SCENARIO 13-12 The Manager of the Purchasing Department of a Large Saving

question 133

True/False

SCENARIO 13-12
The manager of the purchasing department of a large saving and loan organization would like to develop a model to predict the amount of time (measured in hours) it takes to record a loan application. Data are collected from a sample of 30 days, and the number of applications recorded and completion time in hours is recorded. Below is the regression output:




-Referring to Scenario 13-12,there is sufficient evidence that the amount of time needed linearly depends on the number of loan applications at a 1% level of significance.

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Definitions:

Representative Sample

A subset of a population that accurately reflects the members of the entire population.

Volunteer Bias

The distortion of research results due to differences between those who choose to participate in studies and those who do not.

Representative Sample

A portion of the population that correctly mirrors the characteristics of the whole population.

Operationally Defined

A term or variable is defined by the specific process or set of criteria by which it is measured or determined in a study or experiment.