Elementary Statistics: A Step By Step Approach
10th Edition
ISBN: 9781259755330
Author: Allan G. Bluman
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 14.1, Problem 23E
Define nonresponsive bias.
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PEER REPLY 1:
Choose a classmate's Main Post and review their decision making process.
1. Choose a risk level for each of the states of nature (assign a probability
value to each).
2. Explain why each risk level is chosen.
3. Which alternative do you believe would be the best based on the maximum
EMV?
4. Do you feel determining the expected value with perfect information
(EVWPI) is worthwhile in this situation? Why or why not?
Questions
An insurance company's cumulative incurred claims for the last 5 accident years are given
in the following table:
Development Year
Accident Year 0
2018
1 2 3 4
245 267 274 289 292
2019
255 276 288 294
2020
265 283 292
2021
263 278
2022
271
It can be assumed that claims are fully run off after 4 years. The premiums received for
each year are:
Accident Year Premium
2018
306
2019
312
2020
318
2021
326
2022
330
You do not need to make any allowance for inflation.
1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method.
(b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method.
2. Comment on the differences in the reserves produced by the methods in Part 1.
You are provided with data that includes all 50 states of the United States. Your task is to draw a sample of: o 20 States using Random Sampling (2 points: 1 for random number generation; 1 for random sample) o 10 States using Systematic Sampling (4 points: 1 for random numbers generation; 1 for random sample different from the previous answer; 1 for correct K value calculation table; 1 for correct sample drawn by using systematic sampling) (For systematic sampling, do not use the original data directly. Instead, first randomize the data, and then use the randomized dataset to draw your sample. Furthermore, do not use the random list previously generated, instead, generate a new random sample for this part. For more details, please see the snapshot provided at the end.) Upload a Microsoft Excel file with two separate sheets. One sheet provides random sampling while the other provides systematic sampling. Excel snapshots that can help you in organizing columns are provided on the next…
Chapter 14 Solutions
Elementary Statistics: A Step By Step Approach
Ch. 14.1 - The White or Wheat Bread Debate Read the following...Ch. 14.1 - Name the four basic sampling techniques.Ch. 14.1 - Why are samples used in statistics?Ch. 14.1 - What is the basic requirement for a sample?Ch. 14.1 - Why should random numbers be used when you are...Ch. 14.1 - List three incorrect methods that are often used...Ch. 14.1 - What is the principle behind random numbers?Ch. 14.1 - List the advantages and disadvantages of random...Ch. 14.1 - List the advantages and disadvantages of...Ch. 14.1 - List the advantages and disadvantages of...
Ch. 14.1 - List the advantages and disadvantages of cluster...Ch. 14.1 - Teacher Data Using the table of random numbers,...Ch. 14.1 - Prob. 12ECh. 14.1 - Teacher Data Select a cluster sample of 10 states,...Ch. 14.1 - Record High Temperatures Which method of sampling...Ch. 14.1 - Prob. 16ECh. 14.1 - Electoral Votes Select a systematic sample of 10...Ch. 14.1 - Electoral Votes Divide the 50 states into five...Ch. 14.1 - Prob. 19ECh. 14.1 - Define sampling or selection bias.Ch. 14.1 - Prob. 22ECh. 14.1 - Define nonresponsive bias.Ch. 14.1 - Prob. 24ECh. 14.1 - Define response or interview bias.Ch. 14.1 - Prob. 26ECh. 14.1 - Define volunteer bias.Ch. 14.1 - Give an example of how volunteer bias might occur.Ch. 14.2 - Prob. 1ACCh. 14.2 - Prob. 1ECh. 14.2 - Prob. 2ECh. 14.2 - Prob. 3ECh. 14.2 - Prob. 4ECh. 14.2 - Prob. 5ECh. 14.2 - Prob. 6ECh. 14.2 - Prob. 7ECh. 14.2 - Prob. 8ECh. 14.2 - Prob. 9ECh. 14.2 - Exercises 1 through 9 include questions that...Ch. 14.2 - Prob. 11ECh. 14.2 - Exercises 1 through 9 include questions that...Ch. 14.2 - Prob. 13ECh. 14.2 - Prob. 14ECh. 14.2 - Prob. 15ECh. 14.2 - Exercises 1 through 9 include questions that...Ch. 14.2 - Prob. 17ECh. 14.2 - Prob. 18ECh. 14.2 - Prob. 19ECh. 14.3 - Simulations Answer the following questions: 1....Ch. 14.3 - Prob. 1ECh. 14.3 - Prob. 2ECh. 14.3 - Who is responsible for the development of modern...Ch. 14.3 - Prob. 4ECh. 14.3 - Prob. 5ECh. 14.3 - Prob. 6ECh. 14.3 - Prob. 7ECh. 14.3 - Prob. 8ECh. 14 - Hurricanes Select a random sample of eight storms...Ch. 14 - Prob. 14.1.2RECh. 14 - Hurricanes Select a cluster of 10 storms. Compute...Ch. 14 - Prob. 14.1.4RECh. 14 - Prob. 14.1.5RECh. 14 - Prob. 14.1.6RECh. 14 - Prob. 14.1.8RECh. 14 - Prob. 14.2.9RECh. 14 - Prob. 14.2.10RECh. 14 - Prob. 14.2.11RECh. 14 - Prob. 14.2.12RECh. 14 - Prob. 1DACh. 14 - Prob. 2DACh. 14 - Select a cluster sample of 20 individuals, and...Ch. 14 - Prob. 4DACh. 14 - Prob. 5DACh. 14 - Determine whether each statement is true or false....Ch. 14 - Prob. 2CQCh. 14 - Prob. 3CQCh. 14 - Prob. 4CQCh. 14 - Prob. 5CQCh. 14 - Prob. 6CQCh. 14 - Interviewing selected people at a local...Ch. 14 - Prob. 8CQCh. 14 - Prob. 9CQCh. 14 - Prob. 10CQCh. 14 - Blood Pressure Select a random sample of 12...Ch. 14 - Prob. 12CQCh. 14 - Blood Pressure Divide the individuals into...Ch. 14 - Prob. 14CQCh. 14 - Prob. 25CQCh. 14 - Prob. 26CQCh. 14 - Prob. 27CQCh. 14 - Prob. 28CQCh. 14 - For Exercises 2530, explain why the survey...Ch. 14 - Prob. 30CQCh. 14 - Prob. 1DP
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