Mind on Statistics
5th Edition
ISBN: 9781285463186
Author: Jessica M. Utts, Robert F. Heckard
Publisher: Brooks Cole
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Chapter 5, Problem 5.39E
To determine
To explain:
In which of the following three samples will the margin of error be the smallest.
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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 5 Solutions
Mind on Statistics
Ch. 5 - Prob. 5.1ECh. 5 - For each of the following examples from the text,...Ch. 5 - Prob. 5.3ECh. 5 - Prob. 5.4ECh. 5 - Prob. 5.5ECh. 5 - To estimate the percentage of households in the...Ch. 5 - Prob. 5.7ECh. 5 - Briefly explain what it means to say that a survey...Ch. 5 - Prob. 5.9ECh. 5 - Prob. 5.10E
Ch. 5 - Prob. 5.11ECh. 5 - Prob. 5.12ECh. 5 - Refer to Exercise 5.12. Suppose that you randomly...Ch. 5 - Prob. 5.14ECh. 5 - Prob. 5.15ECh. 5 - Refer to the three types of bias given in Section...Ch. 5 - Prob. 5.17ECh. 5 - For each of the following situations, explain...Ch. 5 - Prob. 5.19ECh. 5 - The U.S. government gathers numerous statistics...Ch. 5 - Prob. 5.21ECh. 5 - Prob. 5.22ECh. 5 - Prob. 5.23ECh. 5 - Prob. 5.24ECh. 5 - Prob. 5.25ECh. 5 - In a CNN/Time poll conducted December 17-18, 1998,...Ch. 5 - This is also Exercise 1.8c. For survey based on...Ch. 5 - Adapted from Exercise 1.9 and 1.10. What sample...Ch. 5 - Prob. 5.29ECh. 5 - In a CBS News poll conducted between December 17...Ch. 5 - Prob. 5.31ECh. 5 - Suppose a national polling agency conducted 100...Ch. 5 - Prob. 5.33ECh. 5 - Prob. 5.34ECh. 5 - Refer to Exercise 5.33. One of the questions asked...Ch. 5 - Prob. 5.36ECh. 5 - Prob. 5.37ECh. 5 - Prob. 5.38ECh. 5 - Prob. 5.39ECh. 5 - Prob. 5.40ECh. 5 - Prob. 5.41ECh. 5 - Prob. 5.42ECh. 5 - Prob. 5.43ECh. 5 - Prob. 5.44ECh. 5 - Prob. 5.45ECh. 5 - Prob. 5.46ECh. 5 - A lottery game is played by choosing six whole...Ch. 5 - Prob. 5.48ECh. 5 - Prob. 5.49ECh. 5 - In a factory producing television sets, every...Ch. 5 - Prob. 5.51ECh. 5 - In each part, identify whether the sample is a...Ch. 5 - Prob. 5.53ECh. 5 - Prob. 5.54ECh. 5 - Prob. 5.55ECh. 5 - Find an example of a survey routinely conducted by...Ch. 5 - A local government wants to determine whether...Ch. 5 - A group of biologists wants to estimate the...Ch. 5 - In each part, indicate whether the sample should...Ch. 5 - Prob. 5.60ECh. 5 - Prob. 5.61ECh. 5 - Prob. 5.62ECh. 5 - Prob. 5.63ECh. 5 - Prob. 5.64ECh. 5 - Prob. 5.65ECh. 5 - Prob. 5.66ECh. 5 - Prob. 5.67ECh. 5 - A survey question will be asked to determine...Ch. 5 - Prob. 5.69ECh. 5 - Prob. 5.70ECh. 5 - Prob. 5.71ECh. 5 - Prob. 5.72ECh. 5 - Refer to Example 5.16, “When Will Adolescent Males...Ch. 5 - Prob. 5.74ECh. 5 - Prob. 5.75ECh. 5 - Prob. 5.76ECh. 5 - Prob. 5.77ECh. 5 - Explain which of three methods—a door-to-door...Ch. 5 - Prob. 5.79ECh. 5 - Prob. 5.80ECh. 5 - Rock singer Elvis Presley died on August 16, 1977,...Ch. 5 - Prob. 5.82ECh. 5 - Prob. 5.83ECh. 5 - Prob. 5.84ECh. 5 - Prob. 5.85ECh. 5 - Prob. 5.86ECh. 5 - Prob. 5.87ECh. 5 - Prob. 5.88ECh. 5 - Prob. 5.89ECh. 5 - Prob. 5.90ECh. 5 - Prob. 5.91ECh. 5 - Prob. 5.92ECh. 5 - Refer to Exercise 5.92. a. What is the population...Ch. 5 - A large medical professional organization with...Ch. 5 - Prob. 5.95ECh. 5 - Prob. 5.96ECh. 5 - Prob. 5.97ECh. 5 - Prob. 5.98ECh. 5 - Prob. 5.99ECh. 5 - Prob. 5.100ECh. 5 - Prob. 5.101ECh. 5 - Prob. 5.102ECh. 5 - Prob. 5.103ECh. 5 - Prob. 5.104ECh. 5 - Prob. 5.105ECh. 5 - Prob. 5.106ECh. 5 - Prob. 5.107ECh. 5 - Prob. 5.108ECh. 5 - Prob. 5.109ECh. 5 - Prob. 5.110ECh. 5 - Exercises 5.110 to 5.112 refer to a survey of...Ch. 5 - Exercises 5.110 to 5.112 refer to a survey of...
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