Problem
A life insurance company issues a 20-year temporary assurance to lives aged 45. The sum assured, which is payable immediately on death, is £300,000 for the first 10 years, and £100,000 thereafter. Level annual premiums are payable in advance for 20 years, or until earlier death. The premium basis is: Mortality: A1967-70 Ultimate Interest: 4% per annum. Expenses: nil. (i) Show that the premium payable is approximately £1,339.57 per annum. [4] (ii) Find the net premium policy value ten years after the commencement of the policy, immediately before the payment of the eleventh premium, assuming the reserving basis is the same as the premium basis. [4] (iii) Give an explanation of your numerical answer to part (ii). Describe the disadvantages to the insurance company of issuing this policy. [3] (iv) How could the terms of the policy be altered, so as to remove the disadvantages described in part (iii)?
The following data relate to 12 patients who had an operation which was intended to correct a life-threatening condition, where time 0 is the start of the period of the investigation: Patient number Time of operation (in weeks) Time observation ended (in weeks) Reason observation ended 1 0 120 Censored 2 0 68 Death 3 0 40 Death 4 4 120 Censored 5 5 35 Censored 6 10 40 Death 7 20 120 Censored 8 44 115 Death 9 50 90 Death 10 63 98 Death 11 70 120 Death 12 80 110 Death You can assume that censoring was non-informative with regard to the survival of any individual patient. (i) Compute the Nelson-Aalen estimate of the cumulative hazard function, Λ( )t , where t is the time since having the operation. [6] (ii) Using the results of part (i), deduce an estimate of the survival function for patients who have had this operation. [2] (iii) Estimate the probability of a patient surviving for at least 70 weeks after undergoing the operation
In order to gain insight into the management strategy related to the roles and functions of a manager, you will utilize Merck Sharp & Dohme Corp.("MSD"), a subsidiary of Merck & Co., Inc. as a focus company and respond to the following questions:
Enter the MSD Jobs section and type "management" in the "Search from below list" search box. Next, select a management-related job posting, review the qualifications, skills, and experience required and assume that you were hired for the position. Characterize the three roles that are part of a manager's job by addressing the following:
Interpersonal Roles: provide an explanation of this type of management role. Next, give two examples of the types of interpersonal relationships and interactions that you could expect to experience.
Informational Roles: provide an explanation of this type of management role. Next, give two examples of the types of informational activities that you could expect to experience.
Decisional Roles: provide an explanation of this type of management role. Next, give two examples of the types of decisions that you could expect to make.
Discuss the impact of key management theories on an organization's current practices by addressing the following:
Scientific Management: define the area of focus for this theory and provide an example of how you believe that MSD would utilize this approach in its organization's current management practices.
Bureaucracy: review the organizational chart for MSD's parent company, Merck. Next, utilize this information to define the area of focus for this theory and provide an example of how you believe that MSD would utilize this approach in its organization's current management practices.
Human Relations: define the area of focus for this theory and provide an example of how you believe that MSD would utilize the social, compliance, and conflict resolution approaches in its organization's current management practices.
Based on your employment as a manager in the MSD role from the first requirement, apply the five management functions for organizational effectiveness by addressing the following:
Planning: provide one example of the type of planning that you could engage in for this position and how it would help to achieve organizational effectiveness.
Organizing: provide one example of the type of organizing that you could engage in for this position and how it would help to achieve organizational effectiveness.
Staffing: provide one example of the type of staffing that you could engage in for this position and how it would help to achieve organizational effectiveness.
Controlling: provide one example of the type of control that you could engage in for this position and how it would help to achieve organizational effectiveness.
Directing: provide one example of the type of directing that you could engage in for this position and how it would help to achieve organizational effectiveness.