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Simulating The Gamma Distribution - Worked Example

Using the provided 'MotorClaims' dataset, the task involves performing a series of statistical analyses. The first step is to fit a Gamma distribution to the dataset by determining its scale and shape parameters and stating the resulting distribution clearly. This sets the foundation for the subsequent steps by providing a model to simulate data.

Next, the task involves simulating 1000 values from the fitted Gamma distribution, printing the first six values, and calculating the mean and variance of these simulated values. This part of the exercise is essential for verifying the accuracy and consistency of the fitted distribution through practical simulation.

Finally, the exercise includes creating a QQ plot to compare the simulated values with a normal distribution and adding a reference line to indicate the true position of the normal distribution. The final step requires commenting on the shape of the distribution and its similarity to a normal distribution, providing insights into the goodness of fit and the nature of the data.

CS1B - Paper F - Question 1