ASSIGNMENT 15

18. Step 1: Research and discuss the following terms in a 1- to 2-page document:
Opportunity cost
Initial costs
Continuing costs
Induced costs
Averted costs
Fixed costs
Variable costs
Step 2: Using one of the studies listed below, research the topics and then formulate two processes to achieve positive outcomes. Then, compare the costs of the two processes by conducting a CEA. You may have to create control and outcome numbers, as well as estimate the costs of each component of the CEA. Use of a comparison table is encouraged. See an example below:
How to do a basic cost-effectiveness analysis. (n.d.). Retrieved from http://www.tools4dev.org/resources/how-to-do-a-basic-cost-effectiveness-analysis/
Increase the number of children receiving an annual flu vaccine in a pediatric clinic.
Decrease the number of “no-show” patients with appointments in a physician’s office practice.
Decrease resident falls in a 100-bed nursing home.
Decrease medication errors in a 500-bed acute care hospital.
Decrease wait time in a hospital emergency department (ED).
Step 3: Finally, from research, how can the program’s quality outcomes be measured? No calculations are necessary.

The value of sacrificing opportunities when making a decision between options. Whatever you put aside when making a choice you are confident that you have made the right choice for yourself. Decisions made in the investment field usually have consequences both in the short as well as long-term. This is called “opportunity price” (Kennon 2022). An easy way to estimate potential cost is to consider the value you could have received in the future, but wasn’t due to the choice you made today. The Authority’s selection for an Executive Director and the other administrative personnel in addition to the payment for any needed technical, accounting, administrative and legal services in support of the Authority’s first activities , or for the preparation, negotiation and approval of any one or several Institutional Service Company Agreements and Program Agreement 1, are the most common examples of initial costs (Morah 2011). Costs of administration and operations which are incurred following Program Agreement 1 approval are not part of the definition of the term “Initial Expenditures. Cont…