Use the Sample Data Below to Test Whether Car Colour

question 40

Essay

Use the sample data below to test whether car colour affects the likelihood of being in an accident.Use a 5% level of significance. $$\begin{array} { c | l c c } & \text { Red } & \text { Blue } & \text { White } \\\hline \begin{array} { c } \text { Car has been in } \\\text { accident }\end{array} & 28 & 33 & 36 \\\begin{array} { c } \text { Car has not been } \\\text { in accident }\end{array} & 23 & 22 & 30\end{array}$$

Grasp the principle of financial responsibility laws and their purpose in automobile insurance.

Understand different strategies for managing risks, including avoidance, reduction, assumption, and shifting.

Identify the purposes and features of assigned risk pools.

Distinguish between key insurance concepts, including peril, hazard, risk, premium, and liability.

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Definitions:

SCM

Supply Chain Management involves the systematic control over the transfer of resources, information, and finances as they make their way from their origin with suppliers to manufacturers, onto wholesalers and retailers, and finally to the end user or consumer.

TPS

The Transaction Processing System, a specific form of information system, is tasked with collecting, saving, adjusting, and fetching transactional information pertaining to an organization.

SCM

The directive process of managing the flow of physical goods, associated information, and financial transactions from the point of supply through manufacturing stages to the wholesaler, retailer, and ultimately to the consumer is the essence of Supply Chain Management.

Interorganizational

Interorganizational pertains to the relationships or interactions between different organizations, often involving collaboration, partnerships, or competition across organizational boundaries.