CaseYou are working as an analyst at AMH Hospital. AMH wants to put money into a pool and then use thatmoney to pay for losses that arise from medical malpractice claims (liability suits). They have asked you todetermine how much money they must put into the pool so they can pay for losses.AMH leadership has provided information for you regarding the outcomes of interest.Table 1Column (2)# of monthsColumn (1)Outcome: # ofliability suits permonth012330243531Column (3)probability0.250.200.29?Answer questions 1-5 using Table 1.1. Which columns are the probability distribution?2. What is the random variable?3. What risk management measure does this table represent?4. Calculate the expected frequency. Make sure you include the correct units.5. Interpret your answer in part 4.

In the given situation, the outcome of the study is the number of liability suits per month.…

Answered: You are working as an analyst at AMH…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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