Business Statistics
Using descriptive statistics explore claim payment amounts, and identify factors that appear to influence the amount of the payment

The sample data from a research survey conducted in various countries on the amount of time 35 yearold children spent alone with their fathers each day is as follows:
For the above sample, determine the following measures:

The mean

The standard deviation

The mode

The 75th percentile
Based on your calculations comment on the fatherchildren relationship (10 Marks)

‘Prince’ a chaiwala at Mumbai Central station believes that the sales of tea at his tea shop depends upon the weather. He has taken a sample of a week’s data. Below you are given the results of the sample. (10 Marks)

Which variable is the dependent variable?

Compute the least squares estimated line.

Is there a significant relationship between the sales of coffee and temperature?

Predict sales of a 95 degree day.

According to one of the recent study published in an International report, the cost of medical malpractice in the United States is USD 55.6 billion a year, which is approximately 2.4 percent of US annual healthcare spending. An earlier research report published in 2011, in the New England Journal of Medicine revealed that, during the period 1991 to 2005, 7.4 percent of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contributes to high premiums for medical malpractice insurance. The table below contains a sample of data set of claim payments made in a year’s time and other information about the claimant.

Using descriptive statistics explore claim payment amounts, and identify factors that appear to influence the amount of the payment. (5 Marks)

Do a correlation analysis between ‘Amount’ and ‘Age’ and interpreted the coefficient of correlation. (5 Marks)
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