Discuss the below:
Q1. Albert Abbasi, VP of Operations at Ingleside International Bank (IIB), is evaluating the service level provided to walk-in customers. Accordingly, his staff prepared the following distribution of waiting time for walk-in customers.
Waiting Time Number of Customers
(in minutes)
0-under 2 120
2-under 4 40
4-under 6 25
6-under 8 10
8-under 10 5
In a recent survey, 70% of the walk-in customers indicated that waiting four minutes (or more) was unacceptable. Presently, IIB has no direct competitors, but a competing bank is under construction across the street.
Discuss the managerial and business implications of this situation. What alternatives should Albert consider? What graphic depiction should he choose for his presentation to the bank's board of directors?
Q2. The number of phone calls arriving at a switchboard in a 10 minute time period would best be modeled with the _________.
binomial distribution
hyperbinomial distribution
Poisson distribution
hypergeometric distribution
Q3 A random sample of 64 items is selected from a population of 400 items. The sample mean is 200 and the sample standard deviation is 48. From this data, a 90% confidence interval to estimate the population mean can be computed as _______.
190.13 to 209.87
189.21 to 210.79
190.94 to 209.06
188.24 to 211.76