An insurance company has the business objective of reducing the amount of time it takes to approve
Question:
a. In the past, the mean processing time was 45 days. At the 0.05 level of significance, is there evidence that the mean processing time has changed from 45 days?
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.
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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Related Book For
Statistics For Managers Using Microsoft Excel
ISBN: 772
7th Edition
Authors: David M. Levine, David F. Stephan, Kathryn A. Szabat
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