Week: FTE/Variance Assignment

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Week: FTE/Variance Assignment

Week: FTE/Variance Assignment

FTE/Variance Assignment is due this week. See below and Course Resources for directions and grading rubric.

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NR630_W4_FTEVariance_Calculations_Assignment_Guidelines RubricLinks to an external site.

Purpose

The purpose of this assignment is to provide learners with the opportunity to gain financial management skills by calculating full-time equivalents for a nursing unit and analyzing a variance scenario.

Outcomes

CO 8: Delineate effective resource management and fiscal responsibilities of the nurse executive. (PO 5)

Due Date: Sunday 11:59 p.m. MT at the end of Week 4

Students are given the opportunity to request an extension on assignments for emergent situations. Supporting documentation must be submitted to the assigned faculty. If the student’s request is not approved, the assignment is graded and a late penalty is applied as follows:

  • Monday = 10% of total possible point reduction
  • Tuesday = 20% of total possible point reduction
  • Wednesday = 30% of total possible point reduction

If the student’s request is approved, the student will be informed of the revised due date. Should the student fail to meet the revised due date, the assignment is graded and a late penalty is applied as follows:

  • Monday = 10% of total possible point reduction
  • Tuesday = 20% of total possible point reduction
  • Wednesday = 30% of total possible point reduction

Total Points Possible: 100

Requirements:

Week: FTE/Variance Assignment

Answer the questions and complete the calculations required for the two sections of the assignment.

  • Calculations of full-time equivalents (FTEs)
  • Variance analysis

Submit your answers on a Word document, with the heading of Week 4 Assignment. For the questions requiring a written response, please adhere to proper grammar and syntax, and provide references. For the questions requiring calculations, show all your work and follow the format that has been provided for the calculations in the lesson for Week 4.

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Preparing the paper

                                                             Section One—Calculation of Full-Time Equivalents

Personnel Budget Case Study

Linda Watson has recently accepted a position as the assistant administrator for the department of nursing at St. Joseph Hospital. There have been both personnel and financial problems at St. Joseph Hospital, and recently, the Catholic Healthcare System purchased the hospital. Like Linda, all of the management staff is new. Linda’s first priority is to assist the nurse managers in preparing their cost centers’ personnel budgets for the coming fiscal year. She has decided to begin with the nurse manager on 1 West, a step-down nursing unit. Linda wants to do extensive data collection and create a solid base for making projections.

  1. undefinedSuggest all the information Linda needs to collect to prepare a budget for 1 West; be sure to include background data on the unit itself as it relates to previous budgets, nursing staff, and the organization. In other words, summarize your approach to this Case Study—briefly state the organization’s goals (customer-service orientation) for the coming year, trends, any changes in trends that you may anticipate—such as growth in the patient population and the types of data that need to be collected in order to make decisions about staffing levels and ratios.
  2. undefinedLinda has collected the following information, in addition to what was asked in question number one:

Patient Data:

Average Daily Census 30

Unit Capacity 32

Average HPPD 8.8

Total Care Hours 96,360

Staff Data:

Productive hours/employee/year 1,780

Nonproductive hours/employee/year 300

Total Hours/employee/year 2,080

Skill Mix:

RNs 80%

LVNs 10%

Nurse aides 10%

Average Salary per Employee Category:

RN $40.00/hour

LVN $22.00/hour

Nurses Aide $14.00/hour

Calculate the number of productive full-time equivalents (FTEs) that would be needed. Show your calculations.

3. How many RNs, LVNs, and nurses aides will be needed to staff this unit, assuming staff will be working 12-hour shifts? In other words, how many person-shifts will be required during a 24-hour period?

Day Shift 50%

Night Shift 50%

4. Assign staff by type and by shift.

Day Shift 50%

Night Shift 50%

5. Convert staff positions to FTE positions.

                                                                     Section Two—Variance Analysis

                                                                      Variance Analysis Case Study

During the month of February, an outpatient surgery clinic has incurred a significant unfavorable variance. The director of the clinic is quite concerned, as this has never occurred before. The director gathers information on total nursing care hours, average hourly rate of the employees, and total patient visits to determine what caused the variance. In addition, the director receives the patient acuity levels for the month of February.

BPi $40.00

BQi 5.0 hours per care per patient

BQo 340 visits

APi $45.00

AQi 5.6 hours per care per patient

AQo 400 visits

1.  undefinedCompare the original budget to the flexible budget and calculate the volume variance. Compare the flexible budget to the actual budget and determine the price and quantity variances. Work through the entire analysis process as presented in your lesson for Week 4, and remember to show your calculations.

2. What factors caused the difference in the variances? Analyze all the factors that made the differences and why the variances occurred.

Rubric

Week 4: FTE/Variance Rubric (NOV18)

Week 4: FTE/Variance Rubric (NOV18)
Criteria Ratings Pts
This criterion is linked to a Learning OutcomeBackground Information
15.0 ptsBackground information for budget analysis is thoroughly and clearly identified and stated. 13.0 ptsBackground information for budget analysis is partially identified and stated, but could be more thorough or clear. 12.0 ptsBackground information for budget analysis lacks thorough and clear statements. 6.0 ptsBackground information for budget analysis is minimally identified and stated. 0.0 ptsBackground information for budget analysis is not identified or stated.
15.0 pts
This criterion is linked to a Learning OutcomeCalculation of Full-Time Equivalents (FTEs)
10.0 ptsCalculation of FTEs is correct. 0.0 ptsCalculation of FTEs is incorrect.
10.0 pts
This criterion is linked to a Learning OutcomeShifts Required During a 24-Hour Period
10.0 ptsShifts required during a 24-hour period are correctly calculated. 0.0 ptsShifts required during a 24-hour period are incorrectly calculated.
10.0 pts
This criterion is linked to a Learning OutcomeStaff Assigned by Type and Shift
10.0 ptsStaff assigned by type and shift are correctly calculated. 5.0 ptsStaff assigned by type is correctly calculated; staff assigned by shift is incorrectly calculated. Staff assigned by type is incorrectly calculated; staff assigned by shift is correctly calculated. Suggest: One of the following is not correctly calculated: staff assigned by type or staff assigned by shift. 0.0 ptsBoth staff assigned by type and by shift are not correctly calculated.
10.0 pts
This criterion is linked to a Learning OutcomeStaff Positions to FTEs
10.0 ptsCalculation of staff positions to FTEs is correct. 0.0 ptsCalculation of staff positions to FTEs is incorrect.
10.0 pts
This criterion is linked to a Learning OutcomeCalculation of Volume Variance
10.0 ptsCalculation of Volume Variance is correct. 0.0 ptsCalculation of Volume Variance is incorrect.
10.0 pts
This criterion is linked to a Learning OutcomeCalculations of Price and Quantity Variance
10.0 ptsCalculation of Flexible Budget Variance is correct. 0.0 ptsCalculation of Flexible Budget Variance is incorrect.
10.0 pts
This criterion is linked to a Learning OutcomeCalculation of Total Variance.
10.0 ptsCalculation of Total Variance is correct. 0.0 ptsCalculation of Total Variance is incorrect.
10.0 pts
This criterion is linked to a Learning OutcomeAnalysis of Variances
15.0 ptsAnalysis of variances is thoroughly and clearly identified and stated. 13.0 ptsAnalysis of variances is adequately identified and stated. 12.0 ptsAnalysis of variances is partially identified and stated. 6.0 ptsAnalysis of variances is minimally identified and stated. 0.0 ptsAnalysis of variances is not identified and stated.
15.0 pts
This criterion is linked to a Learning OutcomeLate Deductions
0.0 pts0 pts lost – submission met deadline 0.0 ptsStudent does not meet the deadline for submission 10% per day up to 30% total (3-days)
0.0 pts
Total Points: 100.0
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