Using Monte Carlo simulation to assess and manage risk in the clinical laboratory.
Managers often are asked to consider opportunities that involve risks. Traditional approaches to evaluating uncertainty fall short of providing a comprehensive view of possible outcomes. Risk analysis techniques using Monte Carlo simulation offer a more sophisticated approach that can help the manager better understand and manage those risks. This article discusses the advantages of using risk analysis and provides three illustrations of how this approach can aid in decisionmaking in the clinical laboratory setting.
Joseph
Thomas P
TP
tpjoseph@umich.edu
D002204:Capitation Fee; D003659:Decision Making, Organizational; D007753:Laboratories / Q000191:economics / Q000458:organization & administration*; D013677:Medical Laboratory Science / Q000295:instrumentation; D009010:Monte Carlo Method; D017008:Negotiating; D018570:Risk Assessment / Q000379:methods / Q000706:statistics & numerical data; D012308:Risk Management / Q000379:methods* / Q000706:statistics & numerical data; D014481:United States