Subjective probability - Study guides, Class notes & Summaries

Solution Manual for Risk Management And Insurance 12th Edition James Trieschmann Sandra Gustavson Sandra Gustavson, Robert Hoyt Sandra Gustavson, Robert Hoyt, David Sommer-1. Risk can be defined as uncertainty as to loss. Risk can create an economic burden by requiring reserve funds to pay for contingent losses and price increases of some goods and services. Risk may deprive society of some goods and services that are determined to involve too much risk to justify their production. 2. a. Pur...

Chapter 1. Primary Care in the Twenty-First Century: A Circle of Caring 1. A nurse has conducted a literature review in an effort to identify the effect of hand washing on the incidence of nosocomial (hospital-acquired) infections in acute care settings. An article presented findings at a level of significance of <0.01. This indicates that A) The control group and the experimental group were B) more than 99% similar. C) The findings of the study have less than 1% ch...

1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. - C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental condition or state of mind. D) the cause of loss. - B 3) An insurance co...

RMIN 4000 uga test 1 Study Guide Solutions Updated 2024 types of risk - ANSWER--pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk - ANSWER-uncertainty concerning the occurrence of a loss uncertainty - ANSWER-probabilities cannot be estimated loss exposure - ANSWER-any situation or circumstance in which a loss is possible, regardless of whether a loss actually occurs example: earthquake or flood causing damage to a manufacturin...

RMIN 4000 uga test 1 latest update graded A+ types of risk -pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk uncertainty concerning the occurrence of a loss uncertainty probabilities cannot be estimated loss exposure any situation or circumstance in which a loss is possible, regardless of whether a loss actually occurs example: earthquake or flood causing damage to a manufacturing plant objective risk (degree o...

What are the 4 types of measurement scales? - Answer-1. Nominal Scales 2. Ordinal Scales (Assigned to a category) 3. Interval Scales (Relative ranking) 4. Ratio Scales (Equal differences between scale values) NOIR When do we use geometric and arithmetic means to analyze investment returns? - Answer-Arithmetic Mean: To estimate next year's return Geometric Mean: Measure of past performance What are the 3 different types of probabilities? - Answer-1. Empirical Probability (Past data) ...

Risk correct answers any uncertainty regarding financial loss thus entity (personal) or enterprise (business) wide in scope Business Interruption correct answers Any event, whether anticipated (i.e., public service strike) or unanticipated (i.e., blackout) which disrupts the normal course of business operations at an organization location example: can't sell sandwiches because the building needs to be fixed pure vs speculative static vs dynamic objective vs subjective divers...

NR511 Final Exam Questions with Correct Answers Define diagnostic reasoning - Answer--A type of critical thinking -Includes systematic way of thinking that evaluates each new piece of data to support some hypothesis and reduce others -Evaluates if all the avenues have been explored and that the conclusion is based on evidence -To solve problems, promote health, screen for dz/illness: all require sensitivity to complex stories, contextual factors, sense of probability/uncertainty Discus...

holdharmless clause - ️️if a manufacturer of scaffolds inserts a hold-harmless clause in a contract with a retailer, the retailer agrees to hold the manufacturer harmless in case a scaffold collapses and someone is injured two ways objective probability can be determined - ️️1) deductive reasoning (priori probabilities): probability of getting a head from the toss of a perfectly balanced coin is 1/2 bc there are two sides 2) inductive reasoning: the probability that a person age 21...

Importance of Level of Measurement correct answers decide on what descriptive statistics and what inferential statistical test is appropriate for the data nominal level of measurement correct answers - data organised categories with a measure of frequency -frequency data, counts -mutually exclusive -contains the least info ordinal level of measurement correct answers data that are ordered in some way -size order -exact difference between each item is not known -ranked or ...