READ SECTIONS 10.2-10.5 FROM YK. TABLE 4 IS REQUIRED. PROBLEM 1 [TWO INDEPENDENT SAMPLES] [40 POINTS=10+10+10+10]...
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READ SECTIONS 10.2-10.5 FROM YK. TABLE 4 IS REQUIRED. PROBLEM 1 [TWO INDEPENDENT SAMPLES] [40 POINTS=10+10+10+10] ANN IS ASSIGNED TO COMPARE EFFICIENCY FOR TWO MORTGAGE LENDERS (BANK OF AMERICA AND CHASE) TO FIND OUT WHICH IS WORKING HARDER. SHE RECORDED THE TIME SPENT BY 10 LOAN OFFICERS OF EACH BANK. ASSUME THAT THE INDIVIDUAL TIMES ARE NORMALLY DISTRIBUTED WITH UNKNOWN PARAMETERS. THE SAMPLE SUMMARIES ARE SHOWN IN THE TABLE BELOW. AVERAGE TIME FOR BANK OF AMERICA WAS 61.4 MINUTES PER CUSTOMER, WITH THE STANDARD DEVIATION = 5 MINUTES. AVERAGE TIME FOR CHASE WAS 70.2 MINUTES, WITH THE STANDARD DEVIATION=25 MINUTES. SOURCE BOA CHASE SIZE N = 10 N2=10 SAMPLE SUMMARIES MEAN SD (X-BAR)=61.4 S=5 (X-BAR): 70.2 | S=15 VARIANCE V=S/N (S1)=25 25/10-2.5 (S2)=225 225/10=22.5 (C) AT THE 5% SIGNIFICANCE LEVEL, DOES ANN HAVE ENOUGH EVIDENCE THAT BANK OF AMERICA SPENT LESS TIME THAN CHASE? CRITICAL VALUE= TEST STATISTIC= DECISION: YES OR NO [CIRCLE ONE!] READ SECTIONS 10.2-10.5 FROM YK. TABLE 4 IS REQUIRED. PROBLEM 1 [TWO INDEPENDENT SAMPLES] [40 POINTS=10+10+10+10] ANN IS ASSIGNED TO COMPARE EFFICIENCY FOR TWO MORTGAGE LENDERS (BANK OF AMERICA AND CHASE) TO FIND OUT WHICH IS WORKING HARDER. SHE RECORDED THE TIME SPENT BY 10 LOAN OFFICERS OF EACH BANK. ASSUME THAT THE INDIVIDUAL TIMES ARE NORMALLY DISTRIBUTED WITH UNKNOWN PARAMETERS. THE SAMPLE SUMMARIES ARE SHOWN IN THE TABLE BELOW. AVERAGE TIME FOR BANK OF AMERICA WAS 61.4 MINUTES PER CUSTOMER, WITH THE STANDARD DEVIATION = 5 MINUTES. AVERAGE TIME FOR CHASE WAS 70.2 MINUTES, WITH THE STANDARD DEVIATION=25 MINUTES. SOURCE BOA CHASE SIZE N = 10 N2=10 SAMPLE SUMMARIES MEAN SD (X-BAR)=61.4 S=5 (X-BAR): 70.2 | S=15 VARIANCE V=S/N (S1)=25 25/10-2.5 (S2)=225 225/10=22.5 (C) AT THE 5% SIGNIFICANCE LEVEL, DOES ANN HAVE ENOUGH EVIDENCE THAT BANK OF AMERICA SPENT LESS TIME THAN CHASE? CRITICAL VALUE= TEST STATISTIC= DECISION: YES OR NO [CIRCLE ONE!]
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