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Implications and Limitations of Economic Feasibility - Statistics Project Example

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One of the implications of the study “Implications and Limitations of Economic Feasibility” is a target-specific approach to management of operations costs for greater profit margins. The author would focus only on the four significant variables in managing costs…
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Implications and Limitations of Economic Feasibility
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Download file to see previous pages Out of the variables, however, only Staffed beds, Medicare Days, Total Surgeries, and RN FTE were significant to the hospital's total operations cost.
 One of the implications of the study is a target-specific approach to management of operations costs for greater profit margins. The identifying signs of only Staffed beds, Medicare Days, Total Surgeries, and RN FTE means that the other variables do not influence total operations costs and should therefore not utilize the managements’ time while planning for the optimal cost for operations. I would focus only on the four significant variables in managing costs and in using costs to determine the optimal level of service delivery that a hospital should ensure. I would use operations management strategies to determine the optimal level of a mix for Staffed beds, Medicare Days, Total Surgeries, and RN FTE that can optimize marginal returns through the coefficients suggest a greater focus on RN FTE_05 then Staffed beds_05 in the determination of costs and its derivative decisions. Reducing the costs through efficiency strategies would be a priority for ensuring sustainable profit margins (White and Wu, 2014).
 This also implies that profitability of hospitals do not depend on type of locality and with consideration of competition due to concentration of facilities in urban areas, I would locate a hospital, especially for a new organization, in a rural area because while competition is lower in the locality, costs are the same, ceteris paribus. ...Download file to see next pagesRead More
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