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The Budget Planning Process For Project Discussion

The Budget Planning Process For Project Discussion

Discuss the scope of your project and what your budgetary requirements are or will be. Identify the steps you will need to take in the budget planning process to implement your project.

Budgeting is one of the key elements of any project as funds are inevitably expended in such undertakings. My project is to implement a comprehensive medication management program in my healthcare organization to reduce medication errors and improve quality of care. This discussion looks into the scope, budgetary requirements and the budget planning process for my quality improvement project. The Budget Planning Process For Project Discussion

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The scope of a project is determined in the planning phase where goals, outcomes, costs and activities are identified (Sligo et al, 2017). These are outlined in a document referred to as the scope statement. The goals of my project are to improve patient safety and quality of care provided. The desired outcomes are to reduce complications resulting from drug-to-drug interactions, reduce medication administration errors, control mislabeling and minimize over-prescription. Costs are finances and staff time. Project activities include needs mapping, definition of specifications of information system, vendor selection, installation, training, testing, rollout, and evaluation (Fiaz et al, 2018)The Budget Planning Process For Project Discussion.

The budgetary requirements of the project are anticipated to be $100,000. This is the amount required to cater for purchase and implementation costs, staff recruitment and training, and project monitoring and evaluation. Budget planning is done alongside project scheduling so that tasks are matched to expenditure. The steps in the budget planning process are:

  1. Identifying activities – This is necessary as resources cannot be expended on undefined items on the grounds of accountability.
  2. Determining cost rates – Here, cost of materials and wage rates are established. The values are estimates which are determined through techniques such as analogous, parametric and additive estimation. The values are summed up to provide an estimate for the total project cost.
  3. Vendor analysis – In this step, the bids of various qualified vendors are evaluated and the most optimal one selected.
  4. Reserve analysis – Here, the amount of money to be set aside to meet cost overruns is determined. This is contingency planning as there is likelihood of large variances between cost estimates and actual costs (Black, 2019)The Budget Planning Process For Project Discussion.

References

Black, W. K. (2019). The budget as a planning tool. In Catalysts for Change (pp. 171-188).

Routledge.

Fiaz, M., Ikram, A., & Ilyas, A. (2018). Enterprise resource planning systems: Digitization of

healthcare service quality. Administrative Sciences, 8(3), 38.

Sligo, J., Gauld, R., Roberts, V., & Villa, L. (2017). A literature review for large-scale health

information system project planning, implementation and evaluation. International journal of medical informatics, 97, 86-97 The Budget Planning Process For Project Discussion

Budgeting is one of the key elements of any project as funds are inevitably expended in such undertakings. My project is to implement a comprehensive medication management program in my healthcare organization to reduce medication errors and improve quality of care. This discussion looks into the scope, budgetary requirements and the budget planning process for my quality improvement project.

The scope of a project is determined in the planning phase where goals, outcomes, costs and activities are identified. These are outlined in a document referred to as the scope statement. The goals of my project are to improve patient safety and quality of care provided. The desired outcomes are to reduce complications resulting from drug-to-drug interactions, reduce medication administration errors, control mislabeling and minimize over-prescription. Costs are finances and staff time. Project activities include needs mapping, definition of specifications of information system, vendor selection, installation, training, testing, rollout, and evaluation (Fiaz et al, 2018).

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The budgetary requirements of the project are anticipated to be $100,000. This is the amount required to cater for purchase and implementation costs, staff recruitment and training, and project monitoring and evaluation. Budget planning is done alongside project scheduling so that tasks are matched to expenditure. The steps in the budget planning process are:

  1. Identifying activities – This is necessary as resources cannot be expended on undefined items on the grounds of accountability.
  2. Determining cost rates – Here, cost of materials and wage rates are established. The values are estimates which are determined through techniques such as analogous, parametric and additive estimation. The values are summed up to provide an estimate for the total project cost.
  3. Vendor analysis – In this step, the bids of various qualified vendors are evaluated and the most optimal one selected.
  4. Reserve analysis – Here, the amount of money to be set aside to meet cost overruns is determined. This is contingency planning as there is likelihood of large variances between cost estimates and actual costs (Black, 2019).

References

Black, W. K. (2019). The budget as a planning tool. In Catalysts for Change (pp. 171-188).

Routledge.

Fiaz, M., Ikram, A., & Ilyas, A. (2018). Enterprise resource planning systems: Digitization of

healthcare service quality. Administrative Sciences, 8(3), 38.