This problem is from 2008.

The US Open is an annual two week tennis event in Flushing NY in late August, early September.

In a year with no significant rain interruption, the US Open makes approximately $275 million in revenue and incurs expenses of approximately $225 million, for a profit of $50 million. Of the $275 million in revenue approximately $100 million is from ticket sales. As a non-profit organization, it incurs no tax.

The US Open can work around rain delays but if all play is suspended in either the afternoon or evening sessions, tickets are good for the same session in the following year, in which case the USTA foregoes revenue. The largest ticket prices are for the women’s and men’s finals so a rain-out on either of these days forgoes the most revenue.

The Open is interested in buying a contract to protect itself from foregone revenues from rain interruptions during the finals. Working with its insurance broker, it approaches the insurance market to see if it can buy a weather derivative or insurance policy.

The US Open estimates that between foregone ticket sales and lost margin on concessions and broadcasting rights, a rain out on either the men’s or women’s finals will mean $30 mil in lost profits.

The insurance broker is able to secure an insurance policy that will indemnify the US Open if rainfall occurs during the men’s or women’s finals. The policy treats each event separately, meaning there is coverage and a corresponding premium charged for postponement of either final. The insurer is willing to provide a policy covering each separate event that will indemnify the US Open with a limit of $30 million and a policy premium of $10 million for each. As with all insurance policies, the US Open can collect the insurance payments only once it demonstrates the losses.

The weather desks at three major reinsurance holding companies with broker/dealers supply the probabilities associated with significant rainfall (> ¼ inch) on days 13 and 14 of this calendar year, which is 20% for either day, and conditional on rain on the 13th day, the chance of rain on the 14th day is 30%.

Write out all possible rain/dry possibilities for the 13th and 14th days, with their associated probabilities.

Without insurance, what are the profits if there are rain postponements to either or both finals?

Without insurance, what are the expected profits?

With insurance, what are profits if there are rain postponements?

With insurance what are profits if there is no rain?

What are the expected profits if insurance is purchased?

Should the US Open explore including additional days into the policy?

Over a ten year period, assuming baseline revenue and costs are approximately the same amounts as today, what would the US Open expect to earn (i) in the absence of an insurance policy and (ii) with the insurance policy?

The weather desk is also willing to write two weather derivative contracts, one for day 13 and one for day 14, each with a payout of $30 million and a cost of $12 million. The derivative pays the US Open regardless of whether play is suspended or not. It pays based on measured rainfall within 24 hour period exceeding ¼ of an inch.

What is the best strategy for the US Open to manage its exposure to rain?

Explain.

Without insurance, what are the profits if there are rain postponements to either or both finals?

Without insurance, what are Expected profits?

With insurance, what are profits if there are rain postponements?

With insurance what are profits if there is no rain?

Should the US Open explore including additional days into the policy?

Over a ten year period, assuming baseline revenue and costs are approximately the same amounts as today, what would the US Open expect to earn (i) in the absence of an insurance policy and (ii) with the insurance policy?

What is the best strategy for the US Open to manage its exposure to rain?

This problem is from 2008.

The US Open is an annual two week tennis event in Flushing NY in late August, early September.

In a year with no significant rain interruption, the US Open makes approximately $275 million in revenue and incurs expenses of approximately $225 million, for a profit of $50 million. Of the $275 million in revenue approximately $100 million is from ticket sales. As a non-profit organization, it incurs no tax.

The US Open can work around rain delays but if all play is suspended in either the afternoon or evening sessions, tickets are good for the same session in the following year, in which case the USTA foregoes revenue. The largest ticket prices are for the women’s and men’s finals so a rain-out on either of these days forgoes the most revenue.

The Open is interested in buying a contract to protect itself from foregone revenues from rain interruptions during the finals. Working with its insurance broker, it approaches the insurance market to see if it can buy a weather derivative or insurance policy.

The US Open estimates that between foregone ticket sales and lost margin on concessions and broadcasting rights, a rain out on either the men’s or women’s finals will mean $30 mil in lost profits.

The insurance broker is able to secure an insurance policy that will indemnify the US Open if rainfall occurs during the men’s or women’s finals. The policy treats each event separately, meaning there is coverage and a corresponding premium charged for postponement of either final. The insurer is willing to provide a policy covering each separate event that will indemnify the US Open with a limit of $30 million and a policy premium of $10 million for each. As with all insurance policies, the US Open can collect the insurance payments only once it demonstrates the losses.

The weather desks at three major reinsurance holding companies with broker/dealers supply the probabilities associated with significant rainfall (> ¼ inch) on days 13 and 14 of this calendar year, which is 20% for either day, and conditional on rain on the 13^th day, the chance of rain on the 14^th day is 30%.

1. Write out all possible rain/dry possibilities for the 13^th and 14^th days, with their associated probabilities.
2. Without insurance, what are the profits if there are rain postponements to either or both finals?
3. Without insurance, what are the expected profits?
4. With insurance, what are profits if there are rain postponements?
5. With insurance what are profits if there is no rain?
6. What are the expected profits if insurance is purchased?
7. Should the US Open explore including additional days into the policy?
8. Over a ten year period, assuming baseline revenue and costs are approximately the same amounts as today, what would the US Open expect to earn (i) in the absence of an insurance policy and (ii) with the insurance policy?

The weather desk is also willing to write two weather derivative contracts, one for day 13 and one for day 14, each with a payout of $30 million and a cost of $12 million. The derivative pays the US Open regardless of whether play is suspended or not. It pays based on measured rainfall within 24 hour period exceeding ¼ of an inch.

1. What is the best strategy for the US Open to manage its exposure to rain?

Explain.

1. Without insurance, what are the profits if there are rain postponements to either or both finals?
2. Without insurance, what are Expected profits?

3. With insurance, what are profits if there are rain postponements?
4. With insurance what are profits if there is no rain?

5. Should the US Open explore including additional days into the policy?

6. Over a ten year period, assuming baseline revenue and costs are approximately the same amounts as today, what would the US Open expect to earn (i) in the absence of an insurance policy and (ii) with the insurance policy?
7. What is the best strategy for the US Open to manage its exposure to rain?

please make sure the second part is answer.  

Two hospital emergency rooms use different procedures for triage of their patients. A local health care provider conducted a study to determine if there is a significant difference in the mean waiting time of patients for both hospitals. The 40 randomly selected subjects from Medina General Hospital (population 1) produce a mean waiting time of 18.3 minutes and a standard deviation of 2.1 minutes. The 50 randomly selected patients from Southwest General Hospital (population 2) produce a mean waiting time of 19.2 minutes and a standard deviation of 2.92 minutes. Using a significance level of α = .02, the critical value(s) for rejecting the null hypothesis is(are) -2.33 ±1.988 +2.33 -2.37 ±2.33 +2.37 ±2.37 +1.988 -1.988

Research a major (note the word major) security/ privacy breach that occurred in the healthcare or public health domain in the last 5 years. Answer the following questions.

1. What was the impact on patients?
2. What could have been done to prevent it?
3. What was the penalty / fine awarded to the healthcare organization?

Nine owners of Honda Civics in Richmond want to know if they get different gas mileage with their cars than what the Honda Corporation reports. Honda of America states that all Honda Civics sold in America get an average of 33 MPG (miles per gallon). The nine Honda owners drive their cars and record the MPG listed below. Use a single-sample t-test to determine the outcome (alpha = .05, two-tailed).

Owner 1: 29 MPG
Owner 2: 32 MPG
Owner 3: 31 MPG
Owner 4: 30 MPG
Owner 5: 30 MPG
Owner 6: 29 MPG
Owner 7: 28 MPG
Owner 8: 31 MPG
Owner 9: 30 MPG
M = 30

In the box below, provide the following information:
Null Hypothesis in sentence form (1 point):
Alternative Hypothesis in sentence form (1 point):
Critical Value(s) (2 points):
Calculations WITH COHEN'S D (4 points): Note: the more detail you provide, the more partial credit that I can give you if you make a mistake.
Outcome (determination of significance or not, and what this reflects in everyday language, 2 points)

Please discuss the purpose of hypothesis testing. In your response, provide an example of a null hypothesis and alternative hypothesis. Why is hypothesis testing important for researchers?

3) President Trump’s approval rating is 42%. Suppose that 10 people were chosen at random

a) Find the probability that 5 of the 10 people approve of the job President Trump is doing.

b) Find the probability that at most 3 of the 10 people approve of the job President Trump is doing.

c) Find the probability that at least 3 of 10 people approve of the job President Trump is doing.

Please use an example to discuss the Analysis of Variance. Please discuss why some experts believe it should be called “Analysis of Means.”

Please discuss the advantages and disadvantages of using surveys to collect data from subjects. Why does the response rate to surveys matter? In your discussion, please elaborate on a survey you have completed in the past. Why did you elect to participate?

Let p be the (unknown) proportion of males in a town of 100, 000 residents. A political scientist takes a simple random sample of 100 residents from this town.

(a) Write down the exact pmf, as well as an approximate pmf, for the number of males in the sample. (They should both depend on p).

(b) If the number of males in the sample is 55 or more, the political scientist will claim that there are more males than females in the town. If the number of males in the sample is less than 55, he/she will claim that the number of males in the town is smaller or equal to that of females. What is approximately the probability that his/her claim will be correct if the true proportion of males in the town, p, is 50%? What if p = 55%?

(c) Report an approximate 68% confidence interval for p if 65 of the 100 residents in the sample are male.

The sinking of the RMS Titanic is one of the most infamous shipwrecks in history. On April 15, 1912, during her maiden voyage, the Titanic sank after colliding with an iceberg, killing 1502 out of 2224 passengers and crew. This sensational tragedy shocked the international community and led to better safety regulations for ships. One of the reasons that the shipwreck resulted in such loss of life was that there were not enough lifeboats for the passengers and crew. Although there was some element of luck involved in surviving, some groups of people were more likely to survive than others.
The file Titanic.xls contains data for 1309 of the Titanic passengers. Each row represents one person. The columns describe different attributes about the person including whether they survived (survived), their gender (sex), and their passenger-class (pclass). You can find a short description of each variable in the variables worksheet included in the file.

Answer the following based on the dataset:
a. What percentage of the men suvived? What percentage of the women survived?
b. What was the average fare for each passenger class?
c. Compare the survival rates of each class of passengers.

To retrieve Titanic.xls, please copy and paste the URL below:

http://biostat.mc.vanderbilt.edu/wiki/pub/Main/DataSets/titanic3.xls

what is the purpose of a mission statement

PSY-520 Graduate Statistics

Topic 5 – Benchmark – Correlation and Regression Project

Directions: Use the following information to complete the questions below. While APA format is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

1. Select at least three variables that you believe have a linear relationship.
   1. Specify how you will measure each of these variables (i.e., what instrument will you use and provide an APA reference for the instrument)
2. Collect the data for these variables and describe the data collection technique and why it was appropriate as well as why the sample size was best.
   1. Submit the data collected by submitting the SPSS data file with your submission.
3. Find the Correlation coefficient for each of the possible pairings of variables and describe the relationship in terms of strength and direction.
4. Find a linear model of the relationship between the three (or more) variables of interest. Identify the predictor variables and the criterion variable.
5. Provide the output of the SPSS results and interpret the results using correct APA style.

This benchmark assignment assesses the following programmatic competencies: 3.1: Interpret psychological phenomena using scientific reasoning

1. A researcher wants to determine the average given below. Describe how the researcher should apply the five basic steps in a statistical study. (Assume that all the people in the poll answered truthfully.) The average number of light bulbs per household that function as designed. Determine how to apply the first basic step in a statistical study in this situation. Choose the correct answer below. a. The population is all households. The researcher wants to estimate the average b. The population is all light bulbs that function as designed. The researcher wants to estimate the average number of light bulbs per household that function as designed. c. The population is all light bulbs that function as designed. The researcher wants to estimate the average number of light bulbs per household that do not function as designed. d. The population is all households. The researcher wants to estimate the average number of light bulbs per household that function as designed. 2. Determine how to apply the second basic step in a statistical study in this situation. Choose the correct answer below. a. The researcher should gather data about functionality from the largest sample of light bulbs about whom the researcher can gather data. b. The researcher should only gather raw data from light bulbs that function as designed. c. The researcher should gather raw data from all light bulbs. d. The researcher should only gather raw data from light bulbs that do not function as designed. 3. Determine how to apply the third basic step in a statistical study in this situation. Choose the correct answer below. a. The sample statistic of interest is the average number of light bulbs per household that function as designed. b. The sample statistic of interests is the average number of light bulbs per household that do not function as designed. c. The sample statistic of interest is the percentage of light bulbs that do not function as deigned. d. The sample statistic of interest is the percentage of light bulbs that function as designed. 4. Determine how to apply the fourth basic step in a statistical study in this situation. Choose the correct answer below. a. The researcher should use the sample statistic as an estimate for the population value of the average number of light bulbs that function as designed and then use the methods of statistics to determine how good that estimate is. b. If the percentage of light bulbs that function as designed in the sample is greater than 50%, then the researcher can be confident that all light bulbs function as designed. c. The sample statistic provides no useful information to the researcher in this situation. d. If the researcher followed correct procedures, he or she can be confident that the sample statistics is equal to the average number of light bulbs that function as designed. 5. Determine how to apply the fifth basic step in a statistical study in this situation. Choose the correct answer below. a. The researcher should use the methods of statistics to determine the quality of the estimate of the population parameter and draw conclusions based on this estimate accordingly. b. The researcher cannot draw any conclusions based on the value of the sample statistic. c. There is no way to determine how well the sample statistic estimates the population parameter. d. The researcher knows that the sample statistic is equal to the population parameter, so he or she may draw conclusions with complete confidence.

1.5 Suppose you believe that, in general, graduates who have majored in your subject are offered higher salaries upon graduating than are graduates of other programs. Describe a statistical experiment that could help test your belief.

1.6 You are shown a coin that its owner says is fair in the sense that it will produce the same number of
heads and tails when flipped a very large number of times.

a.Describe an experiment to test this claim.

b. What is the population in your experiment?

c. What is the sample?

d. What is the parameter?
e. What is the statistic?

f. Describe briefly how statistical inference can be used to test the claim.

1.7 Suppose that in Exercise

1.6 you decide to flip the coin 100 times.

a.What conclusion would you be likely to draw if you observed 95 heads?
b. What conclusion would you be likely to draw if you observed 55 heads?
c.Do you believe that, if you flip a perfectly fair coin 100 times, you will always observe exactly 50 heads? If you answered “no,” then what numbers do you think are possible? If you answered “yes,” how many heads would you observe if you flipped the coin twice? Try flipping a coin twice and repeating this experiment 10 times and report the results.

1.8 Xr01-08 The owner of a large fleet of taxis is trying to estimate his costs for next year’s operations. One major cost is fuel purchase. To estimate fuel purchase, the owner needs to know the total distance his taxis will travel next year, the cost of a gallon of fuel, and the fuel mileage of his taxis. The owner has been provided with the first two figures (distance estimate and cost of a gallon of fuel). However, because of the high cost of gasoline, the owner has recently converted his taxis to operate on propane. He has measured and recorded the propane mileage (in miles per gallon) for 50 taxis.

a.What is the population of interest?
b. What is the parameter the owner needs?

c. What is the sample?
d. What is the statistic?

e. Describe briefly how the statistic will produce the kind of information the owner wants.