Each unit of Prizodol produced incurs a variable production cost of $0.20. NuFeel will produce only the amount demanded each year, and each unit of Prizodol produced will sell for $3.70. If the company builds a plant that can produce x units of Prizodol per year, it will cost $16 for each of these x units. NuFeel needs to determine how large a Prizodol plant to build to maximize its expected profit over the next 10 years. Assume that demand during each of the next 10 years is an independent random number from this distribution. The annual demand for Prizodol, a prescription drug manufactured and marketed by the NuFeel Company, is normally distributed with mean 50,000 and standard deviation 12,000. Note: You will be using Excel and for this Assignment. Consider how these advanced simulation techniques might apply to specific simulation models in a health services organization, and then complete the problems assigned for the Assignment.Ĭomplete Problem 45 (Prizdol prescription drug) on page 887 of your course text. Healthcare administration leaders and decision makers must have the knowledge, skill, and abilities to build and understand these simulations.įor this Assignment, review the resources for this week, and reflect on the advanced simulation techniques highlighted. Verifying and validating the simulation requires even more technical prowess. For example, modeling all outpatient clinic operations in a particular facility would probably involve the use of multiple probability distributions and many calculations.
Simulation in health care often involves more than trivial skills.
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