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Question description

You are a risk manager in a manufacturing company and one of your key responsibilities is securing of property insurance coverage to provide protection against damage caused by “acts of God,” such as earthquakes, hurricanes, floods, etc. You begin the process with due diligence, which is focused on estimating the chances of a single “act of God” occurring in the year, as well as chances of two or more “acts of God” occurring in the year (also in the course of the subsequent year). Consider the different approaches to assigning probabilities to “acts of God.” Which of the approaches will you be most inclined to choose and why? Which of those approaches will you be least inclined to choose and why?

 

You are a marketing manager for a company that makes ready-to-eat breakfast cereals. Your company recently initiated a loyalty program for consumers, which resulted in a large purchaser database. The brand managers are eager to mine the available data, which they can use to design more effective promotional programs. Your first step is to conduct an exploratory baseline analysis, the goal of which is to describe the buyer base and estimate basic statistical descriptors of the said buyer base. You are particularly interested in the size of individual purchases, as well as the frequency of repurchases. Describe the individual statistics you would compute and discuss what would you learn from each statistic that would be of value in designing effective promotions.

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(Top Tutor) Daniel C.
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School: UC Berkeley
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