Reference no: EM13915582
The data in the table below is from a study conducted by an insurance company to determine the effect of changing the process by which insurance claims are approved. The goal was to improve policyholder satisfaction by speeding up the process and eliminating some non-value-added approval steps in the process. The response measured was the average time required to approve and mail all claims initiated in a week. The new procedure was tested for 12 weeks, and the results were compared to the process performance for the 12 weeks prior to instituting the change.
Table: Insurance Claim Approval Times (days)
Old Process New Process
Week Elapsed Time Week Elapsed Time
1 31.7 13 24
2 27 14 25.8
3 33.8 15 31
4 30 16 23.5
5 32.5 17 28.5
6 33.5 18 25.6
7 38.2 19 28.7
8 37.5 20 27.4
9 29 21 28.5
10 31.3 22 25.2
11 38.6 23 24.5
12 39.3 24 23.5
Use the date in table above and answer the following questions in the space provided below:
1. What was the average effect of the process change? Did the process average increase or decrease and by how much?
2. Analyze the data using the regression model y = b0 + b1x, where y = time to approve and mail a claim (weekly average), x = 0 for the old process, and x = 1 for the new process.
3. How does this model measure the effect of the process change?
4. How much did the process performance change on the average? (Hint: Compare the values of b1 and the average of new process performance minus the average of the performance of the old process.)
|
Financial analysis of radioshack
: A comparative financial analysis of RadioShack and Best Buy, for the years 2011 - 2013. What you will do is use analytical techniques to evaluate the relative financial health of both of these organizations. Will your analysis show that RadioShack..
|
|
Revenues
: What must have been the firm's revenues-Revenues
|
|
Supplementary record that a company creates and maintains
: 1) What is the supplementary record that a company creates and maintains in a separate account for each customer called? The controlling account The schedule of accounts receivable The accounts receivable subsidiary ledger Either A or B above None of..
|
|
Compute the average time between calls and compare
: Compute the average time between calls and compare this value with the expected value of the time between calls from the probability distribution. Why are the result different
|
|
What was the average effect of the process change
: What was the average effect of the process change? Did the process average increase or decrease and by how much?
|
|
Question regarding the intellectual standards
: Using the 8 elements of reasoning (Purpose, problem, information, concepts, assumptions, inferences, points of view, implications or consequences) choose a news article and break it down according to those elements. You will also describe how each..
|
|
Amount of days'' sales uncollected
: 3. In the December 31 financial statements, the following balances were reported: Cash $40,000, Accounts Payable $12,000, Accounts Receivable $49,000, and Net Sales $260,000. What is the amount of days' sales uncollected
|
|
A sole proprietorship was started on january
: A sole proprietorship was started on January 1, 2013, when it received $40,000 cash from Jimmy Ross, the owner.
|
|
Meet organizational goals
: Strategy involves the actions performed to meet organizational goals (action plan)
|