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Research by the Illinois Banking Company revealed that only 10 percent of their customers wait more than five minutes to do their banking. Management considers this reasonable and will not add more tellers unless the proportion becomes larger than 10 percent. The branch manager at the Litchfield Branch believes that the wait is longer than the standard at her branch and requested additional part-time tellers. To support her request the branch manager reported that in a sample of 100 customers, 14 waited more than five minutes. AT the 0.01 significance level, is it reasonable to conclude that more that 10 percent of the customers wait more than five minutes?
To what probabilities do each of the following sigma levels correspond to, based on a standard normal curve: 3 sigma, 4sigma, 5 sigma, and 6 sigma? (Hint: Use the NORMSDIST function in Excel.
Nationwide, the average time until a electric utility customer service representative answers a call is 260 second. The Gigantic Kilowatt Energy Company randomly sampled 30 calls and found that, on average, they were answered in 227 second with a ..
Calculate expected value for each decision and choose the best one. Find out how much firm would be eager to pay to a market research firm to gain better information about future market conditions.
From past estimates, manager thinks that about 4% of customers have expressed dissatisfaction. What sample size must you use for this survey?
One of the main measures of the quality of service provided by any organization is the speed with that responds to customer complaints. A large family-held department store selling furniture and flooring, including carpet, had undergone a chief ex..
Does the weight of a vehicle affect the gas mileage? The following random sample was collected where x = weight of a vehicle in hundreds of pounds and y = miles per gallon.
Suppose a reading between 30 and 40 is called very interesting from an archaeological point of view. Let us say you take readings at n=12 sites chosen at random.
Find an equation of the least squares regression line. Please show your work. Is there a linear correlation between "x" and "y" at the 0.01 significance level? Please justify your answer.
Discuss how graphical representations can be used to display data in a meaningful way. Choose a specific business application and describe an example of a specific graph or chart that can be used to interpret data and why it is so useful.
Critically discuss the Central Limit Theorem? How large should the sample size be if the underlying distribution of the population values are:
Can you describe in detail the differences in ANOVA and the five-step hypothesis testing method?
A loan application is received this morning. What is the probability that:
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