Assessment 4 Preparing and Managing a Capital Budget Student Name Capella University Course Name Prof Name July 15 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 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 Preparing and Managing a Capital Budget This assessment focuses on a 50 bed facility struggling with nursing turnover due to a negative work environment and decreased morale and satisfaction The approach involves addressing these issues by creating a capital budget for staff training and refurbishing the nurses lounge The plan centers on capital investments budget management and justification As a nurse leader I aim to establish a nurses lounge to enhance staff well being and motivation The goal is to develop a capital budget that supports resource analysis and produces effective outcomes Capital Acquisition and Assumptions Capital budgeting is essential for planning and allocating resources for various organizational projects Effective resource management is critical for these one time long term investments Bosch Badia et al 2020 In smaller facilities care depends on efficiency and staff morale Situated between the emergency unit and the general surgery floor the renovation seeks to be state of the art providing a lounge where nurses can relax and access amenities in a high quality environment The renovation aims to address the dismal work environment that contributes to nurse turnover Research by Maassen et al 2021 shows that a positive work environment enhances motivation engagement value and facilities which in turn reduces errors improves patient care and lowers readmissions The lounge will feature comforters convertible furniture lockers vending machines water dispensers and hygiene products and will be designed to prevent occupational infections and encourage relaxation The project is expected to take eight months to complete with the assumption that a more welcoming environment will increase nurse satisfaction and consequently improve healthcare quality Justification for the Capital Acquisition According to Karaferis et al 2022 nurse motivation significantly impacts healthcare quality and staff retention Renovating the facility to create a sense of community benefits nurses by providing a staff oriented environment that fosters comfort and positive interactions Positive work environments enhance staff productivity align practices with organizational goals and empower nurses to deliver patient centered care Zhenjing et al 2022 The lounge upgrades aim to address nurses emotional physical and psychological needs which are crucial for effective patient support 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 Improved employee satisfaction aligned with the organization s goal of delivering patient centered care leads to better care quality Providing a designated lounge space fosters a positive work environment and values staff contributions Leaders are encouraged to view this budget positively anticipating reduced turnover and improved patient outcomes Alternative approaches such as performance reviews and incentives address external motivations but do not tackle the root cause of the negative environment A comprehensive strategy addressing both intrinsic and extrinsic motivations is considered more effective for long term success Preparing a Capital Budget The implementation period for the current budget is eight months Budget preparation involves gathering information identifying nurses needs through surveys and interviews and aiming to create a supportive less stressful environment Details of the budget are presented in Table 1 Appendix 1 Uncertainties about leadership impact and lounge maintenance may affect the budgeting process Process of Calculating Cost Cost estimation involved gathering data from vendors market surveys and supplier quotes using the payback period method to estimate the years needed for the initial investment return Mollah et al 2021 The finance team handles cost estimates with a one year payback period anticipated for savings from maintenance hiring and training costs Budget Management Plan Effective budget management requires collaboration among various professionals Coordination with the finance manager head of accounting administrative director and outsourced vendors is crucial The IT department maintenance team and administrative director contribute to successful execution Budget management relies on proper planning cost monitoring deadline management and cost control measures Impact of Capital Acquisition on Financial Health 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 Initial renovation costs strain the organization s finances affecting cash flow and liquidity However long term benefits include improved financial stability and reduced turnover costs The budget projects a 50 return on investment within six to eight months Depreciation values require analysis for effective financial management 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 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 Bosch Badia M T Montllor Serrats J Tarrazon Rodon M A 2020 The capital budgeting of corporate social responsibility Sustainability 12 9 3542 Maassen S M van Oostveen C Vermeulen H Weggelaar A M 2021 Defining a positive work environment for hospital healthcare professionals A Delphi study PLoS ONE 16 2 e0247530 Karaferis D Aletras V Raikou M Niakas D 2022 Factors influencing motivation and work