Determine the correlation between claims and surplus

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Reference no: EM132703382

QUANTITATIVE ANALYSIS FOR MANAGEMENT DECISIONS

Case- Scenario

The following data are claims (in $millions) for Blue cross Blue shield benefits benefits for nine states, along with the surplus (in $millions) that the company had in assets in those states.

State                  Claims          Surplus

Alabama               1425              277

Colorado                 273              100

Florida                    915              120

Illinois                  1687              259

Maine                     234                40

Montana                 142                25

North Dakota          259               57

Oklahoma               258               31

Texas                       894             141

Use the data to compute a correlation coefficient, to determine the correlation between claims and surplus. Interpret the results accordingly explain all variables under study along with their significance. Further explain entire concept of Correlation using 5 real life situations which explains the concept of correlation in detail. Make use of appropriate reference and enrich your literature review appropriately.

Reference no: EM132703382

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