Podcast
Questions and Answers
Which of the following is an example of an external time waster?
Which of the following is an example of an external time waster?
What is a key principle of effective time management?
What is a key principle of effective time management?
How can a nurse manager effectively handle time management according to the principles outlined?
How can a nurse manager effectively handle time management according to the principles outlined?
Which internal time waster is often associated with ineffective self-management?
Which internal time waster is often associated with ineffective self-management?
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What practice can help in evaluating time management effectiveness?
What practice can help in evaluating time management effectiveness?
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Which budgeting method involves building a budget based on the previous year's budget and making adjustments?
Which budgeting method involves building a budget based on the previous year's budget and making adjustments?
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What is the primary purpose of responsibility accounting?
What is the primary purpose of responsibility accounting?
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Which type of budget specifically addresses the costs related to long-term physical assets?
Which type of budget specifically addresses the costs related to long-term physical assets?
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What is the role of unit managers in the budgetary process?
What is the role of unit managers in the budgetary process?
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What is a common characteristic of cost-effective services?
What is a common characteristic of cost-effective services?
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Which principle is essential for effective time management?
Which principle is essential for effective time management?
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When forecasting, what data is typically used to make budget estimates?
When forecasting, what data is typically used to make budget estimates?
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Which is a common time waster that should be identified and minimized?
Which is a common time waster that should be identified and minimized?
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What is the primary goal of diagnosis in budgeting?
What is the primary goal of diagnosis in budgeting?
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Which type of budget is primarily focused on workforce expenditures?
Which type of budget is primarily focused on workforce expenditures?
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What distinguishes zero-based budgeting from incremental budgeting?
What distinguishes zero-based budgeting from incremental budgeting?
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How does a flexible budget function throughout the year?
How does a flexible budget function throughout the year?
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What is a common characteristic of time wasters?
What is a common characteristic of time wasters?
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What is a defining feature of procrastination?
What is a defining feature of procrastination?
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In the context of time management, what does it mean to achieve specific goals?
In the context of time management, what does it mean to achieve specific goals?
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What is the purpose of ongoing monitoring in the budgeting process?
What is the purpose of ongoing monitoring in the budgeting process?
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Study Notes
Learning Outcomes
- Demonstrate cost consciousness in identifying personal and organizational needs
- Define basic fiscal terminology
- Differentiate among three major budget types (personnel, operating, and capital) and four common budgeting methods (incremental, zero-based, flexible, and new performance budgeting)
- Recognize the need to involve subordinates and followers in fiscal planning.
Time Management
- Define time management
- Enumerate steps of time management
- Identify common time wasters
- Discuss principles of time management
- Apply the role of the unit manager in time management
Balancing Cost and Quality
- Cost containment: effective and efficient delivery of services while generating needed revenues for continued organizational productivity
- Cost-effective: producing good results for the amount of money spent; the product is worth the price.
Responsibility Accounting and Forecasting
- Responsibility Accounting: each of an organization's revenues, expenses, assets, and liabilities is someone's responsibility.
Responsibility of the Leader-Manager
- Should be an active participant in unit budgeting
- Have a high degree of control over what is included in the unit
- Receive regular data reports that compare actual expenses with budgeted expenses
- Be held accountable for the financial results of the operating unit
Forecasting
- Involves making an educated budget estimate by using historical data.
- Nurse Manager role: have expertise in forecasting patient census trends, forecasting supply and equipment needs, monitor and evaluate all aspects of a unit's budget control, and communicate budgetary planning goals to staff
Basics of Budgets
- A financial plan that includes estimated expenses as well as income for a period of time
- Budget accuracy dictates its worth and the institution can plan the most efficient use of resources
- Detail how resources (money, time, people) will be acquired and used to support planned services within a defined period
Steps in the Budgetary Process
- Assess: what needs to be covered in the budget
- Diagnosis: the goal is to create a cost-effective budget that maximizes the use of available resources
- Develop a plan (e.g. fiscal-year budget)
Budgetary Process (cont.)
- Implementation: ongoing monitoring and analysis to avoid inadequate or excess funds
- Evaluation: budget reviewed periodically and modified as needed throughout the fiscal year
Types of Budgets
- Personnel: largest expenditure, workforce budget because healthcare is labor intensive
- Operating: reflects expenses that change in response to service volume (electricity, repairs, maintenance, supplies)
- Capital: plan for the purchase of buildings or major equipment
Budgeting Methods
- Incremental: essential reviewing and adding on to the last year's budget (works well in stable contexts)
- Zero-Based: start with what you want to do, then think about what you need and how much it costs (don't assume last year's budget was appropriate)
- Flexible: flexes up and down over the year depending on volume; automatically calculates expenses based on volume
- Performance: budget as needed to achieve specific outcomes and evaluate success accordingly
Definition of Time
- Measured or measurable period during which an action, process, or condition exists or continues
Definition of Time Management
- It is written statements that list the expected behavior of an employee.
- A set of principles, practices, skills, tools, and systems to improve the quality of your life through better time use.
Time Management
- The ability to prioritize time to do things that matter to you and your organization
- Definition of Time Wasters: Something that prevents a person from accomplishing a job or achieving a goal
- Definition of Procrastination: The act of putting off or delaying an action or tasks to later time.
- Definition of Goals: Specific statement of achievement that provides direction in an organization
Need for Time Management
- Helpful in setting goals, taking rapid action during opportunities and crisis, planning tasks effectively, giving a defined structure to your days and weeks, performing and fulfilling important activities, and saving time.
- Further reasons include optimizing personal and professional goals, becoming proactive, giving a sense of purpose and direction, helping to determining priorities
Benefits of Time Management
- Increased productivity
- Less stress
- Improved self-esteem
- Good work-life balance
- Prevention of panic in times of workload
- Increased confidence in fulfilling tasks
- Achievement of goals quickly and easily
- Increased efficiency in fulfilling tasks
- Achievement of greater success, dreams and visions
- Increased energy and competency to achieve success
Elements of Time Management
- Being aware of your time
- Being aware of your time wasters
- Identifying priorities
- Self-management
- Managing personal resources
- Goal setting
- Measures of achievement
- Planning
3 Basic Steps of Time Management
- Allow time for planning and establish priorities.
- Complete the highest priority task whenever possible.
- Reprioritize based on remaining tasks and new information
Steps for Managing Your Time
- Step 1: Set Goals
- Step 2: Develop a Schedule
- Step 3: Revisit and Revise Your Plan
Step 1: Set Goals
- The first step is to define concrete and specific goals; including both long-term and short-term goals, and setting deadlines
Step 2: Develop a Schedule
- The next step is to plan your schedule based on the goals set, taking into account importance of each task, and adjusting for flexibility.
Step 3: Revisit and Revise Your Plan
- Regularly check and modify your schedule to ensure alignment with your goals, account for unexpected tasks and adapt to any deviance between planned and actual time usage
Components of Time Management
- Planning
- Organizing
- Delegating
- Managing Interruptions
- Scheduling
- Prioritizing
Managing Interruptions
- Managing Workspace (de-clutter, file documents once used, organize system)
- Managing Documents (define/limit retention, organize logically, facilitate access, purge files)
- Managing Drop-in Visitors (visual barrier, no extra chairs, move to another space, learn to say no)
- Managing Phone (batch calls, delegate, terminate when done, and set up rotation of members handling incoming calls)
Types of Interruptions
- Over-socializing, Unnecessary Meetings, Setting Unattainable Goals, Telephone Interruptions, Ineffective Prioritization, Junk Mail, Poorly Run Meetings, Poor Planning, Misfiled Information, Drop-in visitors, Cluttered Workspace, Extended Lunch Breaks, Procrastination, Waiting/Delays, Ineffective Delegation
Classification of Time Wasters
- Personal, Organizational, External Time Wasters, Internal Time Wasters
Time Wasters
- Procrastination, Stress & Anxiety, Interruptions, Being disorganized, Perfectionism, Depression, Not Saying No, Attempting too much, Meetings w/o agenda, Inadequate resources, No clear deadline, No passion for work, Shifting Priorities, Tiredness/Inability to concentrate, Fear of failure or success
Common Time Wasters (External and Internal)
- External: Interruptions (phone calls, visitors), Meetings, Ineffective communication, lack of information, Poor filing system, incompetent coworkers, and lack of described policies and procedures.
- Internal: Lack of daily and weekly plans ,lack of clear goals, objectives and priorities, Failure to delegate routine tasks, inability to say no, procrastination, lack of personal organization and self-discipline
Nurse Manager Role in Time Management
- Appropriately prioritize day-to-day planning to meet short- and long-term unit goals
- Build time for planning into the work schedule
- Analyze how time is managed on the unit level using job analysis
- Eliminate environmental barriers to effective time use
- Handle paperwork efficiently and maintain a neat work area
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Description
This quiz explores key concepts in budgeting, time management, cost containment, and responsibility accounting. Participants will learn to identify various budget types, the principles of effective time management, and the importance of involving team members in fiscal planning. Test your understanding of these vital organizational skills.
