Nr533 Week 5: Cost-Benefit Analysis
Nr533 Week 5. Consider your PICO(T) and the proposal for your final project. When you think of it as a type of new program development, what specific information will you need to obtain to create the cost-benefit analysis as part of your business plan for the project?
Nr533 Week 5: Cost-Benefit Answer
My research project revolves around the PICO(T) question: for nurses in a healthcare setting (P), does working a 12-hour shift (I) as compared to an 8-hour shift (C) lead to greater cost savings for the company (O) over a 2-month period (T)? The transition from 8-hour to 12-hour shifts in numerous healthcare organizations, including Keiser Permanente, has been a strategic move to optimize staffing levels and reduce operational costs. This shift has triggered various changes within the healthcare setting, and my project aims to identify and analyze these impacts.Nr533 Week 5: Cost-Benefit
As emphasized by Roy (2017), a Cost-Benefit Analysis (CBA) is indispensable in projects, facilitating informed financial decision-making. In alignment with this perspective, my CBA will comprehensively assess the benefits associated with different nursing shifts, offering a comparative analysis of the costs linked to each shift. The chosen payback period for this analysis is two months, a timeframe deemed essential for gauging the financial impact and effectiveness of the proposed shift schedule.
By integrating the principles of CBA into my project, I aspire not only to unveil the financial implications of different shift structures but also to contribute to the strategic decision-making process within the healthcare organization. This approach ensures a holistic understanding of the economic dynamics associated with nursing shifts and enables an evidence-based evaluation of the feasibility and effectiveness of the proposed changes.
References:
Roy, R. (2017). Project Management: Planning and Control Techniques. New Age International.
