Brian Vanecek, VP of Operations at Portland Trust Bank, Is

question 21

Multiple Choice

Brian Vanecek, VP of Operations at Portland Trust Bank, is evaluating the service level provided to walk-in customers.Brian would like to minimize the variance of waiting time for these customers, since this would mean each customer received the same level of service.Accordingly, his staff recorded the waiting times for 15 randomly selected walk-in customers, and determined that their mean waiting time was 15 minutes and that the standard deviation was 4 minutes.Assume that waiting time is normally distributed.The 90% confidence interval for the population variance of waiting times is ________.

• A)9.46 to 34.09
• B)56.25 to 64.87
• C)11.05 to 16.03
• D)8.58 to 39.79
• E)12.50 to 42.35

---

Definitions:

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and are a significant component of finished goods.

Work in Process Inventory

Work in process inventory includes partially completed goods that are still in the production process at the end of a period.

Overapplied Overhead

A situation where the allocated manufacturing overhead costs are more than the actual overhead costs incurred.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company.