SWOT and Cost analysis
A SWOT analysis provides an opportunity for an organization to consider its own strengths and weaknesses. It also requires a look at the organization’s environment, to consider opportunities and threats. A SWOT analysis can be a powerful tool to help leaders make decisions about which ideas to pursue as opportunities based on their current strengths and what is happening (or projected to happen) in the environment in which they operate.
This week, you examine how nurse leaders can use SWOT analyses to strengthen the business case for a proposed idea. You also examine how SWOT analyses can be combined with cost analyses to help provide insight that can impact budgets. SWOT and Cost analysis
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Learning Objectives
Students will:
Analyze the drivers of revenues and operating costs
Analyze the drivers of revenues and operating costs for healthcare products and service solutions
Learning Resources
Required Readings (click to expand/reduce)
Note: To access this week’s library resources, please click on the link to the Course Readings List found in your Syllabus.
Penner, S. J. (2016). Economics and financial management for nurses and nurse leaders (3rd ed.). New York, NY: Springer Publishing Company.
Chapter 8, “Reporting and Managing Budgets” (pp. 111–136)
Chapter 9, “Budget Planning” (pp. 141–161)
Ramsey, Z., Palter, J. S., Hardwick, J., Moskoff, J., Christian, E. L., & Bailitz, J. (2018). Decreased nursing staffing adversely affects emergency department throughput metrics. Western Journal of Emergency Medicine: Integrating Emergency Care with Population Health, 19(3), 496–500. doi:10.5811/westjem.2018.1.36327
Stonehouse, D. (2018). SWOT: What is it all about and how do you use it? British Journal of Healthcare Assistants, 12(12), 617–619. doi:10.12968/bjha.2018.12.12.617 SWOT and Cost analysis
Required Media (click to expand/reduce)
Using and Understanding Financial Analysis Tools
Examine some of the financial analysis tools that are employed by nurse leaders to help inform decision-making for nursing practice. Consider how these tools help nurse leaders make decisions to support both organizational performance and positive patient outcomes. (5m)
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Discussion: SWOT and Cost Analysis
How well do you know your organization?
Many of us spend a great deal of time at our workplace, and this often leads us to feel that we know the organization very well. But when it comes to organizational familiarity, there are several levels of understanding. Leaders faced with decisions about investing resources often use tools such as SWOT and cost analyses to truly reflect on the company and on the appropriateness and potential of an investment. SWOT and Cost analysis
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In this Discussion, you will examine the use of these tools. You will reflect on your own proposal, and on the costs and potential revenue streams or other benefits associated with a healthcare product or service. You will also consider the environment in which your organization operates and potential relevant opportunities and threats.
To Prepare
Reflect on the strengths, weaknesses, opportunities, and threats associated with the healthcare product or service you have proposed. SWOT and Cost analysis
Reflect on the costs and potential revenue streams associated with the healthcare product or service you have proposed.
By Day 3 of Week 7
Post a brief description of what you believe to be the strengths, weaknesses, opportunities, and threats of the healthcare product or service you have proposed. Also include a statement considering where costs and revenues fall in your SWOT analysis. Are their weaknesses associated with the costs? In other words, are the costs high enough to represent budgetary issues? Do potential revenue streams represent a strength? Consult with your internal finance counselor, as appropriate. SWOT and Cost analysis