BU3315: Quantitative Analysis Solving Business Operation Challenges

| March 31, 2017

Question
BU3315: Quantitative Analysis

Solving Business Operation Challenges

Auto Insurance Problem

(Regression Analysis)

A random sample of eight drivers insured with a company and having similar auto insurance policies was selected. The following table lists their driving experiences (in years) and monthly auto insurance premiums.

Driving Experience (years)

Monthly Auto Insurance Premium ($)

5

64

2

87

12

50

9

71

15

44

6

56

25

42

16

60

You are a consultant hired by a company to help them predict how much the monthly insurance premium will be for new hires with the following driving experiences respectively:

7,13,18,21,27,35, and 40

You have been assigned this project and you are required to present your probable solution in the following format:

1. Project Background

2. Discussion of the QM tool and technique you decided to use and why

3. Methodology

4. Discussion

5. Conclusion

6. Include all additional information in the appendix page

Make slides for the presentation of your finding to senior management of your company.

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