Decision Of Uncertainty

How High Might Insurance Premiums Rise
In the health cathexis industry there are many decisions that need to be made and some are very complex. There are ways to calculate the success of a decision by using business research methods which include the following move; the process of planning, acquiring, analyzing, and disseminating relevant data (Cooper & Schindler, 2008). XYZ health Plans provides health redress coverage for several hundred thousand people in a given geographic area. The troupe is being approach with rising costs because of inflation and some risk factors that count in XYZs coverage area. This has created a level of uncertainty about the amount of premium their customers are unbidden to redress before they will look for health coverage elsewhere. The company took a small seek at random of 40 current customers they wanted to know the amount they would be willing to pay if the premiums were to increase before they went elsewhere (University of capital of Arizona, 2011). According to University of Phoenix Decision: How high might insurance premiums rise? (2011), this was the data that was gathered from the sample.




The following is data gathered from the random sample of 40 enrollees:

$48$42$46$51$23$42$54$38$52$48
$51$47$62$62$49$61$51$53$59$44
$38$24$44$41$32$35$45$38$57$38
$32$43$62$56$49$65$53$51$49$54

Decision: What is the range in price that XYZ Health plan can raise their price to while charge the most customers?

Descriptive Statistics
The knowledge below is the data synopsis of the information from the sample of the 40 current customers based upon their information they gave to XYZ Health Plan.
Column1

Mean47.225
Standard Error1.589019816
Median48.5
modal value38
Standard Deviation10.04984373
Sample Variance100.999359
Kurtosis0.034148665
Skewness-0.450829988
govern42
Minimum23
Maximum65
Sum1889
Count40
Largest(1)65
Smallest(1)23
Confidence take (99.0%)4.3029277



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