A typical business request is to submit a budget—this can include budgets for funding a project, a planned business trip, and even operating costs for an office location. In the file “Budget.xlsx” a typical line item budget estimate is provided for a radiology department at a small hospital.
Develop a forecasted budget using the PERT methodology (explained below) and compute the expense point where you are at least 95% sure that your expenses will not exceed this amount.
Use the file: “Budget.xlsx” to get you started and the information below to help guide you through the PERT methods.
Write a one-page paper summary of your findings and submit both the excel file and your document to Canvas. Your summary should include a written explanation of your “most likely” estimates, the type of value for each of the categories (deterministic vs probabilistic and why), and a written explanation of what the expense point means.
Expense | Dec-18 |
Scans | 14551.85 |
Salaries | 13525.48 |
Medications | 1843.23 |
Film | 4850.62 |
Mammography | 2586.35 |
Specialists | 582.07 |
Supplies | 4365.56 |
Travel | 194.02 |
Equipment Lease | 3216.93 |