Customer loyalty and Satisfaction

Question

Recall that a bank manager has developed a new system to reduce the time customers spend waiting to be served by tellers during peak business hours. The mean waiting time during peak business hours under the current system is roughly 9 to 10 minutes. The bank manager hopes that the new system will have a mean waiting time that is less than six minutes. The mean of the sample of 100 bank customer waiting times in Table 1.8 is xbar = 5.46. If we let mew denote the mean of all possible bank customer waiting times using the new system and assume that standard deviation equals 2.47.
a. Calculate 95 percent and 99 percent confidence intervals for mew.

b. Using the 95 percent confidence interval, can the bank manager be 95 percent confident that mew is less than six minutes? Explain.

c. Using the 99 percent confidence interval, can the bank manager be 99 percent confident that mew is less than six minutes? Explain.

d. Based on your answers to parts b and c, how convinced are you that the new mean waiting time is less than six minutes?

Question

Two different tests are designed to measure employee productivity and dexterity. Several employees are randomly selected and tested with these results.
Productivity: 25, 27, 21, 35, 36 Dexterity: 49, 36, 52, 45, 65
a) Find the Linear Correlation Coefficient

 b) find the coefficient of determination and explain the meaning of your finding.  

c) find the equation of the regression line. Round off the final values to three significant digits, if necessary.

d) What is the best predicted value of dexterity for a person whose productivity test result is 30?

e) explain your findings from the item (d)