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You are a workers' compensation claims analyst working for a large manufacturing organization (worker's compensation is a worker injury protection; it pays medical and other expenses for workers who were injured on the job). A key part of your responsibilities is to "reserve" a certain amount of funds for each workers' compensation claim you process, which is necessary for making sure that each injury claim has adequate funds to pay its costs. This requires you to forecast, or estimate the expected future cost of each claim, which is both time-consuming and difficult, as there are multiple factors (such as the nature of injury, worker's age, the nature of accident, etc.) that determine the ultimate cost of individual claims. Having a lot of historical data (past claims), you decide to use regression analysis to help you forecast the expected cost of the individual workers' compensation claims.
Discuss how you would use regression to help you with your task-specifically, explain how you would go about evaluating the goodness-of-fit and the predictive efficacy of your model.
a production line makes units with a mean weight of 80 g and standard deviation of 5 g. what is the probability that a
The road system around the hotel complex on International Drive ( node 1) to Disney World ( node 11) in Orlando, Florida, is shown in this network. The numbers by the nodes represent the traffic flow in hundreds of cars per hour. What is the maxim..
the time it takes alice to walk to the bus stop from her home is normally distributed with mean 13 minutes and variance
Suppose that 46 percent of families living in a certain country own a car and 18 percent own an SUV. The Addition Rule might suggest, then, that 64 percent of families own either a car or an SUV. What's wrong with that reasoning.
What characteristic (or property of random samples) could be observed during the sampling process?
What is a hypothesis test? Why do we need to use them to make decisions about relating sample results to the population; why can't we just make our decisions by the sample value?
Show all work. What is the probability that a randomly selected US resident did not live in Idaho? The total 2008 US population was 303,824,640.
children gender. a certain couple is equally likely to have either a boy child or a girl child. if the family has four
determine the sample size needed to construct a 90 confidence interval to estimate the population proportion when p
given a sample size of 65 with sample mean 726.2 and sample standard deviation 85.3we perform the following hypothesis
Determine the initial speed of the pile just after it is struck by the hammer. The coefficient of restitution between the hammer and the pile is e = 0.1. Neglect the impulses due to the weights of the pile and hammer and the impulse due to the sa..
when circuit boards used in the manufacture of compact disc players are tested the long-run percentage of defectives is
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