Please answer the third question in part C! If this is done on excel, please exp
ID: 3058721 • Letter: P
Question
Please answer the third question in part C! If this is done on excel, please explain the formula to enter. Thanks! Medical billing errors and fraud are on the rise. According to the Medical Billing Advocates of America, 8 out of 10 times, the medical bills that you receive are incorrect. A sample of 10 medical bills is selected and we examine the number of medical bills that are incorrect. A. Explain why this meets the criteria for a binomial setting (1 p) B. Create a spreadsheet in Excel to compute the mean, variance, standard deviation and the probability distribution for the number of incorrect medical bills. Include a screen shot. (3 points) C. Use your worksheet to answer the following (1 pt each). Include a probability statement for each answer. What is the probability that exactly 5 medical bills will contain errors? What is the probability that more than 5 medical will contain errors? What is the probability that the number of errors will be more than 1 standard deviation above the mean number of errors? Justify. D. Using Excel, create a binomial probability histogram (1 pt) E. Suppose that a quality improvement initiative has reduced the number of errors to be 35%. Again, 10 medical bills are sampled. Update your worksheet and create a second binomial probability histogram. How does the new histogram compare to the original? (2 pts)
Explanation / Answer
Please answer the third question in part C! If this is done on excel, please explain the formula to enter. Thanks! Medical billing errors and fraud are on the rise. According to the Medical Billing Advocates of America, 8 out of 10 times, the medical bills that you receive are incorrect. A sample of 10 medical bills is selected and we examine the number of medical bills that are incorrect. A. Explain why this meets the criteria for a binomial setting (1 p) B. Create a spreadsheet in Excel to compute the mean, variance, standard deviation and the probability distribution for the number of incorrect medical bills. Include a screen shot. (3 points) C. Use your worksheet to answer the following (1 pt each). Include a probability statement for each answer. What is the probability that exactly 5 medical bills will contain errors? What is the probability that more than 5 medical will contain errors? What is the probability that the number of errors will be more than 1 standard deviation above the mean number of errors? Justify. D. Using Excel, create a binomial probability histogram (1 pt) E. Suppose that a quality improvement initiative has reduced the number of errors to be 35%. Again, 10 medical bills are sampled. Update your worksheet and create a second binomial probability histogram. How does the new histogram compare to the original? (2 pts)