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In Phase One of your work as a consultant for a large hospital chain, you performed a current trend analysis and developed an initial hypothesis about which facility size option to recommend. For Phase Two, the hospital’s vice president has asked you to create a two-page report that summarizes the trends you see and what you predict based on several regressions. The regressions will inform whether you confirm or reject the initial hypothesis that you arrived at in Phase One.
The steps you take in Phase Two will also help with identifying future trends, confirming which option to choose, and determining which attributes the hospital chain should be aware of.
It is important to provide your stakeholders with the background of how and why you chose specific ways to identify trends and make predictions. As a consultant, you must be able to articulate this kind of information to people who may not have the background in statistics that you do; after all, you were hired for your expertise. Specifically, you need the ability to explain which regressions were used and why.
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Your detailed goals for this phase of your work are as follows:
Use current data and analyses to identify future trends and attributes that can have an impact on expenses and admissions using regressions.
- Perform two linear bivariate regressions and two multiple regressions to provide specific recommendations.
- Choose three key hospital attributes out of the following five for regressions: number of beds, admissions, personnel, payroll expense, and outpatient visits.
- Use the hypothesis from Milestone One to validate and predict using regressions, keeping in mind the expenses range of $55–$75 million.
Dependent and independent variables for your analyses should come from the provided data only.
Your task is to identify future trends and attributes that impact expenses and admissions. As per the descriptions below, you will add new sheets to the Data Analysis Workbook you created in Milestone One. You will then use this information to create a written predictions and trends report. You will submit both the workbook and the written report in this milestone.
Data Analysis Workbook
- Add new sheets to your Data Analysis Workbook per the descriptions below.
- Perform two bivariate regressions to provide recommendations.
- Perform two multivariate regressions to provide recommendations.
- Validate or reject your initial hypothesis based on your analysis of the regressions.
- Predictions and Trends Report
Guidelines for Submission
1. Data Analysis Workbook: Submit the same Data Analysis Workbook Excel document that was submitted in Milestone One, with new sheets added as directed above.
2. Predictions and Trends Report: Submit a Word document using double spacing, 12-point Times New Roman font, and one-inch margins. This assignment should be two pages in length. Any sources should be cited in APA format. Consult the Shapiro Library APA Style Guide for more information on citations.