The following data represents the wait times (in minutes) experienced by customers at a bank on different days of the week: Tuesday 7 12 3 15 8 9 12 7 4 Friday 16 15 18 22 16 20 17 18 14 (a) Based on this data, if you were in planning ahead and wanted to be able to process your banking needs quickly, which day of the week would be better to visit the bank? (Choose one to Fill in the blank) (Tuesday/Friday) ____________ would be the better day to visit the bank since the (Mean/ Median/ Mode/ Range/ Standard Deviation) ______________ is (Lower/Higher) ____________. (b) Based on this data, which day of the week has a more consistent (less variation) wait times for customers to expect? (Choose one to Fill in the blank) (Tuesday/Friday) _____________ is more consistent in wait times since the (Mean/ Median/ Mode/ Range/ Standard Deviation) ______________ is (Lower/Higher
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
The following data represents the wait times (in minutes) experienced by customers at a
bank on different days of the week:
| Tuesday | 7 | 12 | 3 | 15 | 8 | 9 | 12 | 7 | 4 |
| Friday | 16 | 15 | 18 | 22 | 16 | 20 | 17 | 18 | 14 |
(a) Based on this data, if you were in planning ahead and wanted to be able to process your banking needs quickly, which day of the week would be better to visit the bank? (Choose one to Fill in the blank)
(Tuesday/Friday) ____________ would be the better day to visit the bank
since the (
______________ is (Lower/Higher) ____________.
(b) Based on this data, which day of the week has a more consistent (less variation) wait times for customers to expect? (Choose one to Fill in the blank)
(Tuesday/Friday) _____________ is more consistent in wait times since
the (Mean/ Median/ Mode/ Range/ Standard Deviation)
______________ is (Lower/Higher) ____________.
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