Reference no: EM133908831
Instructions: Create a 5-6 page cost-benefit analysis that supports a risk financing recommendation for a selected organization.
Introduction
Note: The assessments in this course build upon each other, so you are required to complete them in sequence.
In your current and future role as a healthcare leader, you can expect to conduct a cost-benefit analysis (CBA) to determine whether the positive benefits of a proposed recommendation outweigh the negative costs. Get Assignment Help from World's Trusted Writing Service Provider.
Plowman relates that "a cost-benefit analysis is used to evaluate the total anticipated cost of a project compared to the total expected benefits in order to determine whether the proposed implementation is worthwhile for a company or project team" (2014, para. 1). Plowman also identified the three parts of a CBA to be the following:
Identification of potential costs.
Recording of all anticipated benefits.
Examination of the differences to determine if positive benefits outweigh negative costs.
A pre-formatted Excel spreadsheet that can be used as a template for CBAs is a good tool to have in your personal toolbox. Inputting data is simply the first step. As you fill out templates, always consider the numbers within the context of an organizational mission, strategic direction, patient safety, risk management issues, regulatory requirements, patient and stakeholder satisfaction, and also the dynamics within the healthcare industry.
As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as a part of your assessment.
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 healthcare setting when the quality of care is involved?
What are the three parts of a CBA?