. The commercial loan operation of a financial institu- tion has a standard for processing new loan applica- tions in 24 hours. Table 7E.2 shows the number of applications processed each day for the last 20 days and the number of applications that required more than 24 hours to complete. (a) Set up the fraction nonconforming control chart for this process. Use the variable-width control limit approach. Plot the preliminary data in Table 7E.2 on the chart. Is the process in statistical control? (b) Assume that assignable causes can be found for any out-of-control points on this chart. What center line should be used for process monitor- ing in the next period, and how should the con- trol limits be calculated?