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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.
State one referenced hypothesis including the three variables (FA as an IV, age as the covariate and RS as the DV)
What is the probability of two of the children getting the disease? What is the probability of at least two of the children getting the disease?
Given that SAT test scores are normally distributed with a mean of 1000 and a standard deviation of 200, what is the lowest possible score a student needs to qualify for acceptance into the university?
a newspaper found the mean price for redwood city homes is 927200. with 18 homes sold in the past month the mean for
Calculate the odds of bird defects in the two groups and the corresponding odds ratio. Interpret the OR in the context of the study.
research has shown that 80 of patinets with a particular chronic condition improve as a result of surgery. assuming
Suppose that your friend cannot observe the effort level of the band. Explain why the full- information contract is not incentive compatible. Why is this called moral hazard?
we wish to test the null hypothesis the average amount of fat content in all single servings of vivolis hazelnut gelati
Machine X test unit cost $3000 with beta=3 and theta=500, Machine Y test unit cost $2000 with beta=3 and theta=400. If the machines oil fixtures has life of 20 hrs, which machine goes to market first?
What is an example of two variables that are likely to be correlated because they are both changing over time?
Identify a real-life example or application of either the binomial or poisson distribution.
determine the mean variance and standard deviation of y in terms of the mean and variance of x with ex 5 and varx 9
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