Statistical Reasoning for Everyday Life (5th Edition)
Statistical Reasoning for Everyday Life (5th Edition)
5th Edition
ISBN: 9780134494043
Author: Jeff Bennett, William L. Briggs, Mario F. Triola
Publisher: PEARSON
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Chapter 3.3, Problem 4E
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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 3 Solutions

Statistical Reasoning for Everyday Life (5th Edition)

Ch. 3.1 - Pulse Rates of Females. In Exercises 912, refer to...Ch. 3.1 - Pulse Rates of Females. In Exercises 912, refer to...Ch. 3.1 - Birth Days. Births at a hospital in New York State...Ch. 3.1 - Clinical Trial. As part of a clinical trial, the...Ch. 3.1 - Train Derailments. An analysis of 50 train...Ch. 3.1 - Analysis of Last Digits. Weights of respondents...Ch. 3.1 - Academy Award-Winning Male Actors. The following...Ch. 3.1 - Body Temperatures. The following data show the...Ch. 3.1 - Loaded Die. An experiment was conducted in which a...Ch. 3.1 - Interpreting Family Data. Consider the following...Ch. 3.1 - Computer Keyboards. The traditional keyboard...Ch. 3.1 - Double Binning. The students in a statistics class...Ch. 3.2 - Distribution Graph. What is a distribution of...Ch. 3.2 - Qualitative Data. Which types of graph described...Ch. 3.2 - Yearly Data. Which type of graph described in this...Ch. 3.2 - Histogram and Stemplot. Assume that a data set is...Ch. 3.2 - Prob. 5ECh. 3.2 - Does It Make Sense? For Exercises 58, determine...Ch. 3.2 - Does It Make Sense? For Exercises 58, determine...Ch. 3.2 - Does It Make Sense? For Exercises 58, determine...Ch. 3.2 - Histogram. Children living near a smelter in Texas...Ch. 3.2 - Understanding Data. Suppose you have a list of...Ch. 3.2 - Most Appropriate Display. Exercises 1114 describe...Ch. 3.2 - Most Appropriate Display. Exercises 1114 describe...Ch. 3.2 - Most Appropriate Display. Exercises 1114 describe...Ch. 3.2 - Most Appropriate Display. Exercises 1114 describe...Ch. 3.2 - Academy Award-Winning Male Actors. Exercise 17 in...Ch. 3.2 - Body Temperatures. Exercise 18 in Section 3.1...Ch. 3.2 - Job Hunting. A survey was conducted to determine...Ch. 3.2 - Job Hunting. Refer to the data given in Exercise...Ch. 3.2 - Prob. 19ECh. 3.2 - Job Application Mistakes Construct a Pareto chart...Ch. 3.2 - Dotplot. Refer to the QWERTY data in Exercise 21...Ch. 3.2 - Dotplot. Refer to the Dvorak data in Exercise 21...Ch. 3.2 - Stemplot. Construct a stemplot of these test...Ch. 3.2 - Stemplot. Listed below are the lengths (in...Ch. 3.2 - DJIA. Listed below (in order by row) are annual...Ch. 3.2 - Home Runs. Listed below (in order by row) are the...Ch. 3.3 - Multiple Data. Briefly describe how each of the...Ch. 3.3 - Prob. 2ECh. 3.3 - Prob. 3ECh. 3.3 - Prob. 4ECh. 3.3 - Does It Make Sense? For Exercises 58, determine...Ch. 3.3 - Does It Make Sense? For Exercises 58, determine...Ch. 3.3 - Does It Make Sense? For Exercises 58, determine...Ch. 3.3 - Does It Make Sense? For Exercises 58, determine...Ch. 3.3 - Public and Private Colleges. The stack plot in...Ch. 3.3 - Home Prices by Region. The graph in Figure 3.21...Ch. 3.3 - Gender and Salary. Consider the display in Figure...Ch. 3.3 - Marriage and Divorce Rates. The graph in Figure...Ch. 3.3 - Prob. 13ECh. 3.3 - College Degrees. The stack plot in Figure 3.25...Ch. 3.3 - Contour Map. For Exercises 17 and 18, refer to the...Ch. 3.3 - Prob. 18ECh. 3.3 - Prob. 19ECh. 3.3 - Prob. 20ECh. 3.3 - Infographic. For Exercises 21 and 22, refer to...Ch. 3.3 - Infographic. For Exercises 21 and 22, refer to...Ch. 3.3 - Creating Graphics. Exercises 2326 give tables of...Ch. 3.3 - Creating Graphics. Exercises 2326 give tables of...Ch. 3.3 - Firearms Fatalities. The following table...Ch. 3.3 - Prob. 26ECh. 3.4 - Perceptual Distortion. Use a ruler to measure the...Ch. 3.4 - Prob. 2ECh. 3.4 - Prob. 3ECh. 3.4 - Prob. 4ECh. 3.4 - Does It Make Sense? For Exercises 58, determine...Ch. 3.4 - Does It Make Sense? For Exercises 58, determine...Ch. 3.4 - Does It Make Sense? For Exercises 58, determine...Ch. 3.4 - Does It Make Sense? For Exercises 58, determine...Ch. 3.4 - Exaggerating a Difference. Weekly instruction time...Ch. 3.4 - Graph of Sounds. In a survey conducted by Kelton...Ch. 3.4 - Graph Dimensions. A newspaper used images of...Ch. 3.4 - Prob. 12ECh. 3.4 - Prob. 13ECh. 3.4 - DJIA. Figure 3.36 on the next page depicts the...Ch. 3.4 - Prob. 15ECh. 3.4 - Prob. 16ECh. 3.4 - Prob. 17ECh. 3.4 - Moores Law. In 1965, Intel cofounder Gordon Moore...Ch. 3.4 - Prob. 19ECh. 3.4 - Prob. 20ECh. 3.4 - Constant Dollars. The graph in Figure 3.41 shows...Ch. 3.4 - Prob. 22ECh. 3 - Listed below are measured weights (in pounds) of...Ch. 3 - Listed below are measured weights (in pounds) of...Ch. 3 - Listed below are measured weights (in pounds) of...Ch. 3 - Pie Chart for Sports Equipment. USA Today reported...Ch. 3 - Pareto Chart for Sports Equipment. Construct a...Ch. 3 - Bar Chart. Figure 3.43 shows the numbers of U.S....Ch. 3 - As a quality control manager at Ford Motor...Ch. 3 - As a quality control manager at Ford, you monitor...Ch. 3 - A stemplot is created with the braking distances...Ch. 3 - A dotplot of braking distances (in feet) of cars...Ch. 3 - The first category in a frequency table is 90100,...Ch. 3 - The first category in a relative frequency table...Ch. 3 - The third category in a frequency table has a...Ch. 3 - Prob. 8CQCh. 3 - When constructing a graph of the same categorical...Ch. 3 - Body Temperatures Listed below are body...Ch. 3 - Why are pictographs generally poor for depicting...Ch. 3 - Note that this graph plots six variables: two...Ch. 3 - Prob. 2.2FCh. 3 - Prob. 2.3F
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