This assignment is intended to help you learn to do the following:
1)Explain the different methods of economic forecasting including expert opinion, opinion polls, surveys, economic indicators, economic projections, and econometric models.
2)Analyze how each forecasting method may be incorporated into the managerial decision-making process in the healthcare industry.
1)Review this module’s readings and media.
2)Compose a two- to five-page paper in which you:
a) Develop a specific forecasting model from those that are included in Chapter 5 in Keat et al. (2013).
b) Apply the forecasting model that you have chosen to a specific situation within a healthcare company. It’s important that you apply the forecasting procedure that you chose to a healthcare operation. c)Please do not just summarize the various models from the textbook. You may want to draw on your own experience working in a healthcare organization—a hospital, clinic, or another healthcare facility. You could also look at Yahoo! Finance – Healthcare Industry (Links to an external site.) to find a company to analyze. Be specific in the variables that you include in your forecasting model.
Provide an analysis of how the forecasting model you chose would impact the managerial decision-making process at the healthcare company:
Explain how the forecasting model would help or hinder the decision-maker of the healthcare company. Be specific when identifying the variables in your forecasting model.
Cite any specific data you can find.
Identify how the industry data in your forecast adds relevant information about projecting trends in the healthcare industry.
d)Cite a minimum of three scholarly resources.
e)Format your paper according to the standards found on Purdue Online Writing Lab: APA Formatting and Style Guide (Links to an external site.).
Submit your work by the due date indicated.
For more information on Methods of Economic Forecasting read this: https://en.wikipedia.org/wiki/Economic_forecasting#
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