title: Can we do better? Economic analysis of human resource investment to improve home care service for the elderly in Serbia.
abstract: BACKGROUND
  Social services aimed at the elderly are facing great challenges caused by progressive aging of the global population but also by the constant pressure to spend funds in a rational manner.
  
  
  OBJECTIVE
  This paper focuses on analyzing the investments into human resources aimed at enhancing home care for the elderly since many countries have recorded progress in the area over the past years. The goal of this paper is to stress the significance of performing an economic analysis of the investment.
  
  
  METHODS
  This paper combines statistical analysis methods such as correlation and regression analysis, methods of economic analysis, and scenario method.
  
  
  RESULTS
  The economic analysis of investing in human resources for home care service in Serbia showed that the both scenarios of investing in either additional home care hours or more beneficiaries are cost-efficient. However, the optimal solution with the positive (and the highest) value of economic net present value criterion is to invest in human resources to boost the number of home care hours from 6 to 8 hours per week and increase the number of the beneficiaries to 33%.
  
  
  CONCLUSIONS
  This paper shows how the statistical and economic analysis results can be used to evaluate different scenarios and enable quality decision-making based on exact data in order to improve health and quality of life of the elderly and spend funds in a rational manner.
authors: Department for Management and Specialised Management Disciplines, Faculty of Organisational Sciences, University of Belgrade, Belgrade, Serbia.
authors: Marko M
authors: MM
authors: Mihic
authors: Department for Management and Specialised Management Disciplines, Faculty of Organisational Sciences, University of Belgrade, Belgrade, Serbia.
authors: Marija Lj
authors: MLj
authors: Todorovic
authors: Department for Management and Specialised Management Disciplines, Faculty of Organisational Sciences, University of Belgrade, Belgrade, Serbia.
authors: Vladimir Lj
authors: VLj
authors: Obradovic
authors: Department for Management and Specialised Management Disciplines, Faculty of Organisational Sciences, University of Belgrade, Belgrade, Serbia.
authors: Zorica M
authors: ZM
authors: Mitrovic
mesh_terms: D000368:Aged; D000375:Aging; D003362:Cost-Benefit Analysis; D006699:Home Care Services / Q000191:economics* / Q000592:standards*; D006801:Humans; D007449:Investments; D011788:Quality of Life; D012044:Regression Analysis; D055771:Serbia; D012947:Social Work / Q000191:economics*; D000078329:Workforce
keywords: economic analysis; elderly; home care; human resources; social investment