Question
An Insurance Company reports that the mean cost to process claim is $50. An industry comparison...
An
Insurance Company reports that the mean cost to process claim is
$50. An industry comparison showed this amount to be larger than
most other insurance companies, so they instituted cost-cutting
measures. To evaluate the effect of cost-cutting measure, the
company selected a random sample of claims processed last month and
determine the cost to process these selected claims. The sample
information is reported as follows: 45, 48, 52, 47, 39, 42. At the
0.10 significance level is it reasonable to conclude that the mean
cost to produce a claim is now less than $50?
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An Insurance Company reports that the mean cost to process claim is $50. An industry comparison...
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McFarland Insurance Company knows that the average cost to process a claim for their company is...
McFarland Insurance Company knows that the average cost to
process a claim for their company is currently $60. Given the
economic conditions they initiated cost-cutting measures. To
evaluate the effectiveness of these measures after six months,
McFarland selected at random 26 claims and determined the cost to
process them. The sample information is as follows:
$45
49
62
40
43
61
48
53
67
63
78
64
48
54
51
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51
58
59
56
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Therefore, McFarland has instituted cost-cutting measures in an attempt to reduce this cost and a sample...
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to
determine if these new measures have indeed caused a reduction in
process
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costs.
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confidence level, is it reasonable to conclude that the MEAN.P to
process
a claim is
now less than $60?
45
49
62
40
43
61
48
53
67
63
78
64
48
54
51
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a=0.05
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