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.
Chapter13: Regression And Forecasting Models
Section: Chapter Questions
Problem 40P: The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels....
Question
  1. 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
           
  1. Compute the mean and standard deviation, and construct a histogram for these
  2. Construct a run chart for the sample means
  3. Interpret the results
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ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,