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Cost Benefit Analysis and Project Budget
QUESTION
Discuss the treatment for stress/stress management
Subject | Statistics | Pages | 3 | Style | APA |
---|
Answer
Cost Benefit Analysis
Category |
Details |
Cost in First year |
Training |
Train the current nursing teachers, through workshops and seminars, on how to incorporate self-care and mindfulness training in their lesson plans. |
$2,000 |
Hire two counselors; four student enablers and three physical exercise trainers |
Recruitment and onboarding costs Salaries and benefits |
$900 $120,000 |
Guest speakers |
Invite motivational speakers to talk to students at least twice every semester |
$3,000 |
Introduce staff and peer mentorship program |
Provide mentors with airtime and other resources required to support the mentorship program |
$1,000 |
Stipend to students with financial challenges |
Stipend to students from economically disadvantaged families to enable them buy healthy food |
$150,000 |
Educational brochures |
Print educational brochures on stress management, healthy sleeping and eating habits and important topics to be issued to each student at the beginning of every semester |
$600 |
Total |
|
$278,400 |
Table 2: Potential Benefits and Savings
Benefit |
Benefit within 12 months |
15% increase in pass rate, minimizing the need for re-sits/ retakes and at-risk assessment panels |
$2,500 |
60% increase in revenue due to increased student population |
$150,000 |
20% increase in cost savings due to reduced rate of withdrawal/ dismissal from the course |
$6,000 |
Increased recognition and recommendation by accrediting agencies and hospitals within the state. |
– |
20% increase in funding from the Texas Board of nursing |
$100,000 |
50% increase in philanthropic contributions and support from alumni students who succeeded in their nursing career. |
$80,000 |
Total |
$338,500 |
Table 3: Cost Benefit Analysis
Total Cost |
Potential Benefits and Savings |
$278,400 |
$338,500 |
Total Savings = $(338,500 – 278,400) = $60,100.
Payback time =
=
= 0.85 of a year or approximately 10.2 months.
References
MindTools. (2019). Cost-benefit analysis. Mindtools.com. Retrieved October 24, 2020, from https://www.mindtools.com/pages/article/newTED_08.htm |
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