Assessment 1 Instructions Mentor Interview Student Name Capella University Course Name Prof Name July 12 2024 Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample Mentor Interview Nursing leaders must be well versed in business and financial management to effectively assess both local and global healthcare trends This knowledge facilitates the implementation of functional patient centered outcomes within the organization Figueroa et al 2019 Experts stress that blending clinical and business skills allows nurses to excel in the evolving healthcare environment Figueroa et al 2019 Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample Comparison Between the Management of Operating and Capital Budgets The interview underscored the distinction between managing operating and capital budgets Ms Liu explained that while both serve financial decision making purposes they differ in their approach duration objectives resources purchases and funding Michelon et al 2020 The operating budget focuses on short term revenue generation and daily expenses covering routine operational costs whereas the capital budget involves long term investments in assets such as buildings and technology Michelon et al 2020 Operational budgeting emphasizes flexibility and liquidity while capital budgeting prioritizes long term strategic capabilities Srithongrung et al 2019 Allocating Resources for Labor Equipment and Services The interview also centered on the topic of resource allocation in budgeting highlighting its importance in ensuring an equitable distribution of services equipment and labor Bouzari et al 2023 Ms Liu stressed the need to align budgeting with organizational needs conduct need based assessments and adjust resources accordingly The allocation process involves evaluating priorities identifying resources for labor equipment and services and creating budgets based on liquidity and probabilities Monitoring is conducted through tools like Outlook and Excel which assist in assessing budget alignment with goals and revenue generation Kruk et al 2018 Effective Approach to Profitability and Fiscal Success 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 use 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 increase revenue Fuertes et al 2020 Nursing Leader s Approach to Budget Management A nursing leader s approach to budgeting aligns with organizational goals regulatory requirements and financial responsibility Mlambo et al 2021 Proficiency in patient centered care and exceptional leadership supports 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 Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample Conclusion Ms Liu s interview provided insights into the distinctions between capital and operational budgeting resource allocation based on need and the flexible budgeting of labor equipment and services Strategic planning risk assessment and effective strategies enhance nursing leaders confidence in budget management aligning with organizational goals Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample References Abrishami D 2018 The need for cultural competency in health care Radiologic technology 89 5 441 448 Douglas M K et al 2014 Guidelines for implementing culturally competent nursing care Journal of Transcultural Nursing 25 2 109 121 Henderson S et al 2018 Cultural competence in healthcare in the community A concept analysis Health Social Care in the Community 26 4 590 603 Pacquiao D 2018 Conceptual framework for culturally competent care In Global applications of culturally competent health care Guidelines for practice pp 1 27 Springer Cham Schmidt B J McArthur E C 2018 Professional nursing values A concept analysis Nursing forum 53 1 69 75 Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample