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  • Exercises 7

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    Meghna N Menon
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    In new york state, savings banks are permitted to sell a form of life insurance called Savings Bank Life Insurance. The ability to deliver approval policies to customers in a timely manner is critical to the bank's profitability. A large family-held department store had undergone a major expansion in the past several years.

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    In new york state, savings banks are permitted to sell a form of life insurance called Savings Bank Life Insurance. The ability to deliver approval policies to customers in a timely manner is critical to the bank's profitability. A large family-held department store had undergone a major expansion in the past several years.

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    Attribution Non-Commercial (BY-NC)
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    25 vizualizări2 pagini

    Exercises 7

    Încărcat de

    Meghna N Menon
    In new york state, savings banks are permitted to sell a form of life insurance called Savings Bank Life Insurance. The ability to deliver approval policies to customers in a timely manner is critical to the bank's profitability. A large family-held department store had undergone a major expansion in the past several years.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca DOCX, PDF, TXT sau citiți online pe Scribd
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    din 2

    QUAN 201 Exercises I- In New York State, savings banks are permitted to sell a form of life insurance called

    Savings Bank Life Insurance (SBLI). The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical information and medical exams, and a policy compilation stage during which the policy pages are generated and sent to the bank for delivery. The ability to deliver approval policies to customers in a timely manner is critical to the profitability of this service to the bank. During a period of one month, a random sample of 7 approved policies was selected and the following total processing time in days was recorded: 73 19 16 64 28 28 31

    Compute the following: 1- Arithmetic mean 2- Median 3- Mode 4- Range 5- Variance 6- Standard Deviation 7- Coefficient of Variation II- One of the major measures of the quality of service provided by any organization is the speed with which it responds to customer complaints. A large family-held department store selling furniture and flooring, including carpeting, had undergone a major expansion in the past several years. In particular the flooring department had expanded from 2 installation crews to an installation supervisor, a measurer, and 15 installation crews. A sample of 10 complains concerning carpeting installation was selected during a recent year. The following data represent the number of days between the receipt of the complaint and the resolution of the complaint. 54 5 35 137 31 27 152 2 123 81

    Compute the following: 1- Arithmetic mean

    2- Median 3- Mode 4- Range 5- Variance 6- Standard Deviation 7- Coefficient of Variation III- Use the empirical rule to answer the following: The amount of cereal in a box varies a little from box to box. Suppose the amount in a box has a normal distribution with mean=15 oz. and standard deviation =0.2 oz. What percentage of boxes has between 14.6 and 15.4 oz. of cereal? IV- Use the empirical rule to answer the following: Monthly maintenance costs are distributed normally with a mean =$250 and standard deviation =$50.What percent of months have maintenance costs in the range of $200 to $300?

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