Applying the central limit theorema nationwide study found, Ask an Expert

Management Studies

Applying the Central Limit Theorem

A nationwide study found that the average yearly claim per automobile insurance policy (after deductible) is $1,000 with a standard deviation of $400. Consider these parameter values to be the true population parameters. Suppose that you are working for a small, start-up insurance company with only 625 automobile insurance policies, and the company has $605,000 to pay for claims next year. What is the probability that the company will not have enough money set aside to pay off the claims next year? If the company does not have enough money set aside, it will declare bankruptcy and you will lose your job. Should you start working on your resume? Show your work and explain.

View complete question

Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M91904890

Have any Question?Write your Review or question?

Related Questions in Operation Management

Make and report ldquoyour own notesldquo on all of the

Make and report “your own notes“ on all of the above learning outcomes. Learning Outcomes: Upon the successful completion of this module, you should understand the following concepts: Different sources and appropriate us ...

Assignment1 after reading the case scenario in the

Assignment 1. After reading the case scenario in the document linked above, make an argument for one of the actions: staying with your teammate or descending alone. The technical aspects of mountain climbing are not impo ...

Please answer the following questions in essay format must

Please answer the following questions in essay format. Must be at least one full page of written work (excluding quotes/references), Times New Roman, 12 point font, double-spaced; and cited in the proper APA format. Refl ...

1 are there policy instruments or management practices that

1. Are there policy instruments or management practices that can reduce social injustices such as the outflow of health workers or racial or ethnic disparities that lead to poor quality of care? 2. Describe the differenc ...

1 the flooding in louisiana is an example of a natural

1. The flooding in Louisiana is an example of a natural disaster. Discuss with your classmates how natural disasters affect the health of a community. 2. From a statistical analysis standpoint. What is the responsibility ...

Health policy analysisdoes blue ridge paper productsrsquo

Health Policy Analysis Does Blue Ridge Paper Products’ (BRPP) policy differ from a traditional employee stock ownership plan (ESOP)? Are there any ethical concerns in the case? Why? Why not? What important lesson(s) are ...

Speedy wheels is a wholesale distributor of bicycles for

Speedy Wheels is a wholesale distributor of bicycles for the western United States. Its Inventory Manager, Ricky Sapolo, is currently reviewing the inventory policy for one popular model — a small, one-speed girl's bicyc ...

General aviation hangar renovation group case studyassuming

General Aviation Hangar Renovation Group Case Study Assuming the perspective of your role (Project Manager), consider how you would address the following case study questions: 1. What are the key issues surrounding this ...

You work as a property manager and staff liaison for a

You work as a property manager and staff liaison for a neighborhood association for a downtown neighborhood that recently has undergone urban renewal. Beautiful old homes were restored, and upscale boutiques replaced paw ...

Perfect party company contracts with a customer to provide

Perfect Party Company contracts with a customer to provide its birthday party package, including a cake, balloons, and musical entertainment. In addition, Perfect Party will host the event. Perfect Party commonly offers ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Operation Management Expert