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

A bank branch located in a commercial district of a city has
developed an improved process for serving customers during the
noon-1:00pm lunch period. The waiting time of all customers during
this hour is recorded over the period of a week. A random sample of
30 customers is selected and their waiting time is recorded (see
data file Bank 1). At the 0.05 level of significance is there
evidence that the population mean waiting time is less than 5
minutes?...

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 are
collected from a sample of 15 customers during this hour. The
following is the list of time data gathered from the bank branch in
the...

Please show me how to use R to solve the problem. thanks!
A bank with a branch located in a commercial district of a city
has developed an improved process for serving customers during the
noon-to-1 P.M. lunch period. The bank has the business objective of
reducing the waiting time (defined as the number of minutes that
elapse from when the customer enters the line until he or she
reaches the teller window) to increase customer satisfaction. A
random sample...

A bank branch located in a commercial district of a city has the
business objective of improving the process for serving customers
during the noon-to-1:00 P.M. lunch period. The waiting time is
defined as the time the customer enters the line until he or she
reaches the teller window. The bank wants to determine if the mean
waiting time is less than 5 minutes. A random sample of 15
customers is selected. Results found that the sample mean waiting
time...

A bank branch located in a commercial district of a city has the
business objective of improving the process for serving customers
during the noon-to-1:00 P.M. lunch period. The waiting time
(defined as the time the customer enters the line until he or she
reaches the teller window) of a random sample of 15 customers is
collected. The bank wants to determine if the mean waiting time is
less than 5 minutes. Results found that the mean waiting time was...

A bank with branches located in a commercial district of a city
and in a residential area has the business objective of developing
an improved process for serving customers during the noon-to-1
P.M. lunch period. Management decides to first study the waiting
time in the current process. The waiting time is defined as the
number of minutes that elapses from when the customer enters the
line until he or she reaches the teller window. Data are collected
from a random...

Suppose a bank? branch, located in a residential? area, is
concerned with its service during the? noon-to-1 pm lunch hour. The
waiting? times, in? minutes, collected from a sample of 15
customers during this? hour, are listed below. Complete parts? (a)
through? (d) below.
9.58 5.94 8.05 5.82 8.77 3.91 8.11 8.42 10.56 6.72 5.73 4.14
6.23 9.86 5.41
a. Compute the mean and median.
The mean is
?(Round to two decimal places as? needed.)
The median is
?(Type an...

Customers arrive at bank according to a Poisson process with
rate 20 customers per hour. The bank lobby has enough space for 10
customers. When the lobby is full, an arriving customers goes to
another branch and is lost. The bank manager assigns one teller to
customer service as long as the number of customers in the lobby is
3 or less. She assigns two tellers if the number is more than 3 but
less than 8. Otherwise she assigns...

The operations vice president of Security Home Bank has been
interested in investigating the efficiency of the bank’s
operations. She has been particularly concerned about the costs of
handling routine transactions at the bank and would like to compare
these costs at the bank’s various branches. If the branches with
the most efficient operations can be identified, their methods can
be studied and then replicated elsewhere. While the bank maintains
meticulous records of wages and other costs, there has been...

An insurance company has one adjuster in the branch office.
People with claims against the company are found to arrive in a
Poisson fashion during an 8 to 5 workday. Determine the hourly
service and arrival rates using an 8-hour workday. The amount of
time that the adjuster spends with a claimant is exponentially
distributed. Claimants are processed in the order of their
arrival.
You are the manager of this branch and you wanted to investigate
service provided by your...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 25 minutes ago

asked 36 minutes ago

asked 36 minutes ago

asked 49 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago