Find the Range, Variance, and Standard Deviation for Each of the Two

question 66

Multiple Choice

Find the range, variance, and standard deviation for each of the two samples, then compare the two sets of results.
-The manager of a bank recorded the amount of time each customer spent waiting in line during peak business hours one Monday. The frequency distribution below summarizes the results. Find the standard deviation. Round your answer to one decimal place. $$\begin{array}{l}\text { Waiting tim\& Number of }\\\begin{array} { c | c } \text { (minutes } & \text { customer } \\\hline 0 - 3 & 12 \\4 - 7 & 14 \\8 - 11 & 10 \\12 - 15 & 13 \\16 - 19 & 0 \\20 - 23 & 1\end{array}\end{array}$$

• A)4.9
• B)5.2
• C)7.0
• D)4.7

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Definitions:

Flexible Budget

A budget that adjusts or flexes with changes in the volume or activity of a business.

Variable Overhead Costs

Costs that fluctuate with production volume, such as utilities for manufacturing facilities or materials used in production.

Direct Labor Hours

The aggregate number of hours put in by personnel directly participating in the creation of goods or delivery of services.

Fixed Overhead Costs

Fixed costs that stay the same no matter how much is produced or sold, including items like rent, salaries, and insurance policies.