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, you can be 95% confident that the mean amount of time needed to record one additional loan application is somewhere between 0.0109 and 0.0143 hours.

Question

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, you can be 95% confident that the mean amount of time needed to record one additional loan application is somewhere between 0.0109 and 0.0143 hours.

Quizplus · Accepted Answer

The 95% confidence interval for the coefficient of the "Applications" variable is (0.0109, 0.0143), which represents the mean amount of time needed to record one additional loan application. Therefore, we can be 95% confident that the true mean falls within this interval.

TABLE 12-12 The Manager of the Purchasing Department of a Large Savings