Answer

A cost-benefit analysis is an approach which seeks to assess both the strengths and weaknesses of choosing different alternatives. In so doing, the costs are estimated and weighed against the benefits (Boardman et al., 2017). A PICOT is a formula which has been applied in the development of answerable and researchable questions (Echevarria & Walker, 2014). In the current study, the PICOT question can be restated as “do nurses on inpatient nursing units (P) who work with a transformational leaders (I) versus other styles of leadership, bureaucratic or laissez-faire (C) have higher nurse engagement, retention and team member satisfaction scores (O) over the course of one year (T)?”

Based on the PICOT question, the proposed study would seek to establish whether the use of transformational leadership by nurse leaders operating in the inpatient nursing units result in high rates of follower engagement compared to those who use other styles of leadership such as the bureaucratic or laissez-faire. The time in which the comparison will be made to establish which one results in high nurse engagement is one year. Additionally, the aspects of retention and member satisfaction scores will be used in the evaluation of which style of leadership is better between the transformational leadership style and other types.

Thinking of the project as a type of new project development, some specific information will be needed to be obtained in order to create a cost-benefit analysis as part of the business plan for the project. Notably, based on the PICOT question, the costs of adopting a transformational leadership style and the benefits will be outweighed against those of the bureaucratic or laissez-faire to establish which alternative style of leadership is more effective. The benefits which will be compared in the current study are those of nurse engagement, nurse retention, and the satisfaction scores of the members.

A cost-benefit analysis will be an important approach which will be used in the comparison of the different leadership styles and hence making the decision as to which one of them is the most beneficial. As such, in the proposed new program development, the style which result in benefits such as high nurse energumen, high rates of retention, and high satisfaction scores for the nurses in the inpatient unit will be chosen as the most effective considering the benefits of adopting such a style outweigh the benefit costs (Boardman et al., 2017). The specific information which will then be needed to be obtained is the benefits of nurses who work with transformational leaders versus the nurses who work with leaders deploying bureaucratic or laissez-faire. The metrics to be measured in this case will be the rates of nurse engagement in the different styles, the rates of retention, and the satisfaction scores of the nurses.

In conclusion, a cost-benefit analysis in an approach used in the evaluation of the strengths and weaknesses of different alternatives. In the present PICOT question, the proposed goal will be to evaluate the best style which when deployed by nurse leaders in an inpatient unit will lead to high rates of retention, engagement, and satisfaction scores. As such, assuming this is a new program, the performance of cost-benefit analysis will need one to obtain the metrics as to the rates of engagement, retention, and satisfaction scores associated with transformational leaders versus those associated with other styles of leadership.