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Ophthalmology Info Session Profit Analysis

This document summarizes the results of a customized simulation run by Dr. Ivanna Ceeyu, an ophthalmologist, to determine the optimal cutoff value for an information session based on fixed costs, expected profit per surgery, the number of reservations, and the probability of attendees electing surgery. The simulation was run 10 times for cutoff values of 1 to 10 attendees. It calculated the mean profit, standard deviation of profit, and probability of profit being less than or equal to $0 for each cutoff value. The results showed the highest average profit and lowest risk of losing money occurred between cutoff values of 3 to 5 attendees.

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Rushil Surapaneni
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7 views1 page

Ophthalmology Info Session Profit Analysis

This document summarizes the results of a customized simulation run by Dr. Ivanna Ceeyu, an ophthalmologist, to determine the optimal cutoff value for an information session based on fixed costs, expected profit per surgery, the number of reservations, and the probability of attendees electing surgery. The simulation was run 10 times for cutoff values of 1 to 10 attendees. It calculated the mean profit, standard deviation of profit, and probability of profit being less than or equal to $0 for each cutoff value. The results showed the highest average profit and lowest risk of losing money occurred between cutoff values of 3 to 5 attendees.

Uploaded by

Rushil Surapaneni
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

A B C D E F G H I J K L M N O P Q

1 Dr. Ivanna Ceeyu (Ophthalmologist)


2
3 Given Information
4 Fixed Cost of Info Session $2,500
5 Profit per Surgery $1,500
6 # of Reservations for Info Session 6 -----------------------> Custom Discrete Probability Distribution
7 Probability that Attendee at Info Session Elects Surgery 0.60 Value 0 1 2 3 4 5 6 7 8 9 10
8 Prob 0.02 0.05 0.08 0.16 0.26 0.18 0.11 0.07 0.05 0.01 0.01
9 Decision
10 Info Session Cutoff Value V 1
11
12 Computations
13 # Attending Info Session (0 if canceled) 6
14 Number of Surgeries 3.6
15 Profit from Surgeries $5,400
16 Fixed Cost of Info Session (if held) ($2,500)
17 Total Profit $2,900
18
19 CUSTOMIZED SIMULATION RESULTS
20 Info Session Cutoff Value V 1 2 3 4 5 6 7 8 9 10
21 Simulation # 1 2 3 4 5 6 7 8 9 10
22 Mean $1,486 $1,566 $1,621 $1,585 $1,302 $944 $623 $355 $122 $64
23 Profit Std Dev $2,263 $2,172 $2,102 $2,065 $2,054 $1,957 $1,744 $1,421 $913 $680
24 Pf{Profit $0} 0.24304 0.24304 0.27256 0.37802 0.59136 0.75584 0.86188 0.93066 0.98004 0.99002
25
26 CUSTOMIZED SIMULATION RESULTS (pasted after simulation)
27 Info Session Cutoff Value V 1 2 3 4 5 6 7 8 9 10
28 Simulation # 1 2 3 4 5 6 7 8 9 10
29 Mean $1,483 $1,562 $1,616 $1,587 $1,306 $948 $624 $357 $120 $65
30 Profit Std Dev $2,270 $2,182 $2,113 $2,072 $2,058 $1,960 $1,745 $1,421 $898 $687
31 Pf{Profit $0} 0.24762 0.24762 0.27672 0.37950 0.59168 0.75574 0.86168 0.93050 0.98002 0.99000

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