Health care facility is planning its personnel budget

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Reference no: EM13946320

Estimating Overtime Expenses

A health care facility is planning its personnel budget for the coming year. One nurse with a salary of $1000 per week is required for every 5 patients. The average patient census is $300, as shown below. Which contains 52 weeks of census data. Therefore, it is estimated that 60 nurses will be needed at an average cost of $60000 per week. This translates to an estimated annual budget of $3,120,000 for nurse salaries. On those weeks when the census is below the average of 300, the nurses must be paid full salary anyway. On those weeks when the census is exceeded, $500 in overtime expense is incurred per patient in excess of 300. For example, if the census were 310, an additional $5000 would be incurred that week.

Create a histogram of the census data using the Simulate Data Range command.

What is the average weekly nursing cost?

What is the chance that on any given week actual expenses will be less than or equal to that budgeted? HINT: create an output cell that equals1 if the expense is less than or equal to the budget. Such a formula is known as an indicator. The average of the indicator is just the likelihood that the budget was met for the week.

Given your answer to part c, what is the chance that the overall nursing budget will be met for the year?

Week

Census

 

Average

1

280

 

300

2

279

 

 

3

260

 

 

4

308

 

 

5

303

 

 

6

295

 

 

7

287

 

 

8

337

 

 

9

284

 

 

10

308

 

 

11

270

 

 

12

313

 

 

13

267

 

 

14

307

 

 

15

277

 

 

16

377

 

 

17

297

 

 

18

287

 

 

19

272

 

 

20

293

 

 

21

278

 

 

22

265

 

 

23

281

 

 

24

301

 

 

25

294

 

 

26

283

 

 

27

278

 

 

28

342

 

 

29

282

 

 

30

274

 

 

31

363

 

 

32

340

 

 

33

322

 

 

34

301

 

 

35

286

 

 

36

381

 

 

37

309

 

 

38

364

 

 

39

285

 

 

40

269

 

 

41

387

 

 

42

276

 

 

43

288

 

 

44

294

 

 

45

323

 

 

46

292

 

 

47

278

 

 

48

269

 

 

49

307

 

 

50

303

 

 

51

290

 

 

52

294

 

 

Reference no: EM13946320

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