The time to evaluate and make a decision on mortgage loan applications is being examined in a
Question:
The time to evaluate and make a decision on mortgage loan applications is being examined in a financial institution. Twenty-five mortgage applications are selected from the previous month and the decision-making times, in days, are shown in Table 7-30. Construct an appropriate control chart and comment on the timeliness of the decision-making process. Revise the chart, if necessary, assuming special causes for out-of-control points. What is the expected time to make a decision? What is your estimate of the standard deviation of the time to make a decision?
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Step by Step Answer:
To construct a control chart we need to follow the following steps Step 1 Calculate the average and standard deviation of the data set The average dec...View the full answer
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Related Book For 
Fundamentals Of Quality Control And Improvement
ISBN: 9781118705148
4th Edition
Authors: Amitava Mitra
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