NUR 621 Describe the different types of budget variances and provide examples of each

Grand Canyon University NUR 621 Describe the different types of budget variances and provide examples of each-Step-By-Step Guide

This guide will demonstrate how to complete the Grand Canyon University NUR 621 Describe the different types of budget variances and provide examples of each assignment based on general principles of academic writing. Here, we will show you the A, B, Cs of completing an academic paper, irrespective of the instructions. After guiding you through what to do, the guide will leave one or two sample essays at the end to highlight the various sections discussed below.

How to Research and Prepare for NUR 621 Describe the different types of budget variances and provide examples of each                           

Whether one passes or fails an academic assignment such as the Grand Canyon University NUR 621 Describe the different types of budget variances and provide examples of each depends on the preparation done beforehand. The first thing to do once you receive an assignment is to quickly skim through the requirements. Once that is done, start going through the instructions one by one to clearly understand what the instructor wants. The most important thing here is to understand the required format—whether it is APA, MLA, Chicago, etc.

After understanding the requirements of the paper, the next phase is to gather relevant materials. The first place to start the research process is the weekly resources. Go through the resources provided in the instructions to determine which ones fit the assignment. After reviewing the provided resources, use the university library to search for additional resources. After gathering sufficient and necessary resources, you are now ready to start drafting your paper.

How to Write the Introduction for NUR 621 Describe the different types of budget variances and provide examples of each                         

The introduction for the Grand Canyon University NUR 621 Describe the different types of budget variances and provide examples of each is where you tell the instructor what your paper will encompass. In three to four statements, highlight the important points that will form the basis of your paper. Here, you can include statistics to show the importance of the topic you will be discussing. At the end of the introduction, write a clear purpose statement outlining what exactly will be contained in the paper. This statement will start with “The purpose of this paper…” and then proceed to outline the various sections of the instructions.

How to Write the Body for NUR 621 Describe the different types of budget variances and provide examples of each                         

After the introduction, move into the main part of the NUR 621 Describe the different types of budget variances and provide examples of each assignment, which is the body. Given that the paper you will be writing is not experimental, the way you organize the headings and subheadings of your paper is critically important. In some cases, you might have to use more subheadings to properly organize the assignment. The organization will depend on the rubric provided. Carefully examine the rubric, as it will contain all the detailed requirements of the assignment. Sometimes, the rubric will have information that the normal instructions lack.

Another important factor to consider at this point is how to do citations. In-text citations are fundamental as they support the arguments and points you make in the paper. At this point, the resources gathered at the beginning will come in handy. Integrating the ideas of the authors with your own will ensure that you produce a comprehensive paper. Also, follow the given citation format. In most cases, APA 7 is the preferred format for nursing assignments.

How to Write the Conclusion for NUR 621 Describe the different types of budget variances and provide examples of each                         

After completing the main sections, write the conclusion of your paper. The conclusion is a summary of the main points you made in your paper. However, you need to rewrite the points and not simply copy and paste them. By restating the points from each subheading, you will provide a nuanced overview of the assignment to the reader.

How to Format the References List for NUR 621 Describe the different types of budget variances and provide examples of each                           

The very last part of your paper involves listing the sources used in your paper. These sources should be listed in alphabetical order and double-spaced. Additionally, use a hanging indent for each source that appears in this list. Lastly, only the sources cited within the body of the paper should appear here.

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Sample Answer for NUR 621 Describe the different types of budget variances and provide examples of each

Re: Topic 4 DQ 1

According to The Nurse Manager’s Guide to Budgeting and Finance, budget variance or variance analysis is the act of comparing the amount budgeted for an item to the actual amount spent to identify fiscal variances (Rundio, 2021). The purpose of a nursing leader understanding budget variances is to pinpoint exactly what is causing the variances in what is spent and what is budgeted. After identifying variances in the budget, a manager has the ability to take action to correct and prevent these issues from occurring in the future. While analyzing variances, a nurse manager should utilize the three items including efficiency, volume, and cost. Efficiency is a term used to describe the quantity or use variable, which reflects how accurate the budget the nurse manager developed is. For example, nurse managers budget for a certain amount of care hours per day, and if the number turns out to be higher than expected, then this would show negative efficiency. Volume is the number of patients who require care. In general terms, when the volume of patients increases so do the cost and revenue for an organization. Cost is a variance that relates to the amount of dollars required to deliver care within an organization. For example, if a nurse manager budgeted for less hours of care than what were required, then the organization would be required to pay their staff in overtime or bonuses, which results in a higher overall cost for the company. Overall, it is crucial for nurse leaders to understand the different types of budget variances to successfully budget within their organizations.

References

Rundio, A. (2021). The nurse manager’s guide to budgeting and finance, third edition. Sigma, PPHU, Banecki, J., Jasniewski, I. i wspolnicy, spolka jawna.

Sample Answer 2 for NUR 621 Describe the different types of budget variances and provide examples of each

Budget variances are created so that nursing leaders can better understand what they expect to spend and make back when creating the budget, and what the organization will actually spend and make back in revenue (jlancaster86, 2023). Budget variances can be separated into two different categories. These are favorable and unfavorable variances. Favorable variances are those that actually exceed the expected results (jlancaster86, 2023). This is the types of variance in which nurse leaders would want to see the most of. Unfavorable variances are those that are caused by unexpected costs and expenses (jlancaster86, 2023). This type of variance could be detrimental to the budget as unexpected costs may not always be included in the budget planning. There are other types of variances that nurse leaders must consider as well. Revenue variances happen when the sale is more than the projection in the budget (jlancaster86, 2023). For example, revenue variances can be sales that are variable based on the market and the customer response to the project. Expense variables happen when sales either exceed or fall below the projected budget (jlancaster86, 2023). This type of variance is due to unexpected costs or making changes to the budget in order to save money. Volume variables happen when projection of a product is either higher or lower than the expectation. This can be a good or bad thing. This ensures that there are either plenty of items that are produced or can be bad that there are not enough items produced to sufficiently hit the market.

jlancaster86. (2023, April 16). What Are Types Of Budget Variance In Business? Oboloo. https://oboloo.com/blog/what-are-types-of-budget-variance-in-business/