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TABLE 12-12
The manager of the purchasing department of a large savings 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 x 10-15.
-Referring to Table 12-12, there is a 95% probability that the mean amount of time needed to record one additional loan application is somewhere between 0.0109 and 0.0143 hours.
Time Study
A work measurement technique for recording the times of performing a certain specific job or its elements carried out under specified conditions.
Scientific Management
An early 20th-century management theory proposing the optimization of labor productivity through scientific studies of work methods and processes.
Frederick Taylor
An American mechanical engineer who sought to improve industrial efficiency and is considered the father of scientific management.
Bureaucratic Organizations
Organizations characterized by strict rules, hierarchical relationships, and a focus on procedure and protocol over flexibility and adaptability.
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