Elementary Statistics
12th Edition
ISBN: 9780321836960
Author: Mario F. Triola
Publisher: PEARSON
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Chapter 2.4, Problem 1BSC
Bar Chart and Pareto Chart A bar chart and a Pareto chart both use bars to show frequencies of categories of categorical data. What characteristic distinguishes a Pareto chart from a bar chart, and how does that characteristic help us in understanding the data?
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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.
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.
From a sample of 26 graduate students, the mean number of months of work experience prior to entering an MBA program was 34.67. The national standard deviation is known to be18 months. What is a 90% confidence interval for the population mean?
Question content area bottom
Part 1
A
9090%
confidence interval for the population mean is
left bracket nothing comma nothing right bracketenter your response here,enter your response here.
(Use ascending order. Round to two decimal places as needed.)
Chapter 2 Solutions
Elementary Statistics
Ch. 2.2 - Frequency Distribution Table 2-2 on page 45 is a...Ch. 2.2 - Relative Frequency Distribution After construction...Ch. 2.2 - Do You Believe? In a Harris Interactive survey,...Ch. 2.2 - Analyzing a Frequency Distribution The...Ch. 2.2 - In Exercises 5-10, identify the class width, class...Ch. 2.2 - In Exercises 5-10, identify the class width, class...Ch. 2.2 - In Exercises 5-10, identify the class width, class...Ch. 2.2 - In Exercises 5-10, identify the class width, class...Ch. 2.2 - In Exercises 5-10, identify the class width, class...Ch. 2.2 - In Exercises 5-10, identify the class width, class...
Ch. 2.2 - Normal Distributions. In Exercises 11-14, answer...Ch. 2.2 - Normal Distributions. In Exercises 11-14, answer...Ch. 2.2 - Normal Distributions. In Exercises 11-14, answer...Ch. 2.2 - Normal Distributions. In Exercises 11-14, answer...Ch. 2.2 - Relative Frequencies for Comparisons. In Exercises...Ch. 2.2 - Relative Frequencies for Comparisons. In Exercises...Ch. 2.2 - Cumulative Frequency Distributions. In Exercises...Ch. 2.2 - Cumulative Frequency Distributions. In Exercises...Ch. 2.2 - Analysis of Last Digits Heights of statistics...Ch. 2.2 - Analysis of Last Digits Weights of respondents...Ch. 2.2 - Constructing Frequency Distributions. In Exercises...Ch. 2.2 - Constructing Frequency Distributions. In Exercises...Ch. 2.2 - Constructing Frequency Distributions. In Exercises...Ch. 2.2 - Constructing Frequency Distributions. In Exercises...Ch. 2.2 - Constructing Frequency Distributions. In Exercises...Ch. 2.2 - Constructing Frequency Distributions. In Exercises...Ch. 2.2 - Constructing Frequency Distributions. In Exercises...Ch. 2.2 - Constructing Frequency Distributions. In Exercises...Ch. 2.2 - Categorical Data. In Exercises 29-32, use the...Ch. 2.2 - Categorical Data. In Exercises 29-32, use the...Ch. 2.2 - Categorical Data. In Exercises 29-32, use the...Ch. 2.2 - Categorical Data. In Exercises 29-32, use the...Ch. 2.2 - Interpreting Effects of Outliers Refer to Data Set...Ch. 2.2 - Number of Classes According to what is known as...Ch. 2.3 - Prob. 1BSCCh. 2.3 - Voluntary Response Sample The histogram in Figure...Ch. 2.3 - Small Data NASA provides these duration times (in...Ch. 2.3 - Normal Distribution When it refers to a normal...Ch. 2.3 - Interpreting a Histogram. In Exercises 5-8, answer...Ch. 2.3 - Interpreting a Histogram. In Exercises 5-8, answer...Ch. 2.3 - Interpreting a Histogram. In Exercises 5-8, answer...Ch. 2.3 - Interpreting a Histogram. In Exercises 5-8, answer...Ch. 2.3 - Analysis of Last Digits Use the frequency...Ch. 2.3 - Analysis of Last Digits Use the frequency...Ch. 2.3 - Constructing Histograms. In Exercises 9-18,...Ch. 2.3 - Constructing Histograms. In Exercises 9-18,...Ch. 2.3 - Constructing Histograms. In Exercises 9-18,...Ch. 2.3 - Constructing Histograms. In Exercises 9-18,...Ch. 2.3 - Prob. 15BSCCh. 2.3 - Constructing Histograms. In Exercises 9-18,...Ch. 2.3 - Constructing Histograms. In Exercises 9-18,...Ch. 2.3 - Constructing Histograms. In Exercises 9-18,...Ch. 2.3 - Back-to-Back Relative Frequency Histograms When...Ch. 2.3 - Interpreting a Histogram. In Exercises 5-8, answer...Ch. 2.4 - Bar Chart and Pareto Chart A bar chart and a...Ch. 2.4 - Scatterplot What is a scatterplot? What type of...Ch. 2.4 - SAT Scores Listed below are SAT scores from a...Ch. 2.4 - SAT Scores Given that the data in Exercise 3 were...Ch. 2.4 - Scatterplots. In Exercises 5-8, use the given...Ch. 2.4 - Scatterplots. In Exercises 5-8, use the given...Ch. 2.4 - Scatterplots. In Exercises 5-8, use the given...Ch. 2.4 - Scatterplots. In Exercises 5-8, use the given...Ch. 2.4 - Time-Series Graphs. In Exercises 9 and 10,...Ch. 2.4 - Time-Series Graphs. In Exercises 9 and 10,...Ch. 2.4 - Dotplots. In Exercises II and 12, construct the...Ch. 2.4 - Dotplots. In Exercises 11 and 12, construct the...Ch. 2.4 - Stemplots. In Exercises 13 and 14, construct the...Ch. 2.4 - Stemplots. In Exercises 13 and 14, construct the...Ch. 2.4 - Pareto Charts. In Exercises 15 and 16, construct...Ch. 2.4 - Pareto Charts. In Exercises 15 and 16, construct...Ch. 2.4 - Pie Charts. In Exercises 17 and 18, construct the...Ch. 2.4 - Pie Charts. In Exercises 17 and 18, construct the...Ch. 2.4 - Frequency Polygon. In Exercises 19 and 20,...Ch. 2.4 - Frequency Polygon. In Exercises 19 and 20,...Ch. 2.4 - Deceptive Graphs. In Exercises 21-24, identify the...Ch. 2.4 - Deceptive Graphs. In Exercises 21-24, identify the...Ch. 2.4 - Deceptive Graphs. In Exercises 21-24, identify the...Ch. 2.4 - Deceptive Graphs. In Exercises 21-24, identify the...Ch. 2.4 - Back-to-Back Stemplots Exercise 19 in Section 2-3...Ch. 2 - When one is constructing a table representing the...Ch. 2 - When one is constructing a table representing the...Ch. 2 - When one is constructing a table representing the...Ch. 2 - A stemplot is created from the intervals (min)...Ch. 2 - In the California Daily 4 lottery, four digits...Ch. 2 - In an investigation of the travel costs of college...Ch. 2 - In an investigation of the relationship between...Ch. 2 - As a quality control manager at Sony, you find...Ch. 2 - What characteristic of a data set can be better...Ch. 2 - A histogram is to be constructed from the brain...Ch. 2 - Frequency Distribution of Brain Volumes Construct...Ch. 2 - Histogram of Brain Volumes Construct the histogram...Ch. 2 - Dotplot of California Lottery In the California...Ch. 2 - Stemplot of IQ Scores Listed below are the first...Ch. 2 - CO Emissions Listed below are the amounts (million...Ch. 2 - CO and NO Emissions Exercise 5 lists the amounts...Ch. 2 - Sports Equipment According to USA Today, the...Ch. 2 - In Exercises 1-5, refer to the table in the...Ch. 2 - In Exercises 1-5, refer to the table in the...Ch. 2 - In Exercises 1-5, refer to the table in the...Ch. 2 - In Exercises 1-5, refer to the table in the...Ch. 2 - In Exercises 1-5, refer to the table in the...Ch. 2 - Grooming Time Listed below are times (minutes)...Ch. 2 - Histogram of Grooming Times Use the frequency...Ch. 2 - Stemplot of Grooming Times Use the data from...Ch. 2 - Technology Project It was noted in this section...Ch. 2 - Flight Planning Data Set 15 in Appendix B includes...Ch. 2 - Prob. 2FDDCh. 2 - Flight Planning Data Set 15 in Appendix B includes...
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