NR 631 Week 7 Discussion; Controlling Risks and Project Budgets
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Module
NR 631
Institution
NR 631
You'll recall that as part of developing your project charter (Week 2), you submitted apreliminary budget. This week's lesson went into much greater depth on the financialaspects of a project. This is a good time to look at your preliminary budget, considerwhat was presented in this week's lesson, ...
nr 631 week 7 discussion controlling risks and project budgets
controlling risks and project budgets
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NR631 Week 7 Discussion: Controlling Risks and Project Budgets
You'll recall that as part of developing your project charter (Week 2), you submitted a
preliminary budget. This week's lesson went into much greater depth on the financial aspects of a
project. This is a good time to look at your preliminary budget, consider what was presented in
this week's lesson, and reflect back on other financial concepts and tools you learned throughout
the nurse executive track. Use the following questions as the basis for your discussion this week.
What variances can you identify on your project to date? If you had to report on the
reason for variances +/- 10% of budget, what would your report say?
Think back to lessons and discussions on forecasting. What adjustments do you feel you
need to make to your project budget based on your progress to date and what you foresee moving
forward? What changed to cause you to have to adjust (forecast) the project budget?
Dr. Williams and Class,
For this week's assignment, when looking at the projected budget for the chosen process
improvement, current variance for human resources was on target and remained on budget. Upon
researching necessary success factors that will benefit ongoing patient safety advocacy and
interprofessional collaboration, the project team will have visual aids created and installed in
every operating room. Once an improved process checklist is completed, a poster will guide each
surgical suite to remind them what must be covered during the surgical timeout. All activities
will pause while performing the phases of the timeout. Momin & Mahmood, 2020; Oruba et al.,
2014, state that the use of visual aids assists in changing behaviors and attitudes that can improve
practical decision-making skills and culture of change behaviors. This is an unexpected
necessary expenditure that will increase the projected budget. My facility is currently on a
journey to obtaining Disease-Specific Certification from The Joint Commission. While observing
and participating with ongoing process improvement projects within my facility, visual aids
provide quick reminders to let the team know something is good or needs attention.
I have a meeting with the departments, supplies and special equipment director, who
handles contracts with vendors, to discuss contacting a company and obtaining quotes for needed
posters. I confirmed with the executive specialty director, budget is necessary for human
resources for staffing, and budgets are set for each department for process improvement projects.
The project team's hours will be moved within that cost center.
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