АС SECTION B Instructions: Answer any THREE (3) questions from this section. Question 1 Johnson's botanical has recorded the following numbers of losses for the past 10 years. Year HIA losses $ 300 400 1 2 300 3 300 4 100 150 6 200 7 200 300 8 9. 300 а. Calculate the following: i. mean ii. median iii. mode iv. variance V. standard deviation vi. coefficient of variation b. Discuss the implications of standard deviation and the coefficient of variation.

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Risk management and insurance

АС
SECTION B
Instructions: Answer any THREE (3) questions from this section.
Question 1
Johnson's botanical has recorded the following numbers of losses for the past 10 years.
Year
HIA losses
$
300
400
1
2
300
3
300
4
100
150
6
200
7
200
300
8
9.
300
а.
Calculate the following:
i.
mean
ii. median
iii. mode
iv. variance
V.
standard deviation
vi. coefficient of variation
b.
Discuss the implications of standard deviation and the coefficient of variation.
Transcribed Image Text:АС SECTION B Instructions: Answer any THREE (3) questions from this section. Question 1 Johnson's botanical has recorded the following numbers of losses for the past 10 years. Year HIA losses $ 300 400 1 2 300 3 300 4 100 150 6 200 7 200 300 8 9. 300 а. Calculate the following: i. mean ii. median iii. mode iv. variance V. standard deviation vi. coefficient of variation b. Discuss the implications of standard deviation and the coefficient of variation.
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Step 1

Given data:

X Losses, f
0 300
1 400
2 300
3 300
4 100
5 150
6 200
7 200
8 300
9 300

 

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