Determine the correlation between claims and surplus

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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