The board of a major credit card company requires that the mean wait time for customers when they call customer service is 3 minutes. To make sure that the mean wait time is not exceeding the requirement, an assistant manager tracks the wait times of 45 randomly selected calls. The mean wait time was calculated to be 3.4 minutes. Assuming the population standard deviation is 1.45 minutes, is there sufficient evidence that the mean wait time for customers is longer than 3 minutes with a 98% level of confidence? For the same problem as part A, construct an appropriate confidence interval based on the alpha level in A to support your conclusion from part A. Recall, if you rejected the null in part A, then your expected mean should not be included in the interval. If you failed to reject the null hypothesis, then the hypothesized mean should be in the interval. You should only need the appropriate critical value and margin of error in addition to values from part A. Correctly round your results to two decimal places in your conclusion sentence and be sure to state that it supports your decision to reject or fail to reject based on whether the hypothesized value falls in the interval.

Name: The board of a major credit card company requires that the mean wait t
Uploaded: 2024-03-20T07:07:12.000Z
Channel: Bartleby
Description: The board of a major credit card company requires that the mean wait time for customers when they call customer service is 3 minutes. To make sure that the mean wait time is not exceeding the requirement, an assistant manager tracks the wait times of

Since you have asked multiple questions, we will solve the first question for you. If you want any…

Answered: The board of a major credit card…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Topic Video

Question

100%

The board of a major credit card company requires that the mean wait time for customers when they call customer service is 3 minutes. To make sure that the mean wait time is not exceeding the requirement, an assistant manager tracks the wait times of 45 randomly selected calls. The mean wait time was calculated to be 3.4 minutes. Assuming the population standard deviation is 1.45 minutes, is there sufficient evidence that the mean wait time for customers is longer than 3 minutes with a 98% level of confidence?
For the same problem as part A, construct an appropriate confidence interval based on the alpha level in A to support your conclusion from part A. Recall, if you rejected the null in part A, then your expected mean should not be included in the interval. If you failed to reject the null hypothesis, then the hypothesized mean should be in the interval. You should only need the appropriate critical value and margin of error in addition to values from part A. Correctly round your results to two decimal places in your conclusion sentence and be sure to state that it supports your decision to reject or fail to reject based on whether the hypothesized value falls in the interval.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Hypothesis Tests and Confidence Intervals for Means$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions