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Hazard Insurance, Statistics, and Decision-Making
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Term Papers on Applied Operations Management research papers
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This 7 page
report discusses the key factor underlying the role of hazard
insurance -- the probable nature of risk prediction. Such
prediction comprises a combination of hazard, vulnerability and
exposure. As data becomes more precise, predictability is also
improved. As predictability improves, overall costs are reduced
since there is a greater degree of awareness of what may take
place and allows for greater preparation on the part of those who
may be affected. In general, that predictability is based on
statistical occurrence and what those statistics tell about
eventualities of a situation. Statistical probability serves as
the foundation upon which decisions are made in the hazard
insurance business. Bibliography lists 6 sources.
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Pages:
7
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Filename:D0_BWhazins.wps |
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Paper Title:
Hazard Insurance, Statistics, and Decision-Making
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