Cost/Benefits Analysis

Cost/Benefits Analysis

Think about the topic you have chosen, conduct online research regarding your topic, and make a list of the following:
Costs
Identify all the items, supplies, events, people, etc. associated with your project- this also includes what you might need to develop or present.
Assign a dollar figure to these items. What will it cost to have the people at the meeting, develop and present something, use a new material instead of what is currently being done etc.
Talk to the materials management staff, your nurse managers, use research, look at articles that talk about having done whatever your proposing, review comparative research literature on your topic, talk to anyone who might be able to point you in the right direction. Also if you have a project that you are going to recommend be funded by volunteers, grants etc then you need to support how you will sustain that or clarify if that is for the piolet and if so how much it would cost after.
If you are going to say that you are creating a new role etc. that has to existed then you need to look for what is similar and how you can extrapolate that information to what your currently recommending.
Benefit
Identify all the benefits that you believe will occur as a result of doing this project, decreased re-admissions, infections, increase in admissions, shorter stays, increased satisfaction etc.
Assign a dollar figure to these items. Do not use the tag line Priceless
If there is something that cannot be assigned a cost then identify what are other benefits- can they use it for strategic advantage, marketing, good will, etc- why would they want to do this? You need to think of how you would persuade them. How will it help them?
You should then be able to list everything that is needed for development and their costs, and come a final figure of total cost. List everything that is a benefit with an assigned dollar figure and come to a total.
Subtract the benefit final dollar amount from the cost final dollar amount for the TOTAL NET SAVINGS
AKA
BOTTOM LINE.
Put this in a table or spreadsheet type format
If you have items that are benefits but you cannot assign a dollar figure clearly document why this is a benefit.

It may be that what your proposing is not a savings but there is another reason to do it, or it may not be an initial savings but would be further down the road- that is OK- you need to talk about that. Explain it!
You need a visual and a paragraph that shows net bottom line.

 
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