Question MUST be answered in EXCEL A bank manager must decide whether or not to hire...

Question MUST be answered in EXCEL

A bank manager must decide whether or not to hire additional tellers. His decision will depend partly upon how long it takes to complete customer transactions. The null hypothesis is that the mean transaction completion time, , is at most 40 seconds. The population standard deviation is assumed to be 10 seconds. If the null is rejected, new tellers will be hired. A sample of 50 transactions was obtained with a mean of 37.5 seconds. The significance level is .05.

a) State the Null and Alternate Hypothesis.

b) Which test statistic does the data call for? Explain why.

c) State Decision Rule and Critical Value. d) Compute the test statistic and p-value.

e) What is your decision concerning Null?

f) What affect would a type I (α) error have on the bank and/or customers? What affect would a type II (β) error have on the bank and/or customers?

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Expert Solution

orchestra answered 1 year ago

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