Question
Queuing theory is the study waiting. Many banks are interested in the mean amount of time...
Queuing theory is the study waiting. Many banks are interested in
the mean amount of time their customers spend waiting on line.
Chase bank says their average wait time is 3 minutes with a
population standard deviation of 1.25 minutes. To prove this the
bank takes a random sample of 1250 people, and finds that their
average time waiting on line is 3.73 minutes.
A) construct a 99% confidence interval estimate for the
population mean waiting time at Fleet.
B) what distribution did you use to calculate the confidence
interval in part a. and why did you use it?
C) interpret the confidence interval verbally
D) Does the banks claim that the average wait time is 3
minutes seem reasonable? Why?
Homework Answers
Answer #1
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