Question

A bank branch located in a commercial district of a city has the business objective of developing an improved process for serving customers during the noon-to-1:00 p.m. lunch period. The waiting time, in minutes, is defined as the time the customer enters the line to when he or she reaches the teller window. Data collected from a sample of 15 customers during this hour are stored as follows:

4.21, 5.5,5 3.02, 5.13, 4.77, 2.34, 3.54, 3.20, 4.50, 6.10, 0.38, 5.12, 6.46, 6.19, 3.79

1) Compute the mean and median.

2) Compute the variance, standard deviation, range, the coefficient of variation, and Z scores. Are there any outliers? Explain.

3) As a customer walks into the branch office during the lunch hour, she asks the branch manager how long she can expect to wait. The branch manager replies, “Almost certainly less than five minutes.” On the basis of the result of (a), evaluate the accuracy of this statement.

Answer 1