Rick DeNeefe, manager of the Golden Valley Bank credit authorization department, recently noticed that a major competitor was advertising that applications for equity loans could be approved within two working days. Be- cause fast credit approval was a competitive priority, De- Neefe wanted to see how well his department was doing relative to the competitor's. Golden Valley stamps each application with the date and time it is received and again when a decision is made. A total of 104 applications were received in March. The time required for each decision, rounded to the nearest hour, is shown in the following table. Golden Valley's employees work 8 hours per day. Decision Process Time (hours) Frequency 88 11 19 14 28 17 10 20 25 23 4 26 10 Total 104
Analyze the data. How is Golden Valley Bank doing with regard to this competitive priority? lators will be prosecuted to the full extent of the law.)