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

question 74

True/False

TABLE 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:

Note: 4.3946E-15 is 4.3946 ×



-Referring to Table 13-12, you can be 95% confident that the mean amount of time needed to record one additional loan application is somewhere between 0.0109 and 0.0143 hours.

---

Definitions:

Probability Of Occurrence

The likelihood of an event happening, measured on a scale from 0 (impossibility) to 1 (certainty).

Span Of Time

The duration or extent between two points in time.

Poisson Random Variable

A type of random variable that represents the number of events occurring in a fixed interval of time or space, under the condition that these events happen with a known constant mean rate and independently of the time since the last event.

Probability Distribution

A probability distribution is a statistical function that describes all the possible values and likelihoods that a random variable can take within a given range.