Assignment
As the risk management of a small chain of restaurants, you are analyzing the losses incurred over the last 10 years. Using these data, calculate the:
Years Losses
Years 1-2 1200
Year 3 1000
Years 4-6 800
Year 7-8 500
Years 9-10 100
a) Expected value of losses
b) Variance
c) Standard Deviation
d) Coefficient of Variation
e) In what (approximate) range should losses fall 95 percent of the time?