xav-ERM and data science Discussion 4

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Chapter 18 presented special risk management issues with Blue Wood Chocolates, and chapter 19 presented various financial risks at Kilgore Custom Milling.

Task 1:

1) If Blue Wood Chocolate and Kilgore Custom Milling are to develop a risk management framework, who should lead the process at each company?

2) Should a Chief Risk Officer (CRO) be appointed? If so, to whom should he/she report and have access to?

3) How could smaller companies without the resources for a dedicated CRO deal with ERM?

4) How does this relate to your research project for the course?

words :300 (attached textbook)

Task 2: You will now think of some real-life applications for statistical learning.

(a) Describe three real-life applications in which classification might be useful. Describe the response, as well as the predictors. Is the goal of each application inference or prediction? Explain your answer.

(b) Describe three real-life applications in which regression might be useful. Describe the response, as well as the predictors. Is the goal of each application inference or prediction? Explain your answer.

(c) Describe three real-life applications in which cluster analysis might be useful.

words :300

include intext citations and references

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