NURS FPX 6216 Assessment 4 Preparing and Managing a Capital Budget NURS-FPX 6216 Advanced Finance and Operations Management

 

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Preparing and Managing a Capital Budget

The current assessment is based on a 50-bed facility facing the issue of nursing turnover due to a depressing workplace and low morale and satisfaction. The plan is to address the challenges while creating a budget for staff training and reconstructing their lounge. It is based on capital purchases, budget management, and justifications. As a nurse leader, I plan to create a nurses’ lounge for the staff to re-energize and feel motivated. The aim is to prepare a capital budget that can help me analyze the available resources and achieve effective outcomes.

Capital Acquisition and Assumptions

Capital budgeting is one of the most critical aspects of an organization when it comes to planning and evaluating a decision regarding resource allocation among different projects. Since these projects are one-time investments that have long-term sustainability, the resource allocation is well-managed and thought-through (Bosch-Badia et al., 2020). Care within the small facilities is dependent on productivity and staff morale. As a step-down facility between the intensive care unit and the general surgery floor, the innovation aims to be state-of-the-art, where the nurses working within such a high-inductive environment can have a lounge where they can relax and have easy access.

The scope of the renovation is based on changing the depressing working environment due to which nurses are quitting. Research has highlighted that a positive working environment helps nurses feel motivated as they can connect within their space, feel valued, and have better facilities, which results in reduced medical errors, enhanced patient care, and a decreased number of readmissions (Maassen et al., 2021). The current plan is based on providing a new look to the lounge and providing comfort to the staff. This will be done by adding comforters and convertible medicated chairs and couches. Similarly, adding lockers for the nurses to keep their belongings secure and vending machines and water dispensers for fulfilling nutrition and hydration needs.