As a risk manager,?

Question

you will need to know how to explain complex concepts to employees and even executives who may not know the concepts. Therefore you need to be able to put these complex into simpler terms.

1. Consider that I am a department head in a large manufacturer who has not been to business school. I asked you for a number—what are my expected workers compensation losses. You gave me a range of losses between $150,000 and $180,000. Of course this you calculated as one standard deviation. Summarize for me what one standard deviation means, briefly how you calculated it, and why this should be a good estimate of the losses in my department. Be succinct but informative.

Tavy · Answer

Your Homework not mine.

Steve D · Answer

Casey is correct - this is basic stats and should have been the first thing (well maybe second after mean and median) you learned in stats.  And just to throw a monkey wrench into this, we have no idea if this is a good measure or not since we don't know your sample size, we don't know your confidence level, etc.  Go back and re-read the definition of "standard deviation" - once you understand what it is, then you can answer this question with ease (if you know an SD is, you really don't even have to know how to calculate it to figure out how to use it).

Casey Y · Answer

If you cannot answer this question, quit whatever course you are taking as you are out of your depth.

As a Certified Risk Manager...I can say this with confidence.

You are asking for far too much here.  You want someone to do your homework...
If you don't know what a standard deviation is or if you cannot describe this in laymans terms, whatever course you are taking is already over your head.

As a risk manager,?

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