Question

An insurance company has the business objective of reducing the amount of time it takes to approve applications for life insurance. During the current month, you collect a random sample of 30 approved policies. The total processing time for these policies can be found in the Excel data file for this assignment under the tab Insurance. a. In the past, the mean processing time was 45 days. At the 0.05 level of significance, is there evidence that the mean processing time has changed from 45 days? b. What assumption about the population distribution is needed in order to conduct the test required in part a? c. Do you feel the assumption stated in part b is valid? Explain

DATASET:

73
19
16
64
28
28
31
90
60
56
31
56
22
18
45
48
17
17
17
91
92
63
50
51
69
16
17
19
23
30

Answer 1