Assumptions Based on Graphs-Key Takeaways

Forecasting:

The process of predicting outcomes and needs to create systems and models with the highest financial and operational safety and efficiency; it can be used to determine the potential use of services and patient demand or to expand service lines and markets.

Modeling questions

These questions include "What are you predicting and why? How accurate is your prediction and what actions are taken based on the prediction

Predictive modeling:

This modeling relies on mathematical algorithms to predict the probability of an outcome.

Predictive analytics:

When used in the healthcare environment, it provides a predictive score (probability) for each patient or groups of patients in order to determine, inform, and influence organizational processes that pertain to large numbers of individuals.

Histogram

A histogram is a tool to plot the frequency and number of cases and is useful to identify areas of high variance.

Distribution and deviations:

Normal distribution visually reflects a well-formed bell curve. Variation may appear to be skewed outside the normal distribution and require additional testing for statistical significance.

Standard error:

The standard error reflects how close a sample mean is to the true population mean. This calculation is essential for identifying variation that is a result of chance.

Z-score

The z-score measures the distance along the x-axis of a normal distribution measured in units of standard deviation. The z-score is a unit that can simplify the measurement of variation.