The time to evaluate and make a decision on mortgage loan applications is being examined in a financial institution. Twenty-five mortgage applications are selected from the previous month and the decision-making times, in days, are shown in given Table.
Construct an appropriate control chart and comment on the timeliness of the decision-making process. Revise the chart, if necessary, assuming special causes for out-of-control points.
What is the expected time to make a decision? What is your estimate of the standard deviation of the time to make a decision?
