Business Statistics: A First Course (8th Edition)
8th Edition
ISBN: 9780135177785
Author: David M. Levine, Kathryn A. Szabat, David F. Stephan
Publisher: PEARSON
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Chapter 3, Problem 3.58CRP
An insurance company has the business objective of reducing the amount of time it takes to approve applications for life insurance. The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical information and medical exams, and a policy compilation stage, in which the policy pages are generated and sent for delivery. The ability to deliver approved policies to customers in a timely manner is critical to the profitability of this service, using the DCOVA framework you define the variable of interest as the total processing time in days. You collect the data by selecting a random sample of 27 approved policies during a period of one month. You organize the data collected in a worksheet and store them in INSURANCE:
- Calculate the
mean ,median , firstquartile , and third quartile. - Calculate the
range ,interquartile range , variance, standard deviation, and coefficient of variation. - Construct a boxplot. Are the data skewed? If so, how?
- What would you tell a customer who wishes to purchase this type of insurance policy and asks how long the approval process takes?
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Activ
Determine compass error using amplitude (Sun).
Minimum number of times that activity should be performed: 3 (1 each phase)
Sample calculation (Amplitude- Sun):
On 07th May 2006 at Sunset, a vessel in position 10°00'N 010°00'W observed the Sun bearing 288°
by compass. Find the compass error.
LMT Sunset:
LIT:
(+) 00d
07d 18h
00h
13m
40m
UTC Sunset:
07d
18h
53m
(added- since longitude is westerly)
Declination (07d 18h):
N 016° 55.5'
d (0.7):
(+)
00.6'
Declination Sun:
N 016° 56.1'
Sin Amplitude = Sin Declination/Cos Latitude
= Sin 016°56.1'/ Cos 10°00'
= 0.295780189
Amplitude=W17.2N
(The prefix of amplitude is named easterly if body is rising,
and westerly if body is setting. The suffix is named same
as declination)
True Bearing=287.2°
Compass Bearing= 288.0°
Compass Error = 0.8° West
Chapter 3 Solutions
Business Statistics: A First Course (8th Edition)
Ch. 3 - The following set of data is from a sample of n =...Ch. 3 - The following set of data is from a sample of n =...Ch. 3 - The set of data is from a sample of n = 7: 12 7 4...Ch. 3 - The following set of data is from a sample of n =...Ch. 3 - Wired, a magazine that delivers a glimpse into the...Ch. 3 - The operations manager of a plant that...Ch. 3 - According to the U.S. Census Bureau (census.gov),...Ch. 3 - The file MOBILESPEEO contains the overall download...Ch. 3 - The file AIRPORTRATING contains the of large and...Ch. 3 - The annual NFL Super Bowl is the most widely...
Ch. 3 - The ACCOUNTINGPARTNERS contains the number of...Ch. 3 - The file MOBILECOMMERCE contains the following...Ch. 3 - Is there a difference in the variation of the...Ch. 3 - Prob. 3.14ACCh. 3 - A bank branch located in a commercial district of...Ch. 3 - Prob. 3.16ACCh. 3 - Using the three-year return percentage variable in...Ch. 3 - Prob. 3.18ACCh. 3 - Using the three-year return percentage variable in...Ch. 3 - Using the three-year return percentage variable in...Ch. 3 - Prob. 3.21LBCh. 3 - The following is a set of data from a sample of n...Ch. 3 - Prob. 3.23LBCh. 3 - Prob. 3.24LBCh. 3 - The file ACCOUNTINGPARTNERS contains the number of...Ch. 3 - Prob. 3.26ACCh. 3 - The file HOTELAWAY contains the average room price...Ch. 3 - Prob. 3.29ACCh. 3 - Prob. 3.30ACCh. 3 - Prob. 3.31LBCh. 3 - The following is a set of data for a population...Ch. 3 - Consider a population of 1.024 mutual funds that...Ch. 3 - The file CIGARETTETAX contains the state cigarette...Ch. 3 - Prob. 3.36ACCh. 3 - The following is a set of data from a sample of n...Ch. 3 - The file CEREALS lists the calories and sugar, in...Ch. 3 - Movie companies need to predict the gross receipts...Ch. 3 - The file MOBILESPEED contains the overall download...Ch. 3 - A Pew Research Center survey found a noticeable...Ch. 3 - Prob. 3.44CYUCh. 3 - Prob. 3.45CYUCh. 3 - What are the differences among the mean, median,...Ch. 3 - Prob. 3.47CYUCh. 3 - Prob. 3.48CYUCh. 3 - Prob. 3.49CYUCh. 3 - Prob. 3.50CYUCh. 3 - Prob. 3.51CYUCh. 3 - Prob. 3.52CYUCh. 3 - Prob. 3.53CYUCh. 3 - Prob. 3.54CYUCh. 3 - Prob. 3.55CYUCh. 3 - How do the covariance and the coefficient of...Ch. 3 - The download and upload speeds of a mobile data...Ch. 3 - An insurance company has the business objective of...Ch. 3 - Prob. 3.59CRPCh. 3 - Prob. 3.60CRPCh. 3 - Prob. 3.61CRPCh. 3 - Prob. 3.62CRPCh. 3 - Prob. 3.63CRPCh. 3 - Prob. 3.64CRPCh. 3 - Prob. 3.65CRPCh. 3 - Prob. 3.66CRPCh. 3 - What was the mean price of a room at two-star,...Ch. 3 - The file PROPERTY TAXES contains the property...Ch. 3 - Prob. 3.69CRPCh. 3 - 311 is Chicagos web and phone portal for...Ch. 3 - How much do commuters living in or near cities...Ch. 3 - How do the mean credit scores of people living in...Ch. 3 - Prob. 3.74RWE
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