Student responses
SandyRicou188ASSIGNMENT IS DUE TOMORROW SAT 11/19/2016 AT 8 PM
FOR TOM MUTUNGA ONLYYYYYYYYYYYYYY
In this situation I have researched the various methods of the labor cost data estimation such as the high low method, the least square regression method, and the scatter diagram method.
The high low method is used to split mixed costs into their fixed and variable components. This method is unreliable because it only takes two extreme activity levels from a set of actual data of various activity levels and their corresponding total cost figures, which are then used to calculate the approximate variable cost per unit and total fixed costs. Whereas the least square regression method is a statistical technique that can be used to estimate the total cost at the given level of an activity based on past cost data. It involves using mathematical regression techniques to calculate the slope and intercept of the line of best fit for the costs being used in estimation. After reviewing these methods I would choose the least square regression method since it is a more accurate method than both the high low method and the scatter diagram method.
When reviewing the method possible to us for the survey, I found myself wanting to learn more about the least square regression. I first loked at the scatter diagram method. This method uses costs & units for a prior period. As the accounting, you'd look at a prior period to analyze the relation between cost and unit volume. This would be a good method to use because you are using actual data from the company's profile in the past. The high-low method would not be useful when creating this survey. The high-low method uses the high and lowest units making it the most extreme results instead of the most usual results. I found it interesting the in work book describing the least square regression as a statistical method that uses spreadsheets to identify cost behavior. I looked further into it and it's described as showing the difference between an observed value and the fitted value. I'm moving more towards this method of being the best for the survey. I also think that as the accountant you should not let the mechanics and owners persuade the data to make it more favorable.
What type of event is this? Provide reasons to support your answer.
The unfortunate death of the 39 year old woman can be classified as a sentinel event. The Joint Commission defines a sentinel even as an unanticipated death or major permanent loss of function, not related to the natural course of a patient's illness or underlying condition (JCAHO, 2016). Such sentinel events are all too common. According to a just-released report, Preventing Medication Errors, prepared by the Institute of Medicine (IOM) at the behest of the Centers for Medicare and Medicaid Services, medication errors harm 1.5 million people yearly in the U.S. and kill thousands. The annual cost: at least $3.5 billion (Olden & McCaughrin, 2007).
Hospitals perform several types of patient care reviews, usually through a committee. What type of review(s) would be done on this case?
If a sentinel event occurs within a health care organization, an immediate extensive and careful examination of the circumstances that led to the event. A formalized team response must be enacted immediately in order to stabilizes the patient, and disclose the event to both the patient and family, as well as provide support for the family and staff involved in the event. Hospital leadership must be involved and a systematic analysis for identifying the causal and contributory factors of the event must be made (Olden & McCaughrin, 2007). JCAHO must also be notified of the event. Lastly, a corrective plan or action must be made in order to prevent such an event form occurring again (JCAHO, 2016).
What is the process used to identify the cause of this death and who needs to be involved in the investigation, and what tools should be used to analyze the situation?
Common process in determining causality includes, toxicology exam, autopsy, interview and workflow analysis to all the health care staffs involved in the event. In terms of legality it is a necessary to provide a definite cause of death (JCAHO, 2016).
Discuss what kinds of changes are likely to result in an improved system for treating patients using toxic medications.
Practices should identify a list of “high-alert” medications that require extra precautions when administered, prescribed, dispensed or refilled. High-alert medications are those that have a propensity to cause serious patient harm when used in error. They include warfarin, low-molecular-weight heparins, insulin and oral agents for diabetes, opiates and methotrexate.
4) Julia Smith
"In the situation described above, the hospital committee would perform a review to determine liability in the medical malpractice." What are some specific examples of the review items?
10 years ago
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