Task 1 is complete and attached. I need a Gantt chart completed and a cost-benefit analysis & budget completed. Please see instructions below. Also provided are comments for cost-benefit analysis from
instructor. The topic is “Improving Nurse Recruitment & Retention”. The area of focus is pediatric Post Anesthesia Care Unit
Task 2 – Now that you have defined your project best practice tasks/deliverables, you will need to create a timetable for completing them.
Create a Gantt chart for your project. Include best practice tasks/deliverables on the chart as well as all project activities from development to implementation and evaluation. There are numerous Gantt chart templates available for free online, including a free Gantt chart template from Vertex42.com that is easy to use.
Task 3 – Cost-Benefit Analysis & Budget
Read the selected articles on cost-benefit analysis from the University Library.
Conduct a cost-benefit analysis for your project.
Develop a budget for your project. The budget will vary depending on the nature of your project. Start with the individual tasks/deliverables that you identified in your implementation plan and break them down in terms of cost (labor, materials, facilities, services, and overhead are all costs). The sum of all tasks on your implementation plan constitutes the total budget of your project.
Consider the potential benefits and savings that may result from your project implementation. There may be tangible and non-tangible benefits. Consider quality of life, reduced health care expenses, impact on population health and considerations of DEI, increased reimbursement, staff morale, institution liability, etc.
Create a table with a corresponding explanation to depict your project budget, potential benefits, and savings to demonstrate a cost/benefit ratio analysis. See the example of how to do this on a table.
Assignment Deliverable
Your assignment deliverable will consist of the following components:
Completed AHRQ Implementation Plan Worksheet
Summary of each best practice and how it will be measured
Tools developed for measuring the success of project intervention
Gantt chart
Table depicting the budget and demonstrating a cost/benefit ratio analysis
From instructor:
Hi Class –
I wanted to talk to you a bit about cost-benefit analysis and its use. Cost-benefit analysis is an important part of project planning and is important in determining whether a project makes sense from a business perspective. It compares estimated and projected costs of a project with the projected benefits it will bring to the organization.
Steps to take in conducting a cost-benefit analysis include:
1 – Establishing a framework for the proposed project and identify its goals and objectives. Decide how you will compare the costs and benefits and be sure you are using the same metrics or “currency” – you don’t want to be comparing apples with bananas.
2 – Make two separate lists – One of all of the projected costs, and the other of the expected benefits of the proposed project. Utilize all the types of costs that you are using in your project budget, and also include opportunity costs – lost benefits, or opportunities, that can occur with the decision to pursue different strategies.
Benefits should also be considered in various categories – some can be:
Direct: Increased revenue and sales or cost containment savings
Indirect: Increased customer interest in your business or brand
Intangible: Improved employee morale
Competitive: Being a first-mover within an industry
3 – Once you’ve made your lists of costs and benefits, you need to assign a dollar amount to each to be able to compare them accurately.
4 – Tally up the amounts for each list and compare to see which is higher.
If costs outweigh the benefits, review your lists to see if there are other alternatives or ways to reduce costs.
Cost-Benefit analysis had advantages and limitations as well. Advantages include simplifying the decision making with a data-driven approach and possibly identifying hidden costs and benefits not originally thought. Some limitations can be difficulty in predicting all variables, incorrect or incomplete data, and cost-benefit analysis works best for short or mid-length projects. Cost -benefit analysis can also remove the human element in considering the project and does not take all reasons for a project into account.
