FIN401 Insurance and Risk Management: Describe a few examples of your learning of risk management. Discuss how you are helped by this learning and consider the future implications of what you’ve learned for your effectiveness at work, school, with your family or in your community. Be specific and use examples. This is also an opportunity to synthesize elements of the class (e.g., what risk perils or hazards have overlooked or minimized in your daily life or business? Can you develop a contingency and budget to protect against those risks? What new knowledge and information did you learn from video and digital content, and how does that knowledge synthesize into your daily life or professional orientation as a risk manager).

1. Each of the following situations describes error in a statistical experiment, where a researcher is trying to find the percentage of American college students who identify as Democrats or Republicans. State whether this is sampling or non-sampling error, and explain why you chose that answer.
   1. The researcher randomly selects 400 college students from around the country and asks them if they are Democrats or Republicans. The researcher finds that 38% of the students are Democrats, when the actual percentage is 41%.
   2. The researcher sets up a table in the cafeteria at their University, a wealthy private school in New England, and asks students who pass by if they identify as a Democrat or Republican. They find that 53% of the surveyed students identify as Republicans, when the actual percentage is 36%.

Suppose the incidence rate of influenza (flu) during the winter of 1998-1999 (i.e. from December 21, 1998 to March 20, 1999) was 50 events per 1000 person-months among students in high schools in a particular city. Among 1200 students in one high school in the city, 200 developed a new case of influenza over the winter of 1999-2000 (i.e. the 90 days from December 21, 1999 to March 20, 2000).

Question: Test the hypothesis that the rate of flu has changed from winter 1998-1999 to winter 1999-2000. Write
out all 4 steps of the hypothesis test including a two-tailed p-value.

recommendations can be for any subset of the health care markets from nursing school, to hospital management, to pharmaceuticals, from cost to delivery system to technology transfer.

Paragraph 1: Describe the current system in one or two sentences and state the problem that requires correction. (If you are talking about a country other than the US, this paragraph might need to be a little longer to acquaint everyone with the current system.)

Paragraph 2: Describe your recommendation for how to correct the problem, explaining exactly how your solution addresses that particular problem.

Paragraph 3: Identify at least one thing that is likely to go wrong with your recommendation. Every solution creates new problems, and we try to anticipate these in advance.

Produce a fully researched and referenced report (indicative word range 2,250–2,500 words) for a client that explains a particular system, type or design of an innovative modern method of construction suitable for a new primary school.
Your report should:
• include a critical appraisal that evaluates the relative merits of this method of construction over that of a more traditional type of construction;
• address various environmental and sustainability issues.

Please state any assumptions you make in the report. Assumptions can be made as to any specific type of facility, arrangements, layout or size. Please ensure that you write in your own words and that all sources are fully referenced.
Report guidance
The report could look at an offsite system of prefabricated schools.

Consider the following situations and determine whether they exhibit simultaneous consumption, network effects, x-inefficiency or rent-seeking behavior. Assume the businesses referenced function as monopolies.

(a) A pharmaceutical company discovers a vaccine for the common cold. The company puts a significant effort into tests to get it FDA-approved and into hiring lawyers to obtain a patent.

(b) An Internet service provider adds thousands of new customers.

(c) The head of a family-owned, major hotel chain decides to hire his wild, socialite niece to work as an executive of the company after her reality TV career ends.

(d) An online profile company helps college and high school students from across the country to connect with each other.

Q. You are an attorney working for a large law firm. Anthony, Paul and Silvio retain you to represent diem. With the material that you studied in the Chapters, prepare an essay explaining the issues presented. Be sure to explain the Courts (Federal or State) to which the matters could be brought and why, and the various legal issues that you studied with respect to the fact pattern. Hint: The best way to answer this essay is to take each set of facts the each paragraph, and explain the law as it applies to the facts.

You are an attorney working for a large law firm. Anthony, Paul and Silvio retain you to represent them. With the material given prepare an essay explaining the issues presented. Be sure to explain the courts to which the matters could be brought and why and the various legal issues that you find in the fact pattern. Anthony a New Jersey resident and owner of a waste disposal company in New Jersey decided to expand his business to the five boroughs of New York City. On a particular Sunday afternoon Anthony and some of his employees drove in the company SUV across the Bridge and headed to a meeting in the Queens with a local Queens based waste disposal company in order to enter into a joint venture for the collection of commercial waste. The SUV was traveling at approximately 30 miles per hr on the side streets of the Queens as it headed to the meeting. tony was driving the car and had his employees, Paul and Silvio (all NJ residents) sitting in the back seat of the vehicle. As Tony left the Long Island Expressway at the Utopia Parkway ramp he stopped at a traffic light. A truck travelling from behind was apparently traveling over the speed limit and was unable to stop in time. Tony's SUV was "rear ended" by the truck. The truck was owned by a local fireworks company, a New York domestic corporation and contained fireworks for the upcoming 4th of July display in the East River. Paul and Silvio sustained injuries as a result of the car crash. They were immediately hospitalized. The SUV was "totaled" and could not be repaired due to the extensive damage. The damage to the SUV ( a specially designed Porsche) was $85000. The cost of the hospitalization to Paul and Silvio was $15000 to each respectively. Anthony was able to keep his business appointment despite the fact that his entourage was hospitalized. During the business meeting, Anthony was angered that the Queens Company was not interested in the terms of the contract. He held a gun to the head of the Queens Company Vice President and as a result they agreed to enter into a joint venture agreement. His agreement with the Queens based company was as follows: THe Queens company could use his trucks for waste removal. they would pay him a monthly rental for the use of his trucks. the vice President then brought the agreement to the President of the Queens company for signature. The president was awoken from his sleep and presented with the agreement and was told he was signing a contract with a local vendor for truck parts. He signed the agreement without reading it as he was still groggy from being awoken. Two weeks later Paul, who owned a appliance store paid for an advertisement in the local Dollarsaver newspaper. The advertisement stated that the first person who entered the store at 9:00 am on Tuesday October 16, and who purchased a 19" plasmas TV set would receive a free outdoor barbeque set. Jim entered the store at 9:00 am on the 16th, purchased the 19" plasma TV and was advised that the appliance store had no barbeque sets in stock. The same day Paul signed an agreement with Sony to purchase all of the 19" plasma TVs that sony produces. Two weeks later, when the first shipment arrived, Paul rejects the shipment on the basis that there was no contract because the quantity was "too vague". Three weeks later Silvio decided to sell his home. He met with the potential buyers and advised them that the zoning for the house permitted the house to be used as a two family dwelling and that the property size was sufficient for the town to permit the construction of an in-ground pool. The real estate broker representing Silvo concurred. The broker was Silvio nephew. The purchasers , who wanted to convert the house to a two family dwelling in order to move their parent in, signed the agreement and relied upon the broker and Silvio's representation. Weeks later they met with the local Buildings Department for the town and were told that the zoning laws for the town nly permitted one family dwelling for their newly purchased house.

Marilyn is a 23-year-old M.B.A. student at the business school of a large Midwestern university. For years she has been frustrated and dissatisfied with her life. She has always done well academically, but lately she has had little interest in doing her schoolwork and little confidence that she can do it well. She describes herself as a person with "big plans," who ultimately won't "cut it." She also fears that she will never be satisfied with life, even if she does succeed. She frequently feels irritable, despondent, and helpless. Marilyn said, "It's as if my entire life has been laid out for me. I don't feel like I have any choice about what I do. Worst of all, I think that it may all be a total waste." Lately her persistent negative cognitions have interfered with her ability to work on her thesis and to fulfill her duties as a teaching assistant. She is easily distracted from her work and usually puts it off until weeks after it is due. She says that sometimes she hesitates because she fears that her adviser will reject the work as substandard (although this has never actually happened), and sometimes she puts it off because she "doesn't really care about it anymore." Marilyn describes herself not only as having problems with academic work but also as having trouble establishing relationships with men. She describes a long-standing habit of picking up men (either at bars or at parties on campus) and quickly pressuring them to have sex with her. Within a week she then 'dumps" them without an explanation, understandably engendering a good deal of hostility. Marilyn describes a recent example. Several weeks ago she met a man in one of her classes and asked him to come over for dinner. They slept together that night, despite his initial hesitancy. Marilyn described their sex as "boring and routine." Two days later they saw a movie. When his reactions to the movie differed from hers, she decided to stop seeing him because he was uninteresting and a relationship with him would be "a pointless waste." Marilyn began drinking heavily during the past year. She usually drinks socially at campus bars and parties, especially when she is trying to pick up someone. She has found that her drinking often makes her pass out after sex or after "cruising" the local bars. She complains that her drinking is also interfering with her academic work by making her tired and easily distractible. Marilyn complained about her problems to a fellow student, who recommended a psychodynamically oriented therapist he knew. At first Marilyn was put off by this suggestion, but she eventually came to the conclusion that it might be a good idea. After an initial interview, the therapist decided that Marilyn should be seen for individual therapy three times a week. Marilyn agreed. PERSONAL HISTORY Marilyn is the oldest of four children. Her father is a dermatologist. Her mother has a bachelor's degree in advertising, but she did not pursue a career after graduation. Both grandfathers died young, leaving both parents to grow up in single-parent homes. Marilyn's overall impression of her parents is that they were generally attentive and supportive, although paradoxically they seemed somewhat neglectful of her true needs. For example, when Marilyn had difficulty learning to read, her parents' response was to push her to try harder. They became frustrated at her slow progress. It was not until after several months that her need for corrective eyeglasses was finally noticed. After medical school, Marilyn's father did his residency in Chicago, where both parents' families were located. However, he had always wanted to live in a rural area, so after his residency the family moved to a small town in Colorado. Marilyn, who had become a vociferous reader after she got her glasses, felt very unpopular in this small town, mostly because education and intelligence were not highly valued. After high school she applied to her father's alma mater but was rejected, partly, she believes, because of her substandard education. She grudgingly settled for the state university, which she felt was far below her intellectual capabilities. Marilyn described her first two years of college as unremarkable. She spent her junior year of college in Europe, where she initiated her pattern of sleeping with men and then quickly breaking up with them. This pattern has persisted for the past three and a half years. When her therapist asked her how she felt about her relationships, Marilyn stated that she felt compelled to sleep with a man for him to really accept her. After a only a week or so, however, she would begin to feel bored and would look for someone new. Upon her graduation Marilyn applied to several M.B.A. programs. She was bitterly disappointed when her first two choices turned her down, and she began worrying about whether she would ever be successful. In particular, she complained about having to miss out on the best schools and the most interesting cities, saying, "In my entire life I could never get anywhere that really mattered." What are the abnormal behaviors worth noting and what diagnosis would be given. What is her diagnosis? Is it a personality disorder?

part a) x = 137, s = 14.2, n = 20, H0: μ = 132, Ha: μ ≠ 132, α = 0.1

A) Test statistic: t = 1.57. Critical values: t = ±1.645. Do not reject H0. There is not sufficient evidence to conclude that the mean is different from 132.

B) Test statistic: t = 1.57. Critical values: t = ±1.729. Do not reject H0. There is not sufficient evidence to conclude that the mean is different from 132.

C) Test statistic: t = 0.35. Critical values: t = ±1.645. Do not reject H0. There is not sufficient evidence to conclude that the mean is different from 132.

D) Test statistic: t = 0.35. Critical values: t = ±1.729. Do not reject H0. There is not sufficient evidence to conclude that the mean is different from 132.

part b) A local group claims that the police issue more than 60 speeding tickets a day in their area. To prove their point, they randomly select two weeks. Their research yields the number of tickets issued for each day. The data are listed below. At α = 0.01, test the group's claim using P-values.

70 48 41 68 69 55 70 57 60 83 32 60 72 58

A) P-value = 0.4766. Since the P-value is great than α, there is not sufficient evidence to support the the group's claim.

B) P-value = 0.4766. Since the P-value is great than α, there is sufficient evidence to support the the group's claim.

part c) A local school district claims that the number of school days missed by its teachers due to illness is below the national average of μ = 5. A random sample of 28 teachers provided the data below. At α = 0.05, test the district's claim using P-values.

0 3 6 3 3 5 4 1 3 5 7 3 1 2 3 3 2 4 1 6 2 5 2 8 3 1 2 5

A) standardized test statistic ≈ -4.522; Therefore, at a degree of freedom of 27, P must lie between 0.0001 and 0.00003. P < α, reject H0. There is sufficient evidence to support the school district's claim.

B) standardized test statistic ≈ -4.522; Therefore, at a degree of freedom of 27, P must lie between 0.0001 and 0.00003. P < α, reject H0. There is no sufficient evidence to support the school district's claim

part d) To test the effectiveness of a new drug designed to relieve pain, 200 patients were randomly selected and divided into two equal groups. One group of 100 patients was given a pill containing the drug while the other group of 100 was given a placebo. What can we conclude about the effectiveness of the drug if 62 of those actually taking the drug felt a beneficial effect while 41 of the patients taking the placebo felt a beneficial effect? Use α = 0.05.

A) claim: p1 = p2; critical values z0 = ±1.96; standardized test statistic t ≈ 2.971; reject H0; The new drug is effective.

B) claim: p1 = p2; critical values z0 = ±1.96; standardized test statistic t ≈ 2.971; do not reject H0; The new drug is not effective.

We live in a connected world where communicating with people is made easier through​ technology, specifically through social networks. With the use of​ Facebook, Twitter, or​ Linked-In, you can talk to a celebrity or someone in another country as easily as you might talk to someone at your work or school. Whether your goal is business or personal​ relationships, it has never been easier to access a multitude of people quickly.
   It has been said that there are only six degrees of separation between any two people in the world. This means that any person can be connected to any other person in the world by 6 or fewer steps. For​ example, you may know someone who knows someone else who knows a person who knows someone who knows a​ celebrity, thereby linking you to the celebrity. Some have said that in our modern era of​ technology, we may even be separated by only 4 or fewer steps.
     Suppose you join an online social network and make 10 friends. Suppose that each of them has 10 friends with whom you yourself are not friends. Suppose each of those friends has 10 friends with whom you are not friends. After these 3​ steps, how many total connections do you​ have? After​ 4, 5, and 6​ steps, how many total connections do you​ have? Write a general equation that models the total number of connections after 6 steps as a function of your initial number of friends. Assume each person has the same initial number of friends. Define any variables used.
     You can reach many people in 6 steps starting with just 10​ friends, but what if you wanted to reach a number of people equal to the population of the whole​ world? How many friends would you need initially​ (and on each​ step) to connect with the number of people that is equal to the size of the entire world population in 6​ steps? Use the model and the known values to write a specific​ equation, and solve it numerically using Excel.
     Now choose a realistic number of​ people, such as the number of people at your school or in your​ town, that you want to reach in 6 steps. How many friends would you need initially​ (and on each​ step) in order to connect with this number of​ people? Use the model and the known values to write a specific​ equation, and solve it numerically using Excel. I want last part only.