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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