A bank branch located in a commercial district of a city has the business objective of improving

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A bank branch located in a commercial district of a city has the business objective of improving the process for serving customers during the noon- to- 1: 00 p. m. lunch period. The ­waiting time (defined as the time the customer enters the line ­until he or she reaches the teller window) of a random sample of 15 customers is collected, and the results are organized and stored in Bank1. These data are:
A bank branch located in a commercial district of a

a. At the 0.05 level of significance, is there evidence that the pop-ulation mean waiting time is less than 5 minutes?
b. What assumption about the population distribution is needed in order to conduct the t test in (a)?
c. Construct a boxplot or a normal probability plot to evaluate the assumption made in (b).
d. Do you think that the assumption needed in order to conduct the t test in (a) is valid? Explain.
e. As a customer walks into the branch office during the lunch hour, she asks the branch manager how long she can expect to wait. The branch manager replies, €œ Almost certainly not longer than 5 minutes.€ On the basis of the results of (a), evaluate this statement.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Business Statistics A First Course

ISBN: 9780321979018

7th Edition

Authors: David M. Levine, Kathryn A. Szabat, David F. Stephan

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