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COMM 215 Business Statistics

tag 0 Download 3 Pages / 729 Words tag 23-06-2021
  • Course Code: COMM215
  • University: Concordia University
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  • Country: Canada

Question:

A consulting firm was hired recently to conduct a survey to study the risk management practices of risk managers in Canadian companies. Risk management practices are activities undertaken by a company to minimize the potential cost of contingent losses due to incidences of events such fire and employee injuries. The measures taken by risk managers include paying premium for insurance coverage and also retaining portion of risk. The data are collected from a questionnaire originally sent to 374 risk managers.

Unfortunately, only 73 forms with complete information were returned. Values for the variables described below were obtained from each of these 73 companies. The variables in the “problem 1.xlsx” are The measure of the firm's risk management cost effectiveness, defined as total property and casualty premiums and uninsured losses as a percent of total assets. In other words, it is the percentage of total assets that are allocated to cover the cost of taking risks. The lower this amount, the more cost effective the risk management practices are.

INDRISK: A qualitative variable indicating the level of risk in the firm's industry. The possible values of this variable are low, medium and high.  A qualitative variable indicating the degree of importance the company assigns to using analytical tools in making risk management decisions. The possible values of this variable are low, medium and high.

1) Measures of central tendency and measures of variability are used to summarize and describe the distribution of a variable. Answer the following questions using the measures of central tendency and variability:
a) Summarize the cost effectiveness (COST) and total assets (SIZE) of all the firms.
b) What can you conclude about the symmetry in the distributions of COST and SIZE of all the companies
c) Compare the cost effectiveness and size of the companies between the three categories of industry risk.
d) Compare the cost effectiveness and size of the companies between the three categories of importance they place on the use of analytics in managing risks.
2) Having described in general the distribution of the SIZE of all the companies using measures of central tendency and variability in Question 1, now explain more specifically the symmetry and skewness of the distribution.
a) What can you conclude about the distribution (including skewness, outliers) of the size of all companies Justify your answer by a box-plot, and a stem-and-leaf display.
b) How many outliers (on either end) are there in part a
c) Compare the distributions of size of companies in the 3 categories of industry risk using box plots.What conclusions can you draw from your observations of the box plots.
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[Accessed 30 September 2022].

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My Assignment Help. COMM 215 Business Statistics [Internet]. My Assignment Help. 2021 [cited 30 September 2022]. Available from: https://myassignmenthelp.com/free-samples/comm215-intercultural-communication/medium-priority.html.


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