Business, 11.02.2021 20:40 angelinagiraffp538zb

Calculate the coefficient of variation of the following distributions and identify which distribution has the greatest risk. Distribution 1 Distribution 2 Distribution 3
Outcome Prob Outcome Prob Outcome Prob
$100 0.10 $100 0.20 $0 0.30
$400 0.20 $500 0.30 $200 0.10
$800 0.70 $600 0.50 $1000 0.60

Required:
a. Assume that a loss history is normally distributed with a mean of $5,000 and a standard deviation of $1,500. Whatâs the probability that the next loss will be greater than $5,750?
b. If the risk manager is willing to tolerate 2% chance that costs will be greater than the maximum probable loss, what is the maximum probable loss level?

Answers: 3

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Calculate the coefficient of variation of the following distributions and identify which distributio...

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