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Exam 13: Putting It All Together

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Question 1

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Most insurance policies are priced based on probability.

A) True
B) False

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True

Question 2

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Everything can be measured for analysis.

A) True
B) False

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Analysts should never rely on their hunches in analytics.

A manager should use analytics to search for the truth.

Statistical analysis rarely provides the truth.

Define availability bias.

People with more stable jobs tend to be the best drivers and have the lowest insurance risk.

Analytical managers should start small and only use analytics for very simple decisions.

Estimation samples an existing population.

People often misinterpret a significant amount of data rather than a single data point.

Statistical analysis normally proves the truth.

Analytics is designed to produce perfect decisions.

Precision can mask inaccuracies.

Quantitative reasoning should never replace sound reasoning.

A manager should keep data secret and should shy away from sharing data with others.

It is important to fail when doing analytics.