A bank manager has developed a new system to reduce the time customers spend waiting to be served by tellers during peak business hours. Typical waiting times during peak business hours under the current system are roughly 9 to 10 minutes. The bank manager hopes that the new system will lower typical waiting times to less than six minutes and wishes to evaluate the new system. When the new system is operating consistently over time, the bank manager decides to select a sample of 100 customers that need teller service during peak business hours. Specifically, for each of 100 peak business hours, the first customer that starts waiting for teller service at or after a randomly selected time during the hour will be chosen. We will discuss how to obtain a randomly selected time during an hour. When each customer is chosen, the number of minutes the customer spends waiting for teller service is recorded. The 100 waiting times that are observed are given in Table 1.8. Using the data, estimate limits between which the waiting times of most of the customers arriving during peak business hours would be. Also, estimate the proportion of waiting times of customers arriving during peak business hours that are less than six minutes.
Answer to relevant QuestionsDiscuss the difference between a ratio variable and an interval variable. (1) Discuss the difference between cross- sectional data and time series data. (2) If we record the total number of cars sold in 2012 by each of 10 car salespeople, are the data cross- sectional or time series data? (3) If ...Explain what each of the following distribution shapes looks like. Then draw a picture that illustrates each shape. a. Symmetrical and mound shaped b. Double peaked c. Skewed to the right d. Skewed to the left Recall that Table 1.9 (page 14) presents the breaking strengths of 40 trash bags selected during a 40- hour pilot production run. Figure 2.17 gives a percent frequency histogram of these breaking strengths. a. Describe ...The following data consist of the profit margins (in percent) for a group of 20 firms. Construct a stem- and- leaf display for these data.
Post your question