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Cost Benefit Analysis and Project Budget
QUESTION
Discuss the treatment for stress/stress management
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| Subject |
Statistics |
Pages |
3 |
Style |
APA |
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Answer
Cost Benefit Analysis
|
Category
|
Details
|
Cost in First year
|
|
Training
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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
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Stipend to students from economically disadvantaged families to enable them buy healthy food
|
$150,000
|
|
Educational brochures
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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
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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.
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