Palma State Bank is investigating the processing time for loan applications. Samples were taken for 25 random days from 5 branches. These data can be found in the Problems Data Palma State Bank Sample Day 1 2 3 4 5 1 11.86 12.09 12.05 12.25 12.18 2 11.57 13.21 12.24 11.95 12.02 3 12.31 11.96 12.22 12.43 12.36 4 11.98 13.72 12.12 12.88 12.95 5 12.71 12.40 11.96 12.41 12.34 6 13.46 13.13 12.17 11.59 12.24 7 11.83 12.78 12.56 12.40 12.49 8 12.44 12.80 12.19 12.73 12.26 9 12.01 11.92 12.59 11.99 12.52 10 11.56 14.01 12.80 11.42 12.87 11 12.95 13.00 13.06 12.19 12.93 12 12.88 12.52 12.69 12.13 12.59 13 12.72 13.65 12.49 12.41 13.58 14 13.16 12.91 13.01 11.73 12.98 15 12.51 12.87 12.45 13.50 12.80 16 12.94 12.34 12.91 13.41 13.01 17 13.28 13.14 12.27 12.03 13.21 18 12.89 12.53 12.74 12.25 12.96 19 12.70 12.79 12.49 12.62 12.63 20 11.76 11.28 12.56 12.30 11.83 21 12.23 12.78 12.42 12.75 12.16 22 11.88 11.96 11.67 13.40 12.03 23 13.03 12.14 12.65 12.43 12.58 24 13.06 13.43 13.05 12.64 13.12 25 12.27 12.34 12.25 12.81 12.27 Compute the mean and standard deviation, and construct a histogram for these Construct a run chart for the sample means Interpret the results

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Palma State Bank is investigating the processing time for loan applications. Samples were taken for 25 random days from 5 branches. These data can be found in the Problems Data

Palma State Bank

			Sample
Day	1	2	3	4	5
1	11.86	12.09	12.05	12.25	12.18
2	11.57	13.21	12.24	11.95	12.02
3	12.31	11.96	12.22	12.43	12.36
4	11.98	13.72	12.12	12.88	12.95
5	12.71	12.40	11.96	12.41	12.34
6	13.46	13.13	12.17	11.59	12.24
7	11.83	12.78	12.56	12.40	12.49
8	12.44	12.80	12.19	12.73	12.26
9	12.01	11.92	12.59	11.99	12.52
10	11.56	14.01	12.80	11.42	12.87
11	12.95	13.00	13.06	12.19	12.93
12	12.88	12.52	12.69	12.13	12.59
13	12.72	13.65	12.49	12.41	13.58
14	13.16	12.91	13.01	11.73	12.98
15	12.51	12.87	12.45	13.50	12.80
16	12.94	12.34	12.91	13.41	13.01
17	13.28	13.14	12.27	12.03	13.21
18	12.89	12.53	12.74	12.25	12.96
19	12.70	12.79	12.49	12.62	12.63
20	11.76	11.28	12.56	12.30	11.83
21	12.23	12.78	12.42	12.75	12.16
22	11.88	11.96	11.67	13.40	12.03
23	13.03	12.14	12.65	12.43	12.58
24	13.06	13.43	13.05	12.64	13.12
25	12.27	12.34	12.25	12.81	12.27

Compute the mean and standard deviation, and construct a histogram for these
Construct a run chart for the sample means
Interpret the results

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