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You are a manager working for an insurance company. Your job entails processing individual claims filed by policyholders. In general, few claims are expensive. Each quarter, you compile a report summarizing key claim statistics, such as the number of claims submitted, the average cost per claim, and the total cost of submitted claims. In the last quarter's report, you notice a large difference between the mean and the median claim cost, the mean cost being much higher than the median cost. What do you attribute this difference to? Do you think the claims data is normally distributed? If so, why? If not, what distribution might best describe the data and why? Given the large difference between the two measures of central tendency, which of the two would you rely on in describing the average claim cost and why?
Such things as historical documents, newspaper reports, TV and radio broadcasts, when used in research, represents
Suppose adults have basically distributed IQ scores with a mean of 100 and an SD of 15. Find P65, the 65th percentile. Use the Z table.
Determine the class with the greatest number of data values.
Carry out a test of hypothesis on each of regression coefficients. Could you delete any of the variables?
An ANOVA procedure is used for data that was obtained from four sample groups each comprised of five observations. The degrees of freedom for the critical value of F are:
Average Precipitation For the first 7 months of the year, the average precipitation in Toledo, Ohio, is 19.32 inches. If the average precipitation is normally distributed with a standard deviation of 2.44 inches, find these probabilities.
Analysis of data sets assignment
A food snack manufacturer samples 13 bags of pretzels off the assembly line and weighs their contents. If the sample mean is 14.7 oz. and the sample standard deviation is 0.50 oz., find the 95% confidence interval of the true mean.
If 50 cups of coffee were measured, what is the probability that: The sample mean per cup is less than 7.8 ounces?
A random sample of 50 female CFO's and a random sample of 40 male CFO's are selected. Find the expected value of the sample mean difference.
At 0.01 level of significance, is there evidence that mean price is higher at Whole Foods Market than at Fairyway supermarket? Interpret the meaning of p-value in (i).
Looking at the data, the manufacturer is incorrect in its label claim. Perform hypothesis testing to prove or disprove it. Is the manufacturer correct in its label claim? Explain.
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