Introductory Statistics (10th Edition)
10th Edition
ISBN: 9780321989178
Author: Neil A. Weiss
Publisher: PEARSON
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Textbook Question
Chapter 2.3, Problem 42E
Identify an important reason for grouping data.
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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 2 Solutions
Introductory Statistics (10th Edition)
Ch. 2.1 - Give an example, other than those presented in...Ch. 2.1 - Explain the meaning of a. qualitative variable. b....Ch. 2.1 - Explain the meaning of a. qualitative data. b....Ch. 2.1 - Provide a reason why the classification of data is...Ch. 2.1 - Of the variables you have studied so far, which...Ch. 2.1 - For each part of Exercises 2.62.11, classify the...Ch. 2.1 - Earthquakes. The U.S. Geological Survey monitors...Ch. 2.1 - Top 10 IPOs. An online article from the Washington...Ch. 2.1 - Earnings from the Crypt. On the Celebrity NetWorth...Ch. 2.1 - World University Rankings. The Times Higher...
Ch. 2.1 - Recording Industry Statistics. The Recording...Ch. 2.1 - RBI Kings. As reported on MLB.com, the five...Ch. 2.1 - Top Broadcast Shows. As reported in Primetime...Ch. 2.1 - The Fulbright Program. The U.S. governments...Ch. 2.1 - Top 10 Green Cars. The following table presents...Ch. 2.1 - Ordinal Data. Another important type of data is...Ch. 2.2 - What is a frequency distribution of qualitative...Ch. 2.2 - Explain the difference between a. frequency and...Ch. 2.2 - Answer true or false to each of the statements in...Ch. 2.2 - In Exercises 2.202.25, we have presented some...Ch. 2.2 - Prob. 21ECh. 2.2 - In Exercises 2.202.25, we have presented some...Ch. 2.2 - Prob. 23ECh. 2.2 - In Exercises 2.202.25, we have presented some...Ch. 2.2 - In Exercises 2.202.25, we have presented some...Ch. 2.2 - For each data set in Exercises 2.262.31, a....Ch. 2.2 - For each data set in Exercises 2.262.31, a....Ch. 2.2 - For each data set in Exercises 2.262.31, a....Ch. 2.2 - For each data set in Exercises 2.262.31, a....Ch. 2.2 - For each data set in Exercises 2.262.31, a....Ch. 2.2 - For each data set in Exercises 2.262.31, a....Ch. 2.2 - In each of Exercises 2.322.37, we have presented a...Ch. 2.2 - In each of Exercises 2.322.37, we have presented a...Ch. 2.2 - In each of Exercises 2.322.37, we have presented a...Ch. 2.2 - In each of Exercises 2.322.37, we have presented a...Ch. 2.2 - In each of Exercises 2.322.37, we have presented a...Ch. 2.2 - Prob. 37ECh. 2.2 - Health Status. The National Center for Health...Ch. 2.2 - In Exercises 2.392.41, use the technology of your...Ch. 2.2 - Prob. 40ECh. 2.2 - In Exercises 2.392.41, use the technology of your...Ch. 2.3 - Identify an important reason for grouping data.Ch. 2.3 - Do the concepts of class limits, marks, cutpoints,...Ch. 2.3 - State three of the most important guidelines in...Ch. 2.3 - With regard to grouping quantitative data into...Ch. 2.3 - For quantitative data, we examined three types of...Ch. 2.3 - We used slightly different methods for determining...Ch. 2.3 - Explain the difference between a frequency...Ch. 2.3 - Explain the advantages and disadvantages of...Ch. 2.3 - For data that are grouped in classes based on more...Ch. 2.3 - Discuss the relative advantages and disadvantages...Ch. 2.3 - Suppose that you have a data set that contains a...Ch. 2.3 - Suppose that you have constructed a stem-and-leaf...Ch. 2.3 - In each of Exercises 2.542.59, we have presented a...Ch. 2.3 - In each of Exercises 2.542.59, we have presented a...Ch. 2.3 - In each of Exercises 2.542.59, we have presented a...Ch. 2.3 - In each of Exercises 2.542.59, we have presented a...Ch. 2.3 - Prob. 58ECh. 2.3 - In each of Exercises 2.542.59, we have presented a...Ch. 2.3 - Prob. 60ECh. 2.3 - Prob. 61ECh. 2.3 - In Exercises 2.602.71, we have presented some...Ch. 2.3 - In Exercises 2.602.71, we have presented some...Ch. 2.3 - In Exercises 2.602.71, we have presented some...Ch. 2.3 - In Exercises 2.602.71, we have presented some...Ch. 2.3 - Prob. 66ECh. 2.3 - In Exercises 2.602.71, we have presented some...Ch. 2.3 - In Exercises 2.602.71, we have presented some...Ch. 2.3 - Prob. 69ECh. 2.3 - In Exercises 2.602.71, we have presented some...Ch. 2.3 - In Exercises 2.602.71, we have presented some...Ch. 2.3 - Prob. 72ECh. 2.3 - In each of Exercises 2.722.75, construct a dotplot...Ch. 2.3 - Prob. 74ECh. 2.3 - In each of Exercises 2.722.75, construct a dotplot...Ch. 2.3 - In each of Exercises 2.762.79, construct a...Ch. 2.3 - Prob. 77ECh. 2.3 - In each of Exercises 2.762.79, construct a...Ch. 2.3 - Prob. 79ECh. 2.3 - Prob. 80ECh. 2.3 - For each data set in Exercises 2.802.91, use the...Ch. 2.3 - For each data set in Exercises 2.802.91, use the...Ch. 2.3 - For each data set in Exercises 2.802.91, use the...Ch. 2.3 - For each data set in Exercises 2.802.91, use the...Ch. 2.3 - For each data set in Exercises 2.802.91, use the...Ch. 2.3 - For each data set in Exercises 2.802.91, use the...Ch. 2.3 - Prob. 87ECh. 2.3 - Prob. 88ECh. 2.3 - Prob. 89ECh. 2.3 - Prob. 90ECh. 2.3 - Prob. 91ECh. 2.3 - Prob. 92ECh. 2.3 - Age of Passenger Cars. According to R. L. Polk ...Ch. 2.3 - Stressed-Out Bus Drivers. Frustrated passengers,...Ch. 2.3 - Acute Postoperative Days. Several neurosurgeons...Ch. 2.3 - MMs. In the article Sweetening StatisticsWhat MMs...Ch. 2.3 - Women in the Workforce. In an issue of Science...Ch. 2.3 - Process Capability. R. Morris and E. Watson...Ch. 2.3 - University Patents. The number of patents a...Ch. 2.3 - Prob. 100ECh. 2.3 - Prob. 101ECh. 2.3 - Adjusted Gross Incomes. The Internal Revenue...Ch. 2.3 - Cholesterol Levels. According to the National...Ch. 2.3 - Hospital Beds. The number of hospital beds...Ch. 2.3 - Parkinsons Disease. Parkinsons disease affects...Ch. 2.3 - The Great White Shark. In an article titled Great...Ch. 2.3 - The Beatles. In the article, Length of The Beatles...Ch. 2.3 - High School Completion. As reported by the U.S....Ch. 2.3 - Prob. 109ECh. 2.3 - Body Temperature. A study by researchers at the...Ch. 2.3 - Exam Scores. The exam scores for the students in...Ch. 2.3 - Prob. 112ECh. 2.3 - Prob. 113ECh. 2.3 - Age and Gender. The following bivariate data on...Ch. 2.3 - Prob. 115ECh. 2.3 - Clocking the Cheetah. Construct a...Ch. 2.3 - Prob. 117ECh. 2.3 - Residential Energy Consumption. Refer to the...Ch. 2.3 - Prob. 119ECh. 2.3 - Cardiovascular Hospitalizations. The Florida State...Ch. 2.3 - Prob. 121ECh. 2.4 - In each of Exercises 2.1222.127, explain the...Ch. 2.4 - In each of Exercises 2.1222.127, explain the...Ch. 2.4 - In each of Exercises 2.1222.127, explain the...Ch. 2.4 - Prob. 125ECh. 2.4 - Prob. 126ECh. 2.4 - Prob. 127ECh. 2.4 - Prob. 128ECh. 2.4 - Suppose that a variable of a population has a...Ch. 2.4 - Prob. 130ECh. 2.4 - Identify and sketch three distribution shapes that...Ch. 2.4 - Prob. 132ECh. 2.4 - In each of Exercises 2.1322.139, we have drawn a...Ch. 2.4 - In each of Exercises 2.1322.139, we have drawn a...Ch. 2.4 - In each of Exercises 2.1322.139, we have drawn a...Ch. 2.4 - In each of Exercises 2.1322.139, we have drawn a...Ch. 2.4 - In each of Exercises 2.1322.139, we have drawn a...Ch. 2.4 - In each of Exercises 2.1322.139, we have drawn a...Ch. 2.4 - Prob. 139ECh. 2.4 - In each of Exercises 2.1402.149, we have provided...Ch. 2.4 - In each of Exercises 2.1402.149, we have provided...Ch. 2.4 - Prob. 142ECh. 2.4 - In each of Exercises 2.1402.149, we have provided...Ch. 2.4 - In each of Exercises 2.1402.149, we have provided...Ch. 2.4 - In each of Exercises 2.1402.149, we have provided...Ch. 2.4 - In each of Exercises 2.1402.149, we have provided...Ch. 2.4 - Prob. 147ECh. 2.4 - Prob. 148ECh. 2.4 - Prob. 149ECh. 2.4 - Old Faithful. Old Faithful is a geyser in...Ch. 2.4 - SnowGoose Nests. In the article Trophic...Ch. 2.4 - Prob. 152ECh. 2.4 - In each of Exercises 2.1522.157, a. use the...Ch. 2.4 - In each of Exercises 2.1522.157, a. use the...Ch. 2.4 - Prob. 155ECh. 2.4 - In each of Exercises 2.1522.157, a. use the...Ch. 2.4 - In each of Exercises 2.1522.157, a. use the...Ch. 2.4 - Standard Normal Distribution. One of the most...Ch. 2.5 - Give one reason why constructing and reading...Ch. 2.5 - Prob. 163ECh. 2.5 - Reading Skills. Each year the director of the...Ch. 2.5 - Americas Melting Pot. The U.S. Census Bureau...Ch. 2.5 - Prob. 167ECh. 2.5 - Drunk-Driving Fatalities. Drunk-driving fatalities...Ch. 2.5 - Prob. 169ECh. 2.5 - Prob. 170ECh. 2.5 - Prob. 171ECh. 2 - This problem is about variables. a. What is a...Ch. 2 - This problem is about data. a. What are data? b....Ch. 2 - For a qualitative data set, what is a a. frequency...Ch. 2 - What is the relationship between a frequency or...Ch. 2 - Identify two main types of graphical displays that...Ch. 2 - In a bar chart, unlike in a histogram, the bars do...Ch. 2 - Some users of statistics prefer pie charts to bar...Ch. 2 - When is the use of single-value grouping...Ch. 2 - A quantitative data set has been grouped by using...Ch. 2 - A quantitative data set has been grouped by using...Ch. 2 - A quantitative data set has been grouped by using...Ch. 2 - A quantitative data set has been grouped by using...Ch. 2 - Explain the relative positioning of the bars in a...Ch. 2 - Sketch the curve corresponding to each of the...Ch. 2 - Draw a smooth curve that represents a symmetric...Ch. 2 - Prob. 16RPCh. 2 - Largest Hydroelectric Plants. According to...Ch. 2 - DVD Players. Refer to Example 2.16 on page 60. a....Ch. 2 - Inauguration Ages. From the Information Please...Ch. 2 - Inauguration Ages. Refer to Problem 19. Construct...Ch. 2 - Prob. 21RPCh. 2 - Prob. 22RPCh. 2 - Busy Bank Tellers. The Prescott National Bank has...Ch. 2 - On-Time Arrivals. The Air Travel Consumer Report...Ch. 2 - Old Ballplayers. From the ESPN Web site, we...Ch. 2 - Prob. 26RPCh. 2 - U.S. Divisions. The U.S. Census Bureau divides the...Ch. 2 - Prob. 28RPCh. 2 - Prob. 29RPCh. 2 - Hair and Eye Color. In the article Graphical...Ch. 2 - Prob. 31RPCh. 2 - In Problems 3133, a. identify the population and...Ch. 2 - In Problems 3133, a. identify the population and...Ch. 2 - UWEC UNDERGRADUATES Recall from Chapter 1 (see...Ch. 2 - Recall that, each year, Forbes magazine publishes...
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