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Case 4 : A hospital pharmacy would like to develop a budget for allergy medications that is based on patient days. Cost and patient days
Case :
A hospital pharmacy would like to develop a budget for allergy medications that is based on patient days. Cost and patient days data were collected over a month period. Data are shown as below:
tablePeriodCost $Patient DaysYear October,Year November,Year December,Year January,Year February,Year March,Year April,Year May,Year June,Year July,Year August,Year September,Year October,Year November,Year December,Year January,Year February,
Answer the following questions:
Develop a linearregressionbased forecasting model to predict costs. What is the linear regression equation?
Predict costs when patient days are and
What would be predicted costs for March of year eighteenth month using a fourperiod moving average?
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