preview

The Forecasting Model: Predicting The Demand Of Nursing Care

Decent Essays

The submarket I have selected to research is nursing services. The current market environment demand for nurses is in a constant state of fluctuation due to changes daily in the world of health care delivery. Nursing services differs from non-health care markets because nurses are the front lines of healthcare. The health care organization would have a very difficulty time operating without nursing services. Entertainment good and services on the other hand are in great demand but certainly everyone could function without them. The supply of nursing services being available to health care markets is affected by several different factors. The first is the ability to predict the overall growth of the economy. The second is technologic delivery …show more content…

The uncertainty in the health care marketplace and opportunities for expanded nursing services make it hard to predict and assess correctly the nursing need. In 1998, Young developed and presented, The Forecasting Model of Nursing Workforce. This model was created to provide government leaders with information to make decisions regarding the impending nursing shortage. This model was intended to help policy makers predict the need for education and employment of nurses. The forecasting model was developed based on supply and demand theories. It assumed that the demand for nurses and their services is similar to the demand for other goods available in the marketplace. The model assumed that predicting the demand for nurses can be done (Dumpe, Herman &Young, 1998). I would expect the demand for the nursing services sub market to be inelastic. Inelasticity is the economic situation in where the supply and demand for a good or service do not change even when the price of that good changes. Nursing services is inelastic because nurses are the frontline of care for the sick. Nursing services are not based on an amount of money but rather have to be supplied no matter the cost. Dumpe, M. L., Herman, J., & Young, S. W. (1998). Forecasting the nursing workforce in a dynamic heath care market. Nursing Economics, 16(4),

Get Access