nr630-Week 4: 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:
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.
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.
- 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.
- 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)
| Criteria | Ratings | Pts | |||||
|---|---|---|---|---|---|---|---|
|
This criterion is linked to a Learning OutcomeBackground Information |
|
15.0 pts |
|||||
|
This criterion is linked to a Learning OutcomeCalculation of Full-Time Equivalents (FTEs) |
|
10.0 pts |
|||||
|
This criterion is linked to a Learning OutcomeShifts Required During a 24-Hour Period |
|
10.0 pts |
|||||
|
This criterion is linked to a Learning OutcomeStaff Assigned by Type and Shift |
|
10.0 pts |
|||||
|
This criterion is linked to a Learning OutcomeStaff Positions to FTEs |
|
10.0 pts |
|||||
|
This criterion is linked to a Learning OutcomeCalculation of Volume Variance |
|
10.0 pts |
|||||
|
This criterion is linked to a Learning OutcomeCalculations of Price and Quantity Variance |
|
10.0 pts |
|||||
|
This criterion is linked to a Learning OutcomeCalculation of Total Variance. |
|
10.0 pts |
|||||
|
This criterion is linked to a Learning OutcomeAnalysis of Variances |
|
15.0 pts |
|||||
|
This criterion is linked to a Learning OutcomeLate Deductions |
|
0.0 pts |
|||||
|
Total Points: 100.0 |
|||||||
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