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The customers at a bank complained about long lines and the time they had to spend waiting for service. It is known that the customers at this bank had to wait 8 minutes, on average, before being served. The management made some changes to reduce the waiting time for its customers. A sample of 58 customers taken after these changes were made produceda mean waiting time of 7.4 minutes with a standard deviation of 2.3 minutes. Using this sample mean, the bank manager displayed a huge banner inside the bank mentioning that the mean waiting time for customers has been reduced by new changes. Do you think the bank manager's dlaim is justifiable? Use a 5% significance level to answer this question. Use both approaches. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range.

The customers at a bank complained about long lines and the time they had to spend waiting for service. It is known that the customers at this bank had to wait 8 minutes, on average, before being served. The management made some changes to reduce the waiting time for its customers. A sample of 58 customers taken after these changes were made produceda mean waiting time of 7.4 minutes with a standard deviation of 2.3 minutes. Using this sample mean, the bank manager displayed a huge banner inside the bank mentioning that the mean waiting time for customers has been reduced by new changes. Do you think the bank manager's dlaim is justifiable? Use a 5% significance level to answer this question. Use both approaches. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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The customers at a bank complained about long lines and the time they had to spend waiting for service. It is known that the customers at this bank had to wait 8 minutes, on average, before being served. The management made some changes to reduce the waiting time for its customers. A sample of 58 customers taken after these changes were made produced a mean waiting time of 7.4 minutes with a standard deviation of 2.3 minutes. Using this sample mean, the bank manager displayed a huge banner inside the bank mentioning that the mean waiting time for customers has been reduced by new changes. Do you think the bank manager's claim is justifiable? Use a 5% significance level to answer this question. Use both approaches. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range. < p-value < i Use the critical-value approach. Round your answers to three decimal places. Observed value = i Critical value = i Conclusion: The manager's claim is e Textbook and Media true false
Transcribed Image Text:The customers at a bank complained about long lines and the time they had to spend waiting for service. It is known that the customers at this bank had to wait 8 minutes, on average, before being served. The management made some changes to reduce the waiting time for its customers. A sample of 58 customers taken after these changes were made produced a mean waiting time of 7.4 minutes with a standard deviation of 2.3 minutes. Using this sample mean, the bank manager displayed a huge banner inside the bank mentioning that the mean waiting time for customers has been reduced by new changes. Do you think the bank manager's claim is justifiable? Use a 5% significance level to answer this question. Use both approaches. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range. < p-value < i Use the critical-value approach. Round your answers to three decimal places. Observed value = i Critical value = i Conclusion: The manager's claim is e Textbook and Media true false
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