Question

QUESTION 13 A bank branch located in a commercial area has the business goal of developing an improved process for serving customers during the noon-to-1:00 P.M. lunch period. The waiting time, in minutes, collected from a sample of 15 customers during this hour, are shown below: 1.8 2.8 3.1 3.5 3.7 4.6 4.9 5.6 1.5 a Compute the mean and median. (2 points) b. Compute standard deviation and the coefficient of variation. Round your answers to two decimal places. (2 points) c. Using the Z-score approach, are there any outliers? explain. (1 point) d. Are the data skewed? If so, how? (1 point) .. As a customer walks into the branch office during the lunch hour, he asks the branch manager how long he can expect to wait. The branch manager replies, "Almost certainly less than five minutes.” On the basis of the results of (a) through (d), evaluate the accuracy of this statement. (2 points)

Answer 1

computation of mean and Median: Mean Elfe) 1.5+10&+ 2.8+3.1+3.5 +3.7+4-6+4.1+5.6 9 Mean 3.5 Median is the middle data point of an ridered data set at 50'). percentile. ... Median of giver data is 3.55 computation of standard deviation : ZIZ-M² X А (1.5-3.5)+(1.8-3.5)+(3.8 - 3.5)+(3.1-3.59*+(35135) +(3.1- 3.5)714.6-3.554 (4.979.5)+(5-6-3.5) 4+ 2.59+ 0.41+0.16 +0+0.04 + 1.21 +1.90+4.41 15.16 = 1.30 Computation of coefficient of variation : variation - Standard deviation χισυ Mean coefficient of vanation 1.30 3.5 XIOD coefficientof variation , 37.14 =