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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.
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.
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.