D157 Nurse Retention Project Plan and Budget Analysis

D157 Nurse Retention Project Plan and Budget Analysis

Student Name

Western Governors University

D157 Managing Resources in an Era of Disruption

Prof. Name:

Date

Project Team Member Selection for Nurse Retention Project

Why is choosing the right project team members critical?
Selecting the appropriate participants for the nurse retention project is essential because the success of the project largely depends on the skills and expertise of the team involved. To ensure the best outcomes, I carefully selected team members who meet specific criteria, possess relevant expertise, and can contribute meaningfully throughout the project’s planning and implementation phases.

Who comprises the Nurse Retention Project team and why were they selected?
The project team consists of the Project Manager (PM), Assistant Head Nurse (AHN), Chief Nursing Officer (CNO), Human Resource Manager (HR), and Nurse Manager (NM). These members were chosen for their diverse expertise in nursing, human resources, project management, and data analysis.

• The Assistant Head Nurse (AHN) was selected for her deep understanding of nurse retention challenges and will provide critical insights and recommendations.

• The Chief Nursing Officer (CNO) and Nurse Manager (NM) bring strong leadership skills essential for guiding the project from planning to execution, including setting objectives, resource allocation, and monitoring progress.

• The Nurse Manager (NM) plays a key role in nurse retention on the unit level by recruiting nurses and testing new retention strategies.

• The Human Resource Manager (HR) will track nurse turnover, employee satisfaction, and retention trends to inform the project team.

Together, these team members cover essential roles and ensure that the project is guided by both clinical and administrative perspectives.

Roles and Responsibilities of Project Team Members

Total Personnel Cost: $3,340

This personnel cost is incorporated into the project’s overall Pro Forma Operating Budget.

Engaging and Managing Project Team Members

How will team members be effectively managed and motivated?
Effective management of the project team will involve strategies such as establishing clear goals and deadlines, fostering collaboration, and building trust. Team-building exercises like workshops, group challenges, and open brainstorming sessions will encourage cooperation and communication. Regular meetings and updates will ensure team alignment and involvement.

Building trust is fundamental and will be promoted by recognizing each member’s contributions, maintaining transparency, and supporting mutual respect. Coaching will be used to address individual needs and foster professional growth.

What communication and conflict management strategies will be implemented?
Clear communication guidelines will be established with regular updates via meetings, emails, and progress reports. Open dialogue will be encouraged, allowing team members to voice concerns or provide feedback transparently. A formal conflict resolution process, including mediation if necessary, will be put in place to address disagreements promptly and fairly.

How will decision-making be structured?
Each member’s responsibilities and authority levels will be defined clearly to facilitate effective decision-making. Key decisions will involve relevant stakeholders, with accountability assigned appropriately. Documentation of decisions will ensure clarity and accountability, promoting confidence and buy-in from all team members.

Supporting Team Members During Implementation

What measures will support team members’ well-being during project execution?
Supporting team members’ well-being is vital for successful project execution. Promoting a healthy work-life balance through flexible schedules, regular breaks, and respecting personal boundaries will help maintain motivation and reduce burnout.

Research highlights the importance of balancing personal and professional life for overall satisfaction and productivity (Anisha & Jeba, 2020). Burnout is strongly linked to poor work-life balance, and therefore, creating a positive and supportive workplace culture is crucial (Neal & Lyons, 2020). A healthy environment boosts engagement and commitment, resulting in better project outcomes (Brunges & Foley-Brinza, 2014; Sugiarti, 2023).

Financial Resource Management

How was the project budget developed and managed?
The pro forma operating budget for the nurse retention project was developed using financial forecasting, which analyzed historical data, current market trends, and anticipated project costs including salaries, training, incentives, and materials.

This forecasting enabled the team to predict expenses under different scenarios, prepare a realistic budget, and identify potential financial risks. Continuous monitoring will ensure adherence to budget limits through monthly comparisons of actual versus projected costs.

How will budget variances be handled?
Budget variances will be managed by regular financial reviews, use of effective budgeting software, and proactive adjustments. Deviations will be analyzed to understand root causes, and project plans will be modified accordingly to maintain alignment with goals. Transparency in budget tracking and discussions during team meetings will support effective financial control.

Project Charter

What is the justification and purpose of the Nurse Retention Project?
This project aims to improve nurse retention, which benefits healthcare facilities, nurses, and patients by ensuring experienced staff provide high-quality care. Retaining nurses is essential to addressing workforce shortages and reducing turnover-related costs.

The project promotes a supportive work environment, fosters collaboration, and reduces workload stress to enhance nurse job satisfaction and patient outcomes. Initiatives include mentorship programs, leadership support, adequate staffing, and formal recognition to strengthen nurses’ professional identity and loyalty.

What are the significant risks associated with the project?
The primary risk involves financial constraints related to project execution. To mitigate this, budget consultations with administration and exploring alternative funding sources will be conducted. Aligning external stakeholders’ goals with the project is also necessary to avoid conflicts that could jeopardize success.

Project Budget Summary

Project Timeline

References

Anisha, B., & Jeba, M. (2020). Work-life balance and job satisfaction: A review of literature. MANTHAN: Journal of Commerce and Management. https://www.indianjournals.com/ijor.aspx?target=ijor%3Amjcm&volume=7&issue=2&article=007

Brunges, M., & Foley-Brinza, C. (2014). Projects for increasing job satisfaction and creating a healthy work environment. AORN Journal: The Official Voice of Perioperative Nursing. https://aornjournal.onlinelibrary.wiley.com/doi/full/10.1016/j.aorn.2016.12.003

D157 Nurse Retention Project Plan and Budget Analysis

Neal, M. T., & Lyons, M. K. (2020). Burnout and work-life balance in neurosurgery: Current state and opportunities. Surgical Neurology International, 11, 456. https://doi.org/10.25259/sni_736_2020

Sugiarti, E. (2023). The influence of training, work environment, and career development on work motivation and employee performance. International Journal of Artificial Intelligence Research, 6(1). https://doi.org/10.29099/ijair.v6i1.304