Question
A bank is trying out a new system through which it hopes to reduce its customers' waiting time and keep them satisfied. The bank manager
A bank is trying out a new system through which it hopes to reduce its customers' waiting time and keep them satisfied. The bank manager hopes that the new system will reduce the customers' waiting timefrom beginning till checking outto not more than 5 minutes. The new system will reduce the waiting time to 3.5 minutes, with a standard deviation of 1.96 minutes. To verify the performance, the bank manager measures 30 customers' waiting time using the new system and obtains mean waiting time of 4.17 minutes.
A. Use these data to test the null hypothesis at a 1% level of significance.
B. Determine the probability that a wrong decision was made in part A, where the new system actually provided a waiting time of 3.5 minutes as stated in the question
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started