Answered: Number of Number of Sample Defectives…

Number of Number of Sample Defectives Sample Defectives 7 10 22 9 8 11 23 10 9 14 24 12 10 10 25 15 11 9 26 14 12 6 27 16 13 3 28 12 14 2 29 15 15 8 30 14

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.4: Multiple Regression Models

Problem 14P: An antique collector believes that the price received for a particular item increases with its age...

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Question

The Commonwealth Banking Corporation issues a national

credit card through its various bank branches in five southeast-
ern states. The bank credit card business is highly competitive

and interest rates do not vary substantially, so the company

decided to attempt to retain its customers by improving cus-
tomer service through a reduction in billing errors. The credit

card division monitored its billing department process by tak-
ing daily samples of 200 customer bills for 30 days and

checking their accuracy. The sample results are as follows:Develop a p-chart for the billing process using 3 control
limits and indicate if the process is out of control.

Number of
Number of
Sample
Defectives
Sample
Defectives
7
10
22
9
8
11
23
10
9
14
24
12
10
10
25
15
11
9
26
14
12
6
27
16
13
3
28
12
14
2
29
15
15
8
30
14

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An antique collector believes that the price received for a particular item increases with its age and with the number of bidders. The file P13_14.xlsx contains data on these three variables for 32 recently auctioned comparable items. Estimate a multiple regression equation using the given data. Interpret each of the estimated regression coefficients. Is the antique collector correct in believing that the price received for the item increases with its age and with the number of bidders? Interpret the standard error of estimate and the R-square value for these data.