SCENARIO 13-12 The manager of the purchasing department of a large saving 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:
-Referring to Scenario 13-12, there is a 95% probability that the mean amount of time needed to record one additional loan application is somewhere between 0.0109 and 0.0143 hours.

Question

SCENARIO 13-12 The manager of the purchasing department of a large saving 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:   
-Referring to Scenario 13-12, there is a 95% probability 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

A confidence interval does not provide the probability of the mean being within the interval; it indicates that if the same population is sampled multiple times, 95% of the intervals will contain the true mean.

SCENARIO 13-12 the Manager of the Purchasing Department of a Large