Use the information in the table above to estimate a, Operation Management

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Use the information in the table above to estimate a

1-Use the information in the table below to find the average severity per claim.

Range of loss amount Midpoint dollar amount of loss Number of losses Total $ amount of losses

$1-2000 $1,000 165 $165,000

$2001-10,000 $6,000 30 $ 180,000

Greater than $10,000 NA 0 0

2-Use the information in the table above to estimate a probability distribution for the loss severity per claim.

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