation cultivating a positive work environment and demonstrating staff appreciation Executives are urged to view this budget favorably anticipating reduced turnover and improved patient outcomes Alternatives such as performance evaluations and incentives address external motivations but fail to address the root cause of the negative environment A comprehensive approach targeting both intrinsic and extrinsic motivations is deemed more effective for lasting impact The implementation timeline for the current budget spans eight months Budget preparation entails data collection identifying nurse needs through interviews and surveys and assumes a supportive less stressful and positive environment The budget particulars are outlined in Table 1 Appendix 1 with potential threats to the budgeting process stemming from uncertainties regarding leadership impact and lounge maintenance Preparation of a Capital Budget Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email us at Contact nursfpx com Website NURSFPX com For Free MSN Sample NURSFPX com free Sample Cost Calculation Process Budget Management Strategy Impact of Capital Acquisition on Financial Well being Cost estimation involved collecting data from vendors conducting market surveys and obtaining vendor quotations utilizing the payback period method to estimate the time required for the initial investment return The finance team manages cost calculations with a one year payback period anticipating savings from retention hiring and training expenses Inter professional collaboration is essential for effective budget management Collaboration with the finance director head of accounting administration director and outsourced vendors is critical The IT department maintenance team and administration director also contribute to successful implementation Budget management hinges on thorough planning expense monitoring deadline management and cost control measures NURSFPX com Initial renovation expenses may strain the organization s finances affecting cash flow and liquidity Nonetheless long term benefits include reduced turnover costs and enhanced financial stability The budget anticipates a 50 return on investment within six to eight months Depreciation values necessitate analysis for informed financial decision making Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email us at Contact nursfpx com Website NURSFPX com For Free MSN Sample NURSFPX com free Sample References Bosch Badia M T Montllor Serrats J Tarrazon Rodon M A 2020 The capital budgeting of corporate social responsibility Sustainability 12 9 3542 https doi org 10 3390 su12093542 Awosoga O A Odole A C Onyeso O K Ojo J O Ekediegwu E C Nwosu I B Nord C Steinke C Varsanyi S Doan J 2023 Perceived strategies for reducing staff turnover and improving well being and retention among professional caregivers in Alberta s continuing care facilities A qualitative study Home Health Care Services Quarterly 42 3 193 215 https doi org 10 1080 01621424 2023 2166889 NURSFPX com Dash S Shakyawar S K Sharma M Kaushik S 2019 Big data in healthcare Management analysis and future prospects Journal of Big Data 6 1 54 https doi org 10 1186 s40537 019 0217 0 Karaferis D Aletras V Raikou M Niakas D 2022 Factors influencing motivation and work engagement of healthcare professionals Materia Socio Medica 34 3 216