Role of Statistical Forecasting

In preparation for a meeting with upper-level management, you decide to conduct research on the role of statistical forecasting in decision analysis. Write a paper of 3-4 pages discussing the importance of accreditation and credentialing, strategies for quality improvement, and the role of statistics and statistical forecasting in the process. Your paper should address the following: What are the steps involved in the statistical forecasting process? Provide at least 3 examples of statistical analysis tools used for forecasting. What role does statistical forecasting play in the quantitative health care decision analysis process? How can forecasting used to determine the needs within an organization for purposes of quality improvement? Your discussion should include how you can use statistical forecasting related to patient treatment, readmissions, emergency room (ER) wait times, and so forth as a means of determining what areas to focus on for the quality initiative.