A Local Bank Claims That the Waiting Time for Its $\alpha$

question 75

Essay

A local bank claims that the waiting time for its customers to be served is the lowest in the area. A competitor
bank checks the waiting times at both banks. Assume the two samples are random and independent. Use $\alpha$ α = 0.05 and a confidence interval to test the local bankʹs claim. $$\begin{array} { l } \text {Local Bank}\\\mathrm { n } _ { 1 } = 45 \\\overline { \mathrm { x } } _ { 1 } = 5.3 \text { minutes } \\\sigma _ { 1 } = 1.1 \text { minutes }\end{array}$$ $$\begin{array} { l } \text {Competitor Bank}\\\mathrm { n } _ { 2 } = 50 \\\bar { x } _ { 2 } = 5.6 \text { minutes } \\\sigma _ { 2 } = 1.0 \text { minute }\end{array}$$

Understand how to incorporate nominal or categorical variables into regression models using dummy variables.

Determine the need for and effect of including interaction terms in regression models.

Differentiate between various significance tests (e.g., t-tests, F-tests) used in regression analysis.

Interpret coefficients of independent variables and their impact on the dependent variable.

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Definitions:

Long-Term Impact

The lasting effects or consequences of an action or event over an extended period.

Green Purchasing

The procurement of products and services that are environmentally friendly, including considerations for energy efficiency, recyclability, and reduced pollution.

Inconsistent Service

Variation in the quality or delivery of services provided to customers, leading to unpredictable customer experiences.

Air Transportation

The movement of people and goods by aircraft, an essential component of global logistics and travel.