Determine what the key terms refer to in the following study. Insurance companies are interested in the mean health costs each year of their clients, so that they can determine the costs of health insurance. 1.Population a.) All of the clients of the insurance companies b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars c.) A group of the clients of the insurance companies d.) The mean health costs of the clients of the insurance companies per year. e.) The mean health costs of the clients of the insurance companies per year in the sample. f.) X=the health costs per year of one client of the insurance companies. 2.Variable a.) All of the clients of the insurance companies b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars c.) A group of the clients of the insurance companies d.) The mean health costs of the clients of the insurance companies per year. e.) The mean health costs of the clients of the insurance companies per year in the sample. f.) X=the health costs per year of one client of the insurance companies. 3.Data a.) All of the clients of the insurance companies b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars c.) A group of the clients of the insurance companies d.) The mean health costs of the clients of the insurance companies per year. e.) The mean health costs of the clients of the insurance companies per year in the sample. f.) X=the health costs per year of one client of the insurance companies. 4.Sample a.) All of the clients of the insurance companies b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars c.) A group of the clients of the insurance companies d.) The mean health costs of the clients of the insurance companies per year. e.) The mean health costs of the clients of the insurance companies per year in the sample. f.) X=the health costs per year of one client of the insurance companies. 5.Statistics a.) All of the clients of the insurance companies b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars c.) A group of the clients of the insurance companies d.) The mean health costs of the clients of the insurance companies per year. e.) The mean health costs of the clients of the insurance companies per year in the sample. f.) X=the health costs per year of one client of the insurance companies. 6.Parameter a.) All of the clients of the insurance companies b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars c.) A group of the clients of the insurance companies d.) The mean health costs of the clients of the insurance companies per year. e.) The mean health costs of the clients of the insurance companies per year in the sample. f.) X=the health costs per year of one client of the insurance companies.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Determine what the key terms refer to in the following study. Insurance companies are interested in the mean health costs each year of their clients, so that they can determine the costs of health insurance.
1.Population
a.) All of the clients of the insurance companies
b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars
c.) A group of the clients of the insurance companies
d.) The mean health costs of the clients of the insurance companies per year.
e.) The mean health costs of the clients of the insurance companies per year in the sample.
f.) X=the health costs per year of one client of the insurance companies.
2.Variable
a.) All of the clients of the insurance companies
b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars
c.) A group of the clients of the insurance companies
d.) The mean health costs of the clients of the insurance companies per year.
e.) The mean health costs of the clients of the insurance companies per year in the sample.
f.) X=the health costs per year of one client of the insurance companies.
3.Data
a.) All of the clients of the insurance companies
b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars
c.) A group of the clients of the insurance companies
d.) The mean health costs of the clients of the insurance companies per year.
e.) The mean health costs of the clients of the insurance companies per year in the sample.
f.) X=the health costs per year of one client of the insurance companies.
4.Sample
a.) All of the clients of the insurance companies
b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars
c.) A group of the clients of the insurance companies
d.) The mean health costs of the clients of the insurance companies per year.
e.) The mean health costs of the clients of the insurance companies per year in the sample.
f.) X=the health costs per year of one client of the insurance companies.
5.Statistics
a.) All of the clients of the insurance companies
b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars
c.) A group of the clients of the insurance companies
d.) The mean health costs of the clients of the insurance companies per year.
e.) The mean health costs of the clients of the insurance companies per year in the sample.
f.) X=the health costs per year of one client of the insurance companies.
6.Parameter
a.) All of the clients of the insurance companies
b.) The health costs per year of the clients of the insurance companies. Examples of the data are 34, 9, and 82 dollars
c.) A group of the clients of the insurance companies
d.) The mean health costs of the clients of the insurance companies per year.
e.) The mean health costs of the clients of the insurance companies per year in the sample.
f.) X=the health costs per year of one client of the insurance companies.
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