What Type of Probability Distribution Will the Consulting Firm Most

question 21

Multiple Choice

What type of probability distribution will the consulting firm most likely employ to analyze the
Insurance claims in the following problem?
An insurance company has called a consulting firm to determine if the company has an
Unusually high number of false insurance claims.It is known that the industry proportion for
False claims is 3%.The consulting firm has decided to randomly and independently sample
100 of the company's insurance claims.They believe the number of these 100 that are false
Will yield the information the company desires.

• A) binomial distribution.
• B) Poisson distribution.
• C) hypergeometric distribution.
• D) none of the above.

Describe the three biological theories of aging and their implications.

Distinguish between cross-sectional and longitudinal studies and understand their significance in psychological research.

Understand the process of development and the arguments against a solely genetic determination.

Discuss the strategies for maintaining a successful marriage based on psychological research.

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Definitions:

Fixed Costs

Fixed costs are business expenses that remain constant regardless of production volume, such as rent, salaries, and insurance premiums.

Direct Materials Price Variance

The difference between the actual cost and the standard cost of materials used in production, indicating how efficiently materials are being purchased.

Standard Price

Standard price is a predetermined cost assigned to materials and goods, used in budgeting and costing calculations.

Actual Price

The real price at which a transaction takes place, unaffected by any discounts or premiums.