Discussion: NURS 6051S Week 5 Big Data Risks and Rewards 

Discussion: NURS 6051S Week 5 Big Data Risks and Rewards

Discussion: NURS 6051S Week 5 Big Data Risks and Rewards

Budget variance happens when actual outcomes or results of one’s financial activity differ from the budgeted or projected ones. For instance, in the scenario of Truman defeating Dewey, the projected outcome was that the latter would defeat the former. The scenario means that some factors like inaccurate information, micro-economic and macro-economic factors, and new information may lead to variances in the budgeted components (Anderson et al., 2020). However, the primary cause of variances is the inability of forecasters to predict future costs or revenues with increased levels of precision and complete accuracy. Budget variances can be favorable or unfavorable where favorable leads to positive outcomes like surplus and negative indicates losses or shortfalls. The case scenario demonstrates that budget variances are preventable and organizations, especially in healthcare where innovative models like value-based care are focused on enhancing quality of care at cost-effective rates, can develop effective frameworks to address the issue.

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Organizations can do more to manage budget variances through provision of proper and accurate information and data to the planning, and have a transparent budgeting process that engages all stakeholders. Further, minimizing human errors in the budgeting process through proper information provision and following set protocols can lead to effective management of budget variances (Brennan, 2018). Organizations can manage budget variances through effective analysis to identify the root causes and take corrective measures.

Best practices and strategies for budget control in general include engagement and participation of all stakeholders in an organization, having sufficient information on expenses and projected revenue as well as budgeting based on available resources (Ginter et al., 2018). Further, organizations, especially in healthcare, can optimize resources through the implementation of innovative care models like value-based care. These entities should also offer training to their staff to enhance their budgeting skills to ensure that variances in budgets do not occur or are minimized.

References

Anderson, D. M., Cronk, R., Best, L., Radin, M., Schram, H., Tracy, J. W., & Bartram, J. (2020).

Budgeting for environmental health services in healthcare facilities: a ten-step model for planning and costing. International journal of environmental research and public health, 17(6), 2075. DOI: 10.3390/ijerph17062075.

Brennan, K. (2018). successful healthcare financial management requires imagination and a solid

plan. Healthcare Financial Management, 72(11), 20-21. https://www.hfma.org/topics/hfm/2018/november/62331.html

Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2018). The strategic management of health care

            organizations. John Wiley & Sons.

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When you wake in the morning, you may reach for your cell phone to reply to a few text or email messages that you missed overnight. On your drive to work, you may stop to refuel your car. Upon your arrival, you might swipe a key card at the door to gain entrance to the
facility. And before finally reaching your workstation, you may stop by the cafeteria to purchase a coffee.

From the moment you wake, you are in fact a data-generation machine. Each use of your phone, every transaction you make using a debit or credit card, even your entrance to your place of work, creates data. It begs the question: How much data do you generate each day? Many studies have been conducted on this, and the numbers are staggering: Estimates suggest that nearly 1 million bytes of data are generated every second for every person on earth.

As the volume of data increases, information professionals have looked for ways to use big data—large, complex sets of data that require specialized approaches to use effectively. Big data has the potential for significant rewards—and significant risks—to healthcare. In this Discussion, you will consider these risks and rewards.

To Prepare:

Review the Resources and reflect on the web article Big Data Means Big Potential, Challenges for Nurse Execs.
Reflect on your own experience with complex health information access and management and consider potential challenges and risks you may have experienced or observed.
By Day 3 of Week 5
Post a description of at least one potential benefit of using big data as part of a clinical system and explain why. Then, describe at least one potential challenge or risk of using big data as part of a clinical system and explain why. Propose at least one strategy you have experienced, observed, or researched that may effectively mitigate the challenges or risks of using big data you described. Be specific and provide examples.

By Day 6 of Week 5
Respond to at least two of your colleagues* on two different days, by offering one or more additional mitigation strategies or further insight into your colleagues’ assessment of big data opportunities and risks.