A Sample of 16 ATM Transactions Shows a Mean Transaction

question 54

Multiple Choice

A sample of 16 ATM transactions shows a mean transaction time of 67 seconds with a standard deviation of 12 seconds. Find the critical value to test whether the mean transaction time exceeds 60 seconds at α = .01.

• A)2.947
• B)2.602
• C)2.583
• D)2.333

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Definitions:

Process Innovation

The implementation of new or significantly improved production or delivery methods in a business.

Competitive Advantage

The attribute that allows an organization to outperform its competitors, leading to greater sales or margins and/or retaining more customers.

Keeping Customers

involves strategies and practices to retain customers, enhancing customer loyalty and preventing turnover.

Innovations

The process of translating an idea or invention into goods or services that create value or for which customers will pay.