Pearson eText for Essentials of Statistics -- Instant Access (Pearson+)
6th Edition
ISBN: 9780137517374
Author: Mario Triola
Publisher: PEARSON+
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Chapter 8.2, Problem 3BSC
To determine
To identify: The method which is not equivalent to the other two: P-value method, critical value method and a confidence interval method.
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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
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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.
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 8 Solutions
Pearson eText for Essentials of Statistics -- Instant Access (Pearson+)
Ch. 8.1 - Vitamin C and Aspirin A bottle contains a label...Ch. 8.1 - Estimates and Hypothesis Tests Data Set 3 Body...Ch. 8.1 - Mean Height of Men A formal hypothesis test is to...Ch. 8.1 - Interpreting P-value The Ericsson method is one of...Ch. 8.1 - Identifying H0 and H1. In Exercises 58, do the...Ch. 8.1 - Identifying H0 and H1. In Exercises 58, do the...Ch. 8.1 - Identifying H0 and H1. In Exercises 58, do the...Ch. 8.1 - Identifying H0 and H1. In Exercises 58, do the...Ch. 8.1 - Conclusions. In Exercises 912, refer to the...Ch. 8.1 - Conclusions. In Exercises 912, refer to the...
Ch. 8.1 - Conclusions. In Exercises 912, refer to the...Ch. 8.1 - Conclusions. In Exercises 912, refer to the...Ch. 8.1 - Test Statistics. In Exercises 1316, refer to the...Ch. 8.1 - Test Statistics. In Exercises 1316, refer to the...Ch. 8.1 - Test Statistics. In Exercises 1316, refer to the...Ch. 8.1 - Test Statistics. In Exercises 1316, refer to the...Ch. 8.1 - P-Values. In Exercises 1720, do the following: a....Ch. 8.1 - P-Values. In Exercises 1720, do the following: a....Ch. 8.1 - P-Values. In Exercises 1720, do the following: a....Ch. 8.1 - P-Values. In Exercises 1720, do the following: a....Ch. 8.1 - Critical Values. In Exercises 2124, refer to the...Ch. 8.1 - Critical Values. In Exercises 2124, refer to the...Ch. 8.1 - Critical Values. In Exercises 2124, refer to the...Ch. 8.1 - Critical Values. In Exercises 2124, refer to the...Ch. 8.1 - Final Conclusions. In Exercises 2528, use a...Ch. 8.1 - Final Conclusions. In Exercises 2528, use a...Ch. 8.1 - Final Conclusions. In Exercises 2528, use a...Ch. 8.1 - Final Conclusions. In Exercises 2528, use a...Ch. 8.1 - Type I and Type II Errors. In Exercises 2932,...Ch. 8.1 - Type I and Type II Errors. In Exercises 2932,...Ch. 8.1 - Type I and Type II Errors. In Exercises 2932,...Ch. 8.1 - Type I and Type II Errors. In Exercises 2932,...Ch. 8.1 - Interpreting Power Chantix (varenicline) tablets...Ch. 8.1 - Calculating Power Consider a hypothesis test of...Ch. 8.1 - Finding Sample Size to Achieve Power Researchers...Ch. 8.2 - In Exercises 14, use these results from a USA...Ch. 8.2 - In Exercises 14, use these results from a USA...Ch. 8.2 - Prob. 3BSCCh. 8.2 - In Exercises 14, use these results from a USA...Ch. 8.2 - Using Technology. In Exercises 58, identify the...Ch. 8.2 - Using Technology. In Exercises 58, identify the...Ch. 8.2 - Using Technology. In Exercises 58, identify the...Ch. 8.2 - Using Technology. In Exercises 58, identify the...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Testing Claims About Proportions. In Exercises...Ch. 8.2 - Exact Method For each of the three different...Ch. 8.2 - Using Confidence Intervals to Test Hypotheses When...Ch. 8.2 - Power For a hypothesis test with a specified...Ch. 8.3 - Video Games: Checking Requirements Twelve...Ch. 8.3 - df If we are using the sample data from Exercise 1...Ch. 8.3 - t Test Exercise 2 refers to a t test. What is a t...Ch. 8.3 - Confidence Interval Assume that we will use the...Ch. 8.3 - Finding P-values. In Exercises 5-8, either use...Ch. 8.3 - Finding P-values. In Exercises 5-8, either use...Ch. 8.3 - Finding P-values. In Exercises 5-8, either use...Ch. 8.3 - Finding P-values. In Exercises 5-8, either use...Ch. 8.3 - Technology. In Exercises 9-12, test the given...Ch. 8.3 - Technology. In Exercises 9-12, test the given...Ch. 8.3 - Technology. In Exercises 9-12, test the given...Ch. 8.3 - Technology. In Exercises 9-12, test the given...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Testing Hypotheses. In Exercises 13-24, assume...Ch. 8.3 - Hypothesis Test with Known How do the results...Ch. 8.3 - Hypothesis Test with Known How do the results...Ch. 8.3 - Finding Critical t Values When finding critical...Ch. 8.3 - Interpreting Power For the sample data in Example...Ch. 8.4 - Cans of Coke Data Set 26 Cola Weights and Volumes...Ch. 8.4 - Cans of Coke Use the data and the claim given in...Ch. 8.4 - Cans of Coke For the sample data from Exercise 1,...Ch. 8.4 - Cans of Coke: Confidence Interval If we use the...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Body Temperature Example 5 in Section 8-3 involved...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Testing Claims About Variation. In Exercises 5-16,...Ch. 8.4 - Finding Critical Values of 2 For large numbers of...Ch. 8.4 - Finding Critical Values of 2 Repeat Exercise 19...Ch. 8 - Distributions Using the methods of this chapter,...Ch. 8 - Tails Determine whether the given claim involves a...Ch. 8 - Instagram Poll In a Pew Research Center poll of...Ch. 8 - P-Value Find the P-value in a test of the claim...Ch. 8 - Conclusions True or false: In hypothesis testing,...Ch. 8 - Conclusions True or false: The conclusion of fail...Ch. 8 - Uncertainty True or false: If correct methods of...Ch. 8 - Chi-Square Test In a test of the claim that = 15...Ch. 8 - Robust Explain what is meant by the statements...Ch. 8 - Equivalent Methods Which of the following...Ch. 8 - True/False Characterize each of the following...Ch. 8 - Politics A county clerk in Essex County, New...Ch. 8 - Prob. 3RECh. 8 - Red Blood Cell Count A simple random sample of 40...Ch. 8 - Perception and Reality In a presidential election,...Ch. 8 - BMI for Miss America A claimed trend of thinner...Ch. 8 - BMI for Miss America Use the same BMI indexes...Ch. 8 - Type I Error and Type II Error a. In general, what...Ch. 8 - Lightning Deaths Listed below are the numbers of...Ch. 8 - Lightning Deaths Refer to the sample data in...Ch. 8 - Lightning Deaths Listed below are the numbers of...Ch. 8 - Lightning Deaths Listed below are the numbers of...Ch. 8 - Lightning Deaths The accompanying bar chart shows...Ch. 8 - Lightning Deaths The graph in Cumulative Review...Ch. 8 - Lightning Deaths The graph in Cumulative Review...Ch. 8 - Lightning Deaths Based on the results given in...Ch. 8 - Critical Thinking: Testing the Salk Vaccine The...
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