Project Management and Financial Management Competencies
Nurse educators must have a strategic way of employing project management because it consists of a set of iterative ways to conduct nursing research and yield a successful outcome (Rew et al., 2020).(Project Management and Financial Management Competencies Essay for Nursing Students) During this course, I had some challenges in finding different evidence-based resources to answer all the questions for my project plan. Some of the resources will answer part of the project plan, so I had to use different keywords in my engine search to find other sources. When it came to financial management competencies that were even harder. I had to reach out to my preceptor so we can discuss what and how much financial support the facility was willing to participate in. I reached out to the nursing director who arranged for a meeting and we discussed my implementation process. The team confirmed the staffing number and other resources that the facility was going to be of support to. It was a bit stressful because it was time-consuming yet very resourceful. Nurse managers struggle with financial obligation as the most difficult aspect of their role (McFarlan, 2020). Some of the struggles that nurse managers find is a lack of education on how to organize the finances of their unit and account for all supplies (McFarlan, 2020). (Project Management and Financial Management Competencies Essay for Nursing Students)
Considering this new knowledge, examine how this learning prepares you to practice as a DNP-prepared nurse.
The new knowledge I have acquired has prepared me to find educational resources that will teach me to know how important it is to manage the money or target of the unit’s expenses. It is important to understand that educating the staff on scanning all supplies is a way of utilizing the finances of the unit, properly. I did not realize how important this was until I had the opportunity to complete this course. It is important to make sure that staff is coming to work on time and clocking out for lunch, and clocking out when their shift is over. These are all ways that I have learned to use in managing the unit if I desire to be a manager in the future and take control of the unit’s financial target. (Project Management and Financial Management Competencies Essay for Nursing Students)
I also want to use this opportunity to thank Dr. Wyse for your feedback on both the discussions and the assignments. I want to thank my colleagues for sharing their discussions because I have learned a lot from each one of you. I wish you all a safe and happy holiday. Please rest, enjoy with your family and friends and see you all in 2023 as we pray for a successful year and graduation, yay!(Project Management and Financial Management Competencies Essay for Nursing Students)
Thank you,
Tracey
McFarlan, S. (2020). An Experiential Educational Intervention to Improve Nurse Managers’ Knowledge and Self-Assessed Competence With Health Care Financial Management. The Journal of Continuing Education in Nursing, 51(4), 181–188. https://doi.org/10.3928/00220124-20200317-08Links to an external site.
Rew, L., Cauvin, S., Cengiz, A., Pretorius, K., & Johnson, K. (2020). Application of project management tools and techniques to support nursing intervention research. Nursing Outlook, 68(4), 396–405. https://doi.org/10.1016/j.outlook.2020.01.007Links to an external site.
Reflection
November 2022
In week one we began the course by discussing organizational assessments which also prepared us for the week two assignment. Chavarkar et al., (2021) explained organizational readiness must be determined at the beginning to assess the group’s openness to the practice change being proposed. This is not a step I had thought much about prior to the week 1 discussion.(Project Management and Financial Management Competencies Essay for Nursing Students)
During week two, we discussed scope-related projects and strategies to manage scope creep, a term I had not been aware of prior to this course. The concept itself of the pitfalls that occur during the project development and implementation phase became clearer throughout this week’s discussions. A big takeaway is early planning for and anticipation of issues that can develop in the project will help mitigate the creep that can derail or cause the project to fail (Guanci and Bjork, 2019).(Project Management and Financial Management Competencies Essay for Nursing Students)
In week three we discussed project implementation and our role as the project manager. This made me look deeper into the implementation plan and managing the budget. The role of the project manager is essential to ensure a successful rollout.(Project Management and Financial Management Competencies Essay for Nursing Students)
In Week four we took the next step into considering how we would evaluate the project from the design phase through project outcomes. This was a more challenging week as there was more time figuring out how to properly synthesize the information and use the John Hopkins table. This is even more challenging as getting tables and tools onto the word documents continue to cause me technical difficulties. I am hopeful that by the end of the program, I will have a great grasp of these new technical skills and all the content I will be able to apply.(Project Management and Financial Management Competencies Essay for Nursing Students)
During week five we explored our role as a DNP-prepared nurses to create and execute a budget, control costs, explain variances, and secure funds. Understanding the importance of continuous monitoring to help control costs throughout the entire process is crucial (Rosu et al., 2018). These are essential functions to have ongoing competency training and faculty development over time. (Project Management and Financial Management Competencies Essay for Nursing Students)
In week six we went deeper into the financial analysis of our project. Listing resources along with estimated expenses and revenue sources opened my eyes to areas I have not dealt with in the past. Listing resources and understanding organizational goals and objectives are all part of this process (Rundio, 2020). Budgeting utilizes anticipated expenses to determine what is needed to generate the revenue to cover these expenses (Smyth, 2021).
During week seven, the financial impact discussions continued into reimbursement, how insurance influences outcomes and practice, and how the DNP-prepared nurse influences related to reimbursement.(Project Management and Financial Management Competencies Essay for Nursing Students)
In week 8 as we are ending our term, I realize that although the financial aspects are not an area that excites me, it is essential as DNP-prepared nurse leaders to understand the influences that impact our practices and outcomes.(Project Management and Financial Management Competencies Essay for Nursing Students)
References
Chavarkar, M. G., Hultgren, M., & Lommel, L. (2021). Revising an organizational readiness tool for Doctor of Nursing Practice projects. Nurse Educator, 46(3), 170-173. https://doi.org/10.1097/NNE.0000000000000896Links to an external site.(Project Management and Financial Management Competencies Essay for Nursing Students)
Guanci, G., & Bjork, C. (2019). An introduction to project management. Nursing Management, 50 (10), 20-26. https://doi.org/10.1097/01.NUMA.0000580584.07510.9b (Project Management and Financial Management Competencies Essay for Nursing Students)
Rosu, M., Tarba, I., & Tiriplica, P. (2018). Methodology for budget project monitoring. IOP Conference Series. Materials Science and Engineering, 400(6), 62026–. https://doi.org/10.1088/1757-899X/400/6/062026Links to an external site.
Rundio, A. (2020). Nursing centered: Budget development for nurse managers. Sigma Theta Tau International Honor Society of Nursing. https://nursingcentered.sigmanursing.org/features/top-stories/budget-development-for-the-nurse-managerLinks to an external site.
Smyth, D. (2021). How to develop an operating budget for a nursing unit. Houston Chronicle. https://smallbusiness.chron.com/develop-operating-budget-nursing-unit-79824.html(Project Management and Financial Management Competencies Essay for Nursing Students)
Project Management and Financial Management Competencies Essay for Nursing Students
Response to Classmate 1
Hello,
Thank you for sharing the insights you have garnered from this course. The course has massively improved my understanding of project management and financial management. Project management is a strategic aspect of any organization, and DNP-prepared nurses should have the skills to develop and implement projects to help the organization achieve its strategic plan (Jugdev, 2017). I am happy you solved the issues you experienced in developing your project plan and that this course and the preceptor’s help informed your project development. This new knowledge massively prepares DNP-prepared nurses for future practice. I also benefited from the course, especially on managing expenses, considering that DNP-prepared nurses are expected to understand their organization’s economics and be financially savvy. Financial management is the beginning of cost-saving in healthcare organizations, among the roles of DNP-prepared nurses.(Project Management and Financial Management Competencies Essay for Nursing Students)
Reference
Jugdev, K. (2017). Project management as a strategic asset: what does it look like, and how do companies get there? Project Management Institute.(Project Management and Financial Management Competencies Essay for Nursing Students)
Response to Classmate 2
Hello,
Thank you for the great post. You have provided a weekly breakdown of our activities throughout the course. Project development requires evaluating an organizational readiness to change (Puchalski Ritchie & Straus, 2019). Other concepts covered in other weeks include scope-related projects and strategies to help manage scope creep that can impact project development, project implementation and project manager roles, and project design and evaluation. In week five, I also learned much about the DNP-prepared nurses’ roles in budget creation and execution, cost control, variance analysis, and funds security. These financial aspects are essential in running cost-effective healthcare processes. We also discussed a project’s financial analysis, financial impact, reimbursement, insurance, and the DNP nurse’s role in reimbursement. I believe that learning healthcare economics will inform future practice in more administrative roles.(Project Management and Financial Management Competencies Essay for Nursing Students)
References
Puchalski Ritchie, L. M., & Straus, S. E. (2019). Assessing Organizational Readiness for Change Comment on “Development and Content Validation of a Transcultural Instrument to Assess Organizational Readiness for Knowledge Translation in Healthcare Organizations: The OR4KT”. International journal of health policy and management, 8(1), 55–57. https://doi.org/10.15171/ijhpm.2018.101(Project Management and Financial Management Competencies Essay for Nursing Students)
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