are the most important aspects resulting from a decision made in the health care industry? monetary increases consequences experiences gained insights gleaned is a required component to consider for every

are the most important aspects resulting from a decision made in the health care industry? monetary increases consequences experiences gained insights gleaned is a required component to consider for every decision? alternatives previous states of the world examples of past payoffs current technology The probability of a decision’s possibility must always add up to what? 100 1/100 1 50/50 Which is an example of using relevant information for the purpose of determining the potential payoff of a decision? whether to hire more staff or not whether to invest in equipment or not whether or not new technology is developed adding service hours, minus resource cost, within reasonable estimates   of potential volume increases Regardless of the technique chosen to estimate provider times, what should be produced in relation to service times? flow chart histogram scatter plot regression line graph Which method to determine costs is considered the least accurate way to collect information? direct observation random observation time diary patient records provider surveys Which method to determine costs is based on the proportion of time spent on an activity being equal to the proportion of observations made of that particular activity during the work day? direct observation random observation time diary patient records provider surveys How is the cost-effectiveness of an intervention defined? intervention costs divided by benefits side effects costs divided by benefits side effects costs minus direct medical care costs saved intervention and side effects costs divided by benefits is known as the difference between the earliest and latest start times for an activity? slack time delayed activities total project time critical path length A Work Breakdown Structure (WBS) should do what? use a pictorial outline system create heading for the whole project be as detailed within project tasks as possible calculate the work output is a key aspect of a project? It is an ongoing activity. It is repeated at multiple time points. It is executed frequently. It is a one-time set of activities. The summed time of each activity on the critical path is known as what? slack time delayed activities total project time critical path length Harris Health is considering the development of a new ambulatory care service.  The project will cost $500,000 to implement and have a useful life of five years.  At the conclusion of the project’s useful life, equipment associated with the project can be sold for $45,000.  Over the five years of operation, incremental revenue attributed to the project will be $180,000 annually, while incremental expenses annually will be $48,000.  The organization is also considering an alternative project of similar risk and time horizon which has a rate of return equal to 4.5%. Assume Harris Health has a hurdle rate of 7% for projects of this type. From a financial perspective, should Harris pursue the project? The computed internal rate of return is greater than the   hurdle rate, therefore Harris Health should pursue the project. The computed internal rate of return is less than the hurdle   rate, therefore Harris Health should pursue the project. The computed internal rate of return is greater than the   hurdle rate, therefore Harris Health should not pursue the project. The computed internal rate of return is equal to the hurdle   rate, therefore Harris Health should pursue the project. is meant by an organization’s hurdle rate? Hurdle rate is the maximum acceptable rate of return on a   project. Hurdle rate is the minimum acceptable rate of return on a   project. Hurdle rate is the minimum acceptable expenditure on a   project. Hurdle rate is the maximum acceptable expenditure on a   project. A specific investment provides an opportunity for the following stream of cash flows:  Year CY+ 1 through CY + 5: $40,000 per year, years CY+6 through CY+10: $25,000 per year, year CY+11: $5,000.  Assume a discount rate of 4%. should you be willing to pay for this investment? Solve the problem by taking advantage of the imbedded annuity in the future cash flows. $270,019 $269,563 $272,798 $271,244 Assume a prevailing discount rate of 7%, what is the modified internal rate of return (MIRR) for this series of cash flows? CY                                    ($450,000) CY + 1                             $79,000 CY + 2                             $125,000 CY + 3                             $140,000 CY + 4                             $135,000 CY + 5                             $45,000 5.48% 6.15% 7.63% 8.02% How many categories of contributing factors are parts of a Fish Bone chart? 3 4 7 9 Which chart is a vertical histogram that lists the most common problems or problem causes in descending order based on the premise that 80% of the trouble comes from 20% of the problem? run chart Pareto chart control chart flow chart scatter diagram Which chart is used to illustrate the relationship between two variables and can suggest associative properties? run chart Pareto chart control chart flow chart scatter diagram Which chart is used to illustrate patterns of data collected over time and is intended to indicate patterns? run chart Pareto chart control chart flow chart scatter diagram Which external factor in healthcare strategic planning is concerned with natal, mortality, and morbidity statistics? socioeconomic epidemiologic economic environmental demographic Which external factor in healthcare strategic planning is concerned with income and education level? socioeconomic epidemiologic economic environmental demographic Which type of planning focuses on space issues? community operational business master strategic Which type of planning focuses on a community of population over a 10-year horizon? community operational business master strategic Which type of planning focuses on resource allocation decisions to achieve goals and objectives? community operational business master strategic