What steps do you need to take in order to align a CBA with an organization’s mission and strategy?
Cost-Benefit Analysis Assignment
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Cost-Benefit Analysis Assignment
Question Description
I’m studying and need help with a Health & Medical question to help me learn.
GRADING RUBRIC MUST BE FOLLOWED
Create a 5–6-page cost benefit analysis that supports a risk financing recommendation for a selected organization.
Questions to Consider:
What steps do you need to take in order to align a CBA with an organization’s mission and strategy?
If you were to offer three alternative recommendations after a CBA, what types of elements would you consider to differentiate them from one another?
How would you substantiate a recommendation for reducing financial risks in a health care setting when the quality of care is involved?
What are the three parts of a CBA?
PREPARATION
Scenario
Suppose an issue has emerged in your organization that presents significant risks to the stakeholders involved. Your supervisor has asked you to conduct a CBA, make a recommendation, and present it to the board of directors. You are expected to consider the numbers within the context of the organizational mission, strategic direction, patient safety, risk-management issues, regulatory requirements, patient and stakeholder satisfaction, and the dynamics within the health care industry.
Select a relevant issue within your workplace (or one from the Suggested Resources) for which a CBA may be conducted. The CBA should include one of the following course-related topics:
Quality.
Patient safety.
Risk management.
Regulatory standards.
Compliance.
Patient and stakeholder satisfaction.
INSTRUCTIONS
Step One: Identify Costs
Apply the process from Writing a Cost-Benefit Analysis article (from the Required Resources) to identify costs:
Make a list of all monetary costs that will be incurred upon implementation and throughout the life of the project. These include start-up fees, licenses, production materials, payroll expenses, user acceptance processes, training, and travel expenses, among others.
Make a list of all non-monetary costs that are likely to be absorbed. These include time, low production of other tasks, imperfect processes, potential risks, market saturation or penetration uncertainties, and influences on one’s reputation.
Assign monetary values to the costs identified in steps one and two. To ensure equality across time, monetary values are stated in present value terms. If realistic cost values cannot be readily evaluated, consult with market trends and industry surveys for comparable implementation costs in similar businesses.
Add all anticipated costs together to get a total costs value (Plowman, 2014).
Step Two: Identify Benefits
Continuing with the CBA, proceed with the identification and quantification of benefits, per Writing a Cost-Benefit Analysis article.
Make a list of all monetary benefits that will be experienced upon implementation and thereafter. These benefits include direct profits from products or services, increased contributions from investors, decreased production costs due to improved and standardized processes, and increased production capabilities, among others.
Make a list of all non-monetary benefits that one is likely to experience. These include decreased production times, increased reliability and durability, greater customer base, greater market saturation, greater customer satisfaction, and improved company or project reputation, among others.
Assign monetary values to the benefits identified in steps one and two. Be sure to state these monetary values in present value terms as well.
Add all anticipated benefits together to get a total benefits value (Plowman, 2014).
COST-BENEFIT ANALYSIS
Enter the cost and benefit data you developed for the CBA in your preparation steps into the Cost-Benefit Analysis Template, linked in the Required Resources.
Then, write an analysis in which you do the following:
Describe the organizational, program, or departmental issue for which you have created the CBA.
Evaluate the cost versus benefit according to the general guidelines outlined by Plowman’s 2014 article, which you read in the preparation for this assessment.
Make a recommendation as to whether the benefits are sufficient to outweigh the costs of the proceeding.
Describe the systems-based context for your recommendations, integrating the CBA within the organization as a whole.
Describe how the issue relates to the organization’s vision, mission, and strategic direction.
Provide a rationale that explains how your recommendations are appropriate for your organization’s capacity and strategy.
Your analysis should use proper APA style and formatting and include the following sections. Each section, except the title page, should include the appropriate section heading.
Cost-Benefit Analysis Assignment
Cost-Benefit Analysis Assignment
Title page: Use APA formatting and include the following:
Assessment number (Assessment 3).
Your name.
The date.
The course number (MHA-FP5014).
Your instructor’s name.
Abstract: Include a one-paragraph summary of analysis content. This is not an introduction to the topic, but a summary of the entire analysis. Make sure to double-space.
Issue description.
CBA evaluation.
CBA recommendations.
Context for recommendations.
Relationship to vision, mission, and strategy.
Rationale.
Conclusion.
References.
Appendix: Attach your completed Cost-Benefit Analysis Template.
ADDITIONAL REQUIREMENTS
Written communication: Written communication should be free from errors that detract from the overall message.
Length of paper: 5–6 typed, double-spaced pages.
Font and font size: Arial, 10-point.
Appendix: Include your Cost-Benefit Analysis Template as an appendix to your analysis.
Reference
Plowman, N. (2014). Writing a cost-benefit analysis. Retrieved from http://www.brighthub.com/office/project-management…
Resources:
Plowman, N. (2014). Writing a cost-benefit analysis. Retrieved from http://www.brighthub.com/office/project-management…
This article discusses how to value risk reductions in the context of benefit-cost analysis.
Robinson, L. A., & Hammitt, J. K. (2013). Skills of the trade: Valuing health risk reductions in benefit-cost analysis. Journal of Benefit-Cost Analysis, 4(1), 107–130.
This article discusses a cost analysis approach in medical education.
Walsh, K., Levin, H., Jaye, P., & Gazzard, J. (2013). Cost analyses approaches in medical education: There are no simple solutions. Medical Education, 47(10), 962–968.
This article describes the cost-benefit methodology in terms of criminal justice policy.
Manski, C. F. (2015). Narrow or broad cost–benefit analysis [PDF]? Criminology & Public Policy, 14(4), 647–651.
ADDITIONAL RESOURCES FOR FURTHER EXPLORATION
You may use the following optional resources to further explore topics related to competencies.
Risk-Management Textbooks
Kavaler, F., & Alexander, R. S. (2014). Risk management in health care institutions: Limiting liability and enhancing care (3rd ed). Burlington, MA: Jones and Bartlett. Available from the bookstore.
Youngberg, B. J. (2011). Principles of risk management and patient safety. Sudbury, MA: Jones and Bartlett. Available from the bookstore.
Risk-Management Professional Organizations
The Risk Management Association. (n.d.). Retrieved from https://www.rmahq.org/Default.aspx
American Hospital Association. (n.d.). American Society for Health Care Risk Management. Retrieved from http://www.ashrm.org/
assessment_3_grading_rubric.pdf
cost_benefit_analy
Cost-Benefit Analysis Assignment
Cost-Benefit Analysis Assignment
You must proofread your paper. But do not strictly rely on your computer’s spell-checker and grammar-checker; failure to do so indicates a lack of effort on your part and you can expect your grade to suffer accordingly. Papers with numerous misspelled words and grammatical mistakes will be penalized. Read over your paper – in silence and then aloud – before handing it in and make corrections as necessary. Often it is advantageous to have a friend proofread your paper for obvious errors. Handwritten corrections are preferable to uncorrected mistakes.
Use a standard 10 to 12 point (10 to 12 characters per inch) typeface. Smaller or compressed type and papers with small margins or single-spacing are hard to read. It is better to let your essay run over the recommended number of pages than to try to compress it into fewer pages.
Likewise, large type, large margins, large indentations, triple-spacing, increased leading (space between lines), increased kerning (space between letters), and any other such attempts at “padding” to increase the length of a paper are unacceptable, wasteful of trees, and will not fool your professor.
The paper must be neatly formatted, double-spaced with a one-inch margin on the top, bottom, and sides of each page. When submitting hard copy, be sure to use white paper and print out using dark ink. If it is hard to read your essay, it will also be hard to follow your argument.
ADDITIONAL INSTRUCTIONS FOR THE CLASS
Discussion Questions (DQ)
Initial responses to the DQ should address all components of the questions asked, include a minimum of one scholarly source, and be at least 250 words.
Successful responses are substantive (i.e., add something new to the discussion, engage others in the discussion, well-developed idea) and include at least one scholarly source.
One or two sentence responses, simple statements of agreement or “good post,” and responses that are off-topic will not count as substantive. Substantive responses should be at least 150 words.
I encourage you to incorporate the readings from the week (as applicable) into your responses.
Weekly Participation
Your initial responses to the mandatory DQ do not count toward participation and are graded separately.
In addition to the DQ responses, you must post at least one reply to peers (or me) on three separate days, for a total of three replies.
Participation posts do not require a scholarly source/citation (unless you cite someone else’s work).
Part of your weekly participation includes viewing the weekly announcement and attesting to watching it in the comments. These announcements are made to ensure you understand everything that is due during the week.
APA Format and Writing Quality
Familiarize yourself with APA format and practice using it correctly. It is used for most writing assignments for your degree. Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for APA paper templates, citation examples, tips, etc. Points will be deducted for poor use of APA format or absence of APA format (if required).
Cite all sources of information! When in doubt, cite the source. Paraphrasing also requires a citation.
I highly recommend using the APA Publication Manual, 6th edition.
Use of Direct Quotes
I discourage overutilization of direct quotes in DQs and assignments at the Masters’ level and deduct points accordingly.
As Masters’ level students, it is important that you be able to critically analyze and interpret information from journal articles and other resources. Simply restating someone else’s words does not demonstrate an understanding of the content or critical analysis of the content.
It is best to paraphrase content and cite your source.
LopesWrite Policy
For assignments that need to be submitted to LopesWrite, please be sure you have received your report and Similarity Index (SI) percentage BEFORE you do a “final submit” to me.
Once you have received your report, please review it. This report will show you grammatical, punctuation, and spelling errors that can easily be fixed. Take the extra few minutes to review instead of getting counted off for these mistakes.
Review your similarities. Did you forget to cite something? Did you not paraphrase well enough? Is your paper made up of someone else’s thoughts more than your own?
Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for tips on improving your paper and SI score.
Late Policy
The university’s policy on late assignments is 10% penalty PER DAY LATE. This also applies to late DQ replies.
Please communicate with me if you anticipate having to submit an assignment late. I am happy to be flexible, with advance notice. We may be able to work out an extension based on extenuating circumstances.
If you do not communicate with me before submitting an assignment late, the GCU late policy will be in effect.
I do not accept assignments that are two or more weeks late unless we have worked out an extension.
As per policy, no assignments are accepted after the last day of class. Any assignment submitted after midnight on the last day of class will not be accepted for grading.
Communication
Communication is so very important. There are multiple ways to communicate with me:
Questions to Instructor Forum: This is a great place to ask course content or assignment questions. If you have a question, there is a good chance one of your peers does as well. This is a public forum for the class.
Individual Forum: This is a private forum to ask me questions or send me messages. This will be checked at least once every 24 hours.