Guiding Questions: Capital Budget
Preparing and Managing a Capital Budget
This document is designed to give you questions to consider and additional guidance to help you successfully complete the Preparing and Managing a Capital Budget assessment. You may find it useful to use this document as a pre-writing exercise, an outlining tool, or as a final check to ensure that you have sufficiently addressed all the grading criteria for this assessment. This document is a resource to help you complete the assessment. Do not turn in this document as your assessment submission.
Completing the Budget
Describe the capital acquisition.
What is the scope of the renovation?
What will the renovated lounge look like?
· Consider such factors as comfort, amenities, aesthetics, and capacity.
What is the timeline for the project?
Is your description of the renovation complete and accurate?
Justify the need for the capital acquisition.
In what ways will the renovation benefit the nursing staff?
· How will those benefits affect patient care?
Examine the mission of your organization or unit.
· How does the nurse’s lounge renovation support the mission and goals?
How are executive leaders likely to react to your budget?
Prepare the capital budget.
Does your budget have a minimum dollar amount?
Does the renovation include both direct and indirect expenses?
Have you included a budget line item for contingencies?
Describe the process for calculating costs.
What are your primary sources of cost information?
How current and reliable are your cost data?
What teams or individuals would you consult with in order to determine costs?
What are your methods of cost calculation?
Present a plan for budget management.
Who can you collaborate with to manage the budget?
· Examples include financial or administrative staff or budget committees.
What cost control methods would you employ?
How will you manage budget variances?
Explain how the renovation will affect the financial health of the organization.
Will the renovation yield a return on investment?
How long will it take for to recover the cost of the renovation?
Have you considered depreciation value?
Present budget data and information clearly and accurately.
Express your main points succinctly, using correct grammar and mechanics.
Proofread your budget to eliminate errors in your data and information.
Integrate relevant and credible sources of evidence to support your budget data and information, correctly formatting citations and references using APA style.
Is your supporting evidence clear and explicit?
Integrate relevant evidence from at least five scholarly or professional sources.
Do you have a complete and accurate description of the renovation?
Have you provided solid justification for the renovation?
Is your budget complete and accurate?
Have you explained how you determined costs?
Have you presented your plan for managing the budget?
Have you explained how the renovation will affect the financial health of the organization?
Have you presented your budget data and information clearly and accurately?
Are your claims and conclusions well-supported by at least five sources of credible evidence?
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