Posted: October 19th, 2016

Determine whether there is reason to believe the prevention plans were effective at the significance level of 0.05. Discuss the results. [

Question 2 Using historical data, a cargo insurance company, BestCarGO Ltd., estimated that the cost of damage caused by natural disasters in a given region is AUD $ 15,500 on average. BestCarGO Ltd. introduced several plans to prevent loss, and randomly sampled 200 policy holders. The survey showed a mean amount per claim to be AUD $ 14,930 with a standard deviation of AUD $ 4,031. Determine whether there is reason to believe the prevention plans were effective at the significance level of 0.05. Discuss the results. [10 marks] Department of Maritime and Logistics Management JNB252 Analytical Methods for Decision Making 23 Take-home examination: Distance stud