A bank randomly looks at loan applications and checks them for errors.Ten applications and the number of errors identified on the applications are found in the following table.When the process is working correctly,the average number of errors found is 2.Construct a c-chart to determine if the process is in control.
Definitions:
Expected Rate
Anticipated return on an investment, often considering the risk and time value of money.
Standard Deviation
Standard deviation quantifies the amount of variation or dispersion of a set of values, indicating how much the values differ from the mean.
Standard Deviation
A measure of the amount of variation or dispersion of a set of values, used in statistics to quantify the spread of a data set.
Budget Line
A graphical representation of all possible combinations of two goods that an individual can purchase, given their income and the prices of the goods.
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