Question
In: Finance
A bank manager wants to learn more about the time a customer has to wait to...
A bank manager wants to learn more about the time a customer has to wait to be served. He measures waiting time for a sample of 7 randomly selected customers and finds the following values (in seconds): 43, 39, 40, 75, 34, 86, 125. Find a point estimate of the population standard deviation of the wait time.
If required, round your answer to two decimal places.
Solutions
Expert Solution
Find a point estimate of the population standard deviation of
the wait time.
=STDEV.P(43,39,40,75,34,86,125)
=31.31147015
jeff jeffy answered 2 years agoRelated Solutions
Hypothesis Testing and Confidence Intervals The Reliable Housewares store manager wants to learn more about the...
Hypothesis Testing and Confidence Intervals
The Reliable Housewares store manager wants to learn more about
the purchasing behavior of its
"credit" customers. In fact, he is speculating about four
specific cases shown below (a) through (d) and
wants you to help him test their accuracy.
b. The true population proportion of credit
customers who live in an urban area exceeds 55%
i. Using the dataset provided in Files perform the hypothesis
test for each of the above speculations (a) through...
A bank manager would like the know the mean wait time for his customers. He randomly...
A bank manager would like the know the mean wait time for his
customers. He randomly selects 25 customers and record the amount
of time wait to see a teller. The sample mean is 7.25 minutes with
a standard deviation of 1.1 minutes. Construct a 99% confidence
interval for the mean wait time. Round your answers to 2
decimal places.
Lower Limit =
Upper Limit =
Write a summary sentence for the confidence interval you
calculated
A bank manager claims that the median number of customer per day is no more than...
A bank manager claims that the median number of customer per day
is no more than 440. A teller doubts the accuracy of this claim.
The number of bank customers per day for 16 randomly selected days
are listed below
410, 416, 416, 420, 430, 433, 437, 440, 450, 455, 455, 460, 463,
465, 465, 470
At the 0.05 significance level, test the bank manager's
claim.
The test statistic x is______
The x-critical value is________
Suppose a researcher wants to learn more about the mean attention span of individuals in some...
Suppose a researcher wants to learn more about the mean
attention span of individuals in some hypothetical population. The
researcher cites that the attention span (the time in minutes
attending to some task) in this population is normally distributed
with the following characteristics: 20 36 . Based on the parameters
given in this example, answer the following questions:
What is the population mean (μ)? : 20
What is the population variance : 6 Sketch the distribution of
this population. Make...
The manager of a bank is concerned about the amount of time one of her tellers,...
The manager of a bank is concerned about the amount of time one
of her tellers, Keon, needs in order to provide service to a single
customer. The reason for her concern is that slow service times
result in unacceptable waiting times for customers. The target time
to provide service to a single customer is 4 minutes. The owner
selects a random sample of 10 customer transactions with Keon and
records the time it takes for him to complete each...
A very busy and fancy restaurant records the wait time for each customer that comes in....
A very busy and fancy restaurant records the wait time for each
customer that comes in. Below are 12 customers’ wait times (in
minutes):
51
60
59
72
80
83
54
66
61
81
66 62
1.The manager wants to know if there is evidence that the true
mean wait time is greater than 1 hour. What are the null and
alternative hypotheses to test the claim? Will this be a one-sided
or two-sided test?
2.Assuming that σ = 20...
A very busy and fancy restaurant records the wait time for each customer that comes in....
A very busy and fancy restaurant
records the wait time for each customer that comes in. Below are 12
customers’ wait times (in minutes):
51
60
59
72
80
83
54
66
61
81
66 62
1. Assuming that the true mean wait
time is 70 minutes with a variance of 9 minutes, what is the
probability that a customer will wait between 65 to 80 minutes?
2. What is the standard deviation of
the sampling distribution of x̄, the...
A very busy and fancy restaurant records the wait time for each customer that comes in....
A very busy and fancy restaurant
records the wait time for each customer that comes in. Below are 12
customers’ wait times (in minutes):
51
60
59
72
80
83
54
66
61
81
66 62
(a) What is the mean wait time?
(b) What is the median wait time?
(c) What is the variance in wait times?
(d) What is the unbiased standard deviation in wait
times? Why would the standard deviation be more informative of a
statistic than...
Suppose a retailer claims that the average wait time for a customer on its support line...
Suppose a retailer claims that the average wait time for a
customer on its support line is 173 seconds. A random sample of 56
customers had an average wait time of 164 seconds. Assume the
population standard deviation for wait time is 50 seconds. Using a
95% confidence interval, does this sample support the retailer's
claim?
Using a 95% confidence interval, does this sample support the
retailer's claim? Select the correct choice below, and fill in the
answer boxes to...
A student hourly employee does small secretarial projects. Her manager wants to learn about the relationship...
A student hourly employee does small secretarial projects. Her
manager wants to learn about the relationship between the number of
projects (y) the student completes in a day and the number of hours
(x) she works in a day. A random sample of nine days provided the
following information:
Working Hours (X)
1
2
3
4
4
6
7
7
8
Number of Projects (Y)
2
3
5
6
5
8
9
8
10
a) define variable types (circle all...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A sample human input file that contains test values that a human would enter on the...
- A solution is prepared by dissolving 15 ml of methanol in 150.0 ml water at 25...
- Consider a newlywed who is planning a wedding anniversary gift of a trip to Canada for...
- We are evaluating a project that costs $868,000, has a life of eight years, and has...
- a.) Given sample data: 61.2, 61.9, 62.8, 63.1, 64.0, 64.3, 64.9, 65.5, 66.3 and 67.9, test...
- A research paper describes an experiment in which 74 men were assigned at random to one...
- 1. Which components would a retail organization consider while surveying/assessing the suitability of its products for...
ADVERTISEMENT