SCENARIO 8-3 To Become an Actuary,it Is Necessary to Pass a Series

question 34

Short Answer

SCENARIO 8-3
To become an actuary,it is necessary to pass a series of 10 exams,including the most important one,an exam in probability and statistics.An insurance company wants to estimate the mean score on this exam for actuarial students who have enrolled in a special study program.They take a sample of 8 actuarial students in this program and determine that their scores are: 2,5,8,8,7,6,5,and 7.This sample will be used to calculate a 90% confidence interval for the mean score for actuarial students in the special study program.
-Referring to Scenario 8-3,the mean of the sample is_____ ,while the standard deviation of the sample is_____ .

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Definitions:

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, traditionally identified as product, price, place, and promotion.

Market Share

The proportion of the overall sales in a market that a company, product, or brand secures.

Externally Focused Strategies

Business tactics that prioritize external market conditions and customer needs over internal considerations.

Internally Focused Strategies

Approaches within a business that concentrate on improving internal processes, resources, and capabilities to meet organizational goals and objectives.