Cost-Benefit Analysis
- Introduction
In this assignment, you will continue on in your role as a new office manager for a successful medical clinic. The clinic is a conglomeration of physicians offering specialized care.
One of the clinic’s physician groups wants to purchase an MRI machine. Currently, clients who need an MRI must schedule an appointment at another facility. This adds time and cost to any treatment they need. The machine will be available for all physicians in the clinic. It will require additional staff to operate the equipment. In addition, the MRI will have to be housed in an office area within the clinic.
Your task is to prepare a cost-benefit analysis for the clinic’s senior leaders, so they can make an informed decision about whether to proceed with the purchase.
Instructions
This cost-benefit analysis assignment consists of two parts.
Part 1
Complete the Cost-Benefit Analysis Template for the purchase of an MRI machine for the clinic.
Part 2
Based on your cost-benefit analysis, write a 3–4 page double-spaced summary. Address all of the following in your summary:
- Explain how the cost-benefit analysis aligns with organizational needs and future growth.
- In your explanation be sure to consider:
- Non-monetary benefits, such as improved customer satisfaction, associated with the purchase.
- Non-monetary costs associated with the equipment purchase. For example, productivity may decrease initially as people adjust to new policies and procedures associated with using the MRI equipment. At the same time, productivity is likely to increase once people adjust to the new policies and procedures.
- Although these factors may be difficult to quantify, successful health care leaders are able to weigh nonmonetary and monetary considerations when making their purchasing and budgeting decisions.
- Explain the concept of opportunity cost.
- Recommend a plan of action consistent with your cost-benefit analysis.
- Decide whether the clinic should purchase the MRI machine.
- Be sure to reference specific aspects of the cost-benefit analysis.
- Your final submission needs to include:
- The completed Cost-Benefit Analysis Template (Excel spreadsheet).
- A concise summary that provides (Word document):
- Context for the cost-benefit analysis.
- Rationale behind the recommendation.
- Submission Requirements
Part 1
Format: Use the Cost-Benefit Analysis Template provided in the resources for this assignment.
Part 2
- Written communication: Be sure that your summary is clear, logical, and succinct. It also needs to be free of errors that detract from the overall message.
- Length: 3–4 typed, double-spaced content pages. The title page, reference page, and Cost-Benefit Analysis Template are in addition to the 3–4-page summary.
- Font and font size: Use Times New Roman, 12-point type.
- Title page: Include a title page in APA format as part of your summary.
- Citations and references: Include references to a minimum of two current scholarly and/or authoritative sources. Current means no more than five years old.
- APA format: Use APA format for the title page, summary, citations, and references. For an APA refresher, consult the APA Style and Format page on Campus.
- Scoring guide: Review this assignment’s scoring guide so that you understand how your faculty member is going to evaluate your work.
- Note: Your instructor may also use the Writing Feedback Tool to provide feedback on your writing. In the tool, click the linked resources for helpful writing information.
Resources
- Cost-Benefit Analysis Scoring Guide.
- Cost-Benefit Analysis Template [XLSX].
- APA Style and Format.
- Writing Feedback Tool.
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