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Descriptive and Inferential Statistics - Assignment Example

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The paper “Descriptive and Inferential Statistics” looks at a strict liability rule, which dictates that the owner of a company should take responsibility for any damages caused by his or her products. Under a strict liability rule, the optimal decision for Ford will depend on the expected loss…
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Descriptive and Inferential Statistics
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The total cost under this option will be $0 + $ 4,400 = $ 4,400.
On the other hand, when the company decides to recall tires, it will cost it $800 per unit to replace tires with another rand and the probability of tire separation will be 0.001. Thus, the expected loss will be:
From the above summary, the average loss for ten months is $118,358 which is deemed to be the damages for the ten months before Brinks’ contract was terminated.
B. As a Brinks’ Attorney, my objection would be that the damage calculation method considered only a few months; it did not cut across the entire period Brinks had the contract.
Therefore, Ford should recall tires since the total cost for this option is quite lower than that of keeping the tires.
Under a no liability rule, the company will not take responsibility for any damages caused by its products; in case of any damages, the consumers cater for the loss. Therefore, considering the two options of recalling and not recalling tires, we consider the expected loss and total costs involved in both.
Standard deviation is the most reliable statistic that can be used in a legal setting since it describes how far a certain value is from the mean. For instance, the mean in the above summary is 74818.90 and the standard deviation for the same data is 1677.93. Thus, this standard deviation is quite small and it can be interpreted as follow: This data has a relatively small standard deviation which implies that the total population per member for all the districts is closer to the mean (well distributed across all the districts).  
Therefore, considering the expected loss, Ford should recall tires since the loss will be quite low ($ 1,000) when compared to keeping the tires.
Assuming perfect information, consumers who have Ford products should consider replacing the Firestone tires with other tires so as to avoid incurring losses in case of damages. It only costs $800 to replace all the four tires but waiting for accidents before one can replace the tires will cost more. Read More
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