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

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 file Bank1 contains the results, which are also listed here:
A bank branch located in a commercial district of a

a. Compute the mean and median.
b. Compute the variance, standard deviation, range, coefficient of variation, and Z scores. Are there any outliers? Explain.
c. Are the data skewed? If so, how?
d. 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 results of (a) through (c), evaluate the accuracy of this statement.

4.21 5.55 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

Step by Step Solution

3.42 Rating (155 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Excel output Waiting Time Mean 4286667 Standard Error 0422926 Median 45 Mode NA Standard Deviation 1... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

854-M-S-D-A (7481).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!