The invasive radiology department has just purchased a piece of equipment that enables it to perform many procedures faster. One of the results of this improvement is that the department is able to schedule 20% more cases on an averag

Complete the following questions with sufficient explanation for why you chose the answer. 

Submission should be a word document, double spaced with reference included (APA format). 

CRITICAL THINKING EXERCISES

1. The invasive radiology department has just purchased a piece of equipment that enables it to perform many procedures faster. One of the results of this improvement is that the department is able to schedule 20% more cases on an average weekday. During the preplanning of this improvement, the director of short stay was not included and was told her staffing needs might increase by 10%. After the first month of the use of the new equipment, the short stay unit had the following variances.

Which of the variances are positive?

Which of the variances are negative?

What does the director need to report to senior leadership as to what has happened and why, and what she is doing to make appropriate adjustments?

                                                       Budget                   Actual                Variance

Volume (patients).                       1000.                   1200.                      200

Overtime hours (staffing).            50.                      75.                          25

Supplies.                                         5000                   5100.                     100

2. Using the information in the table, complete the blank columns by calculating the variance (both positive and negative) for each month’s patient days and nursing hours. Enter your answers in the blank columns. Be sure to offer sufficient explanation as to why the answer is either positive or negative. 

     Month.      Actual Patient Days.     Budgeted Patient Days.    Variance.  Actual Nursing Hrs. Budgeted Nursing Hrs.   Variance

1.      January.       1116                                  1116.                                              10,965.                        10.044
2.      February.     1030.                                  1008.                                              10,209.                         9,074
3.      March.          974                                     896.                                                 8,060                           8,064
4.      April.             876                                     960                                                  8,560.                          8,640
5.      May.              930                                     868                                                  7,739.                          7812

                                                                                TEXTBOOK: FINANCE

Waxman, K. T. & Knighten, M. L. (2023). Financial and business management for the doctor of nursing practice (3rd ed.). Springer Publishing Company.

                                                                                             RUBRIC

1. Analysis : Includes justification of correct answers with adequate explanation.
2. Content : Answers all questions sufficiently without errors in calculations or answers.
3. References – Uses three or more references from current peer-reviewed nursing journals (within the last 5 yrs) with one reference required for initial posting and one reference for each peer posting. One reference may come from required course textbook. Must be legitimate peer-reviewed references or textbooks, and not AI-generated. No websites.
4. Reference must be written in APA 7th Ed /Italics as needed.
5.  Mechanics – Free of errors in grammar, punctuation, spelling, and/or APA format. AI-generated responses are not accepted. A zero will be administered if not in the student’s own words.
6. Type reference in accordance to APA 7th Edition. Apply Italics