Decision Process Time (hours) Frequency 8 5 11 15 14 29 17 11 20 26 23 3 24 10 Total 99
Rick DeNeefe, manager of the Golden Valley Bank credit
authorization department, recently noticed that a major
competitor was advertising that applications for equity loans
could be approved within two working days. Because fast
credit approval was a competitive priority, DeNeefe wanted
to see how well his department was doing relative to the
competitor’s. Golden Valley stamps each application with
the date and time it is received and again when a decision is
made. A total of 99 applications were received in March. The
time required for each decision, rounded to the nearest hour,
is shown in the following table. Golden Valley’s employees
work 8 hours per day
a. Draw a bar chart for these data.
b. Analyze the data. How is Golden Valley Bank doing with
regard to this competitive priority?
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