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The McGranger Mortgage Company is interested in monitoring the performance of the mortgage process. Fifteen samples of five completed mortgage transactions each were taken during
The McGranger Mortgage Company is interested in monitoring the performance of the mortgage process. Fifteen samples of five completed mortgage transactions each were taken during a period when the process was believed to be in control. The times to complete the transactions were measured. The means and ranges of the mortgage process transaction times, measured in days, are as follows:
Sample 16 17 18 19 20 21 22 23 24 25 Mean 1 1 14 9 15 17 19 13 22 20 18 Range 7 1 1 6 4 12 14 11 10 8 6\fStep by Step Solution
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