Prof Name Course Name Student Name July 10 2023 Capella University Assessment 1 Instructions Mentor Interview 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 Mentor Interview NURSFPX com Comprehending business and financial management is vital for nursing leaders enabling them to analyze healthcare trends both locally and globally This knowledge facilitates the implementation of practical patient centered outcomes within the organization Figueroa et al 2019 Integrating clinical and business skills empowers nurses to excel in the ever evolving healthcare landscape Figueroa et al 2019 This comprehensive knowledge equips nurses with leadership and management skills fostering proactive decision making and innovation Mlambo et al 2021 During a mentor interview at Florida Community Care Ms Liu a nursing leader specializing in business management and hospital budgeting shared valuable insights The interview underscored the disparities between managing operating and capital budgets Ms Liu elucidated that while both are pivotal for financial decision making they differ in approach duration objectives assets purchases and funding sources Michelon et al 2020 The operating budget centers on short term revenue generation and daily expenses covering routine operational costs Conversely the capital budget entails long term investments in assets like buildings and technology Michelon et al Comparison Between Operating and Capital Budget Management 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 2020 Operational budgeting prioritizes portability and liquidity whereas capital budgeting accentuates long term strategic capabilities Srithongrung et al 2019 The decision making processes also vary with department heads overseeing operational budgets and board directors and CFOs managing capital budgets Resource Allocation for Labor Equipment and Services Effective Strategies for Profitability and Fiscal Success The interview delved into resource allocation within budgeting stressing its role in ensuring equitable distribution among labor equipment and services Bouzari et al 2023 Ms Liu emphasized the significance of aligning budgeting with organizational needs conducting need based assessments and adjusting resources accordingly The allocation process entails evaluating needs identifying resources for labor equipment and services and formulating budgets based on liquidity and probabilities Tools like Outlook and Excel aid in monitoring and evaluating budget alignment with goals and revenue generation Kruk et al 2018 NURSFPX com Profitability and fiscal success stem from strategic planning need based analysis risk assessment SMART goal setting and SWOT analysis Srinivas 2019 Ms Liu highlighted the utilization of SWOT analysis at Florida Community Care aligning strengths weaknesses opportunities and threats with the balanced scorecard for a comprehensive strategic plan Quezada et al 2019 Alternative approaches to profitability include cross functional teams exploring innovative ideas and strategies to boost revenue Fuertes et al 2020 A nursing leader s approach to budgeting aligns with organizational goals regulatory requirements and fiscal responsibility Mlambo et al 2021 Proficiency in patient centered care and transformative leadership aids in efficient resource allocation Paarima et al 2021 Well structured training and education utilizing a multidisciplinary approach enhance a nurse leader s budget management skills Paarima et al 2021 Nursing Leader s Approach to Budget Management Conclusion 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 The interview with Ms Liu provided insights into the differences between operational and capital budgeting need based resource allocation and flexible budgeting for labor equipment and services Strategic planning risk assessment and effective strategies enhance nursing leaders confidence in budget management aligning with organizational goals References Fuertes G Alfaro M Vargas M Gutierrez S Ternero R Sabattin J 2020 Conceptual framework for the strategic management A literature review descriptive Journal of Engineering 2020 1 21 https doi org 10 1155 2020 6253013 Bouzari P Gyenge B Ebrahimi P Fekete Farkas M 2023 Problem solving and budget allocation of SMES Application of NCA approach Computation 11 3 48 https doi org 10 3390 computation11030048 Figueroa C A Harrison R Chauhan A Meyer L 2019 Priorities and challenges for health leadership and workforce management globally A rapid review BMC Health Services Research 19 1 239 https doi org 10 1186 s12913 019 4080 7 NURSFPX com Kruk M E Gage A D Arsenault C Jordan K Leslie H H Roder DeWan S Adeyi O Barker P Daelmans B Doubova S V English M Garc a Elorrio E Guanais F Gureje O Hirschhorn L R Jiang L Kelley E Lemango E T Liljestrand J Pate M 2018 High quality health systems in the Sustainable Development Goals era Time for a revolution The Lancet Global Health 6 11 e1196 e1252 https doi org 10 1016 S2214 109X 18 30386 3 Mlambo M Sil n C McGrath C 2021 Lifelong learning and nurses continuing professional development a metasynthesis of the literature BMC Nursing 20 1 62 https doi org 10 1186 s12912 021 00579 2 Paarima Y Kwashie A A Ofei A M A 2021 Financial management skills of nurse managers in the Eastern Region of Ghana International Journal of Africa Nursing Sciences 14 100269 https doi org 10 1016 j ijans 2020 100269 Michelon P D S Lunkes R J Bornia A C 2020 Capital budgeting A systematic review of the literature Production 30 e20190020 https doi org 10 1590 0103 6513 20190020 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 Quezada L E Reinao E A Palominos P I Oddershede A M 2019 Measuring performance using SWOT analysis and a balanced scorecard Procedia Manufacturing 39 786 793 https doi org 10 1016 j promfg 2020 01 430 Srinivas K 2019 Process of risk management In A G Hessami Ed Perspectives on Risk Assessment and Management Paradigms IntechOpen https doi org 10 5772 intechopen 80804 ing in the Public