Psy 625 Week 6 DQ 1
DQ 1: We have looked at a number of important statistical concepts over the past few weeks and there is value in considering how some of those concepts are employed to drive decisions that impact all of us and our families.
Actuarial Science uses math and statistics concepts to provide information that drives life insurance and medical insurance policy and procedures. In health insurance, actuarial science focuses on an analysis of rates of a number of different areas. Professionals in this area also use something called "catastrophic modeling" that uses a computer model to estimate the level of damage and exposure that an insurance company might have in the event of a catastrophic event, such as a hurricane.
Please take a look at http://encyclopedia.thefreedictionary.com/Catastrophe+modeling How do you think events such as Hurricane Sandy impact this work and the results? Could someone have "modeled" what happened in New York and New Jersey and the damages to people and property?