Wk 3 – Quality Improvement Plan: Justifying Cost
Now that you have outlined an action plan around the area that needs improvement in your organization, you
will need to determine the feasibility of the plan, which includes justifying the resources based on the costbenefit analysis.
Write a 700-word Cost-Benefit Analysis using the improvement plan you decided to adopt from the Wk 2
Quality Improvement: Action Plan assignment. Include the following areas in your analysis:
Determine the cost of the improvement plan.
What areas will require capital cost, and how much?
What areas will require labor cost, and how much?
What areas will require on-going cost, and how much?
What are the non-monetary costs, such as reputation and health?
Determine the benefits of the improvement plan.
What is the dollar value on time saved?
What is the value saved?
What is the input saved?
Address in your summary if doing nothing is an alternative as well.
Make a recommendation and plan of action based on the results