Describe volume, efficiency and rate variances? Provide examples of each of these from your experience.
Describe volume, efficiency and rate variances? Provide examples of each of these from your experience.
Homework Answers
Volume, efficiency and rate variances, these 3 are cause for budget variance in nursing.
Volume variance is related to more or few patient visits per day. For example, during seasonal change various disease frequencies increase thus volume of patient increase.
Efficiency variance is related to more or less hours per patient day which means the amount of time patient spend in health care facility. For example, chronically ill patient generally spends more hours in hospitals thus increase efficiency.
Lastly, rate variance is related to salaries and use of overtime. For example, during weekends and holidays overtime is proposed which is the cause of rate variance.
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