4 As part of an insurance company's training program, participants learn how to conduct an analysis of clients' insurability. The goal is tohave participants achieve a time in the range of 30 to 45 minutes. Test results for three participants were the following: Armand, amean of 37.0 minutes and a standard deviation of 2.0 minutes; Jerry, a mean of 37.0 minutes and a standard deviation of 3.0 minutes;and Melissa, a mean of 37.5 minutes and a standard deviation of 3.0 minutes.a.Compute process capability for the participants and determine whether each is capable. (Do not round intermediate calculations.Round your answers to 2 decimal places.)ParticipantsArmandJerryMelissaCpkCp

The Process Capability Index is about a statistical tool used to measure long-term performance…

Answered: As part of an insurance company's…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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As part of an insurance company’s training program, participants learn how to conduct an analysis of clients’ insurability. The goal is to have participants achieve a time in the range of 30 to 45 minutes. Test results for three participants were the following: Armand, a mean of 36.0 minutes and a standard deviation of 3.0 minutes; Jerry, a mean of 34.0 minutes and a standard deviation of 2.0 minutes; and Melissa, a mean of 37.5 minutes and a standard deviation of 1.7 minutes. a.Compute process capability for the participants and determine whether each is capable. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Melissa ? Cp what is it
As part of an insurance company’s training program, participants learn how to conduct an analysis of clients’ insurability. The goal is to have participants achieve a time in the range of 30 to 45 minutes. Test results for three participants were the following: Armand, a mean of 36.0 minutes and a standard deviation of 2.0 minutes; Jerry, a mean of 37.0 minutes and a standard deviation of 2.0 minutes; and Melissa, a mean of 37.5 minutes and a standard deviation of 2.6 minutes. a.Compute process capability for the participants and determine whether each is capable, given 4-sigma quality standards. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
As part of an insurance company's training program, participants learn how to conduct an analysis of clients' insurability. The goal is to have participants achieve a time in the range of 30 to 45 minutes. Test results for three participants were: Armand, a mean of 38 minutes and a standard deviation of 3 minutes: Jerry, a mean of 37 minutes and a standard deviation of 2.5 minutes: and Melissa, a mean of 37.5 minutes and a standard deviation of 1.8 minutes. Which of the participants would you judge to be capable? Explain. Can the value of the Cp exceed the value of Cp for a given participant? Explain
XYZ Rural Bank implemented its initial attempts to manage the performances of its 150 employees. XYZ Rural Bank has 10 branches all over Zamboanga Peninsula and each branch is supervised by a branch manager and has 10-15 employees working directly under his supervision. In its initial implementation of its own performance management system, its HR department sent a Performance Appraisal (PA) Template that all branch managers need to fill out. PA tool includes the following aspects of the employees performances:• Attendance (lates, absences, undertime etc)• Successful collection done (for Account Officers, Loan Officers, Credit Investigators)• Loans processed (For Account Officers and Loan Officers) Every July and January, all branch managers should submit the filled-out PA templates to HR for recording and consolidation. One week before the deadline for such PA template to be submitted to HR, the branch managers fill out the templates themselves based on their own observations. These…
Question 1: A company making tires for bikes is concerned about the exact width of its cyclocross tires. The company has a lower specification limit of 22.8 mm and an upper specification limit of 23.2 mm. The standard deviation is 0.15 mm and the mean is 23 mm. What is the process capability index (Cpk) for the process? Question 2: Consider again that the company making tires for bikes is concerned about the exact width of its cyclocross tires. The company has a lower specification limit of 22.8 mm and an upper specification limit of 23.2 mm. The standard deviation is 0.15 mm and the mean is 23 mm. What is the probability that a tire will either be too wide or too narrow? Question 3: You are working in a small, student-run company that sends out merchandise with university branding to alumni around the world. Every day, you take a sample of 50 shipments that are ready to be shipped to the alumni and inspect them for correctness. Across all days, the average percentage of incorrect…
The Money Pit Mortgage Company is interested in monitoring the performance of the mortgage process. Fifteen samples of five completed mortgage transactions each were taken during a period when the process was believed to be in control. The times to complete the transactions were measured. The means and ranges of the mortgage process transaction times, measured in days, are as follows: Sample Mean Range ew an example 1 2 16 12 7 12 Get more help. 3 6 5 4 5 6 7 8 9 15 10 10 13 14 11 9 10 16 13 16 11 Subsequently, samples of size 5 were taken from the process every week for the next 10 weeks. The times were measured and the following results obtained: D Sample Mean Range 16 9 8 17 12 12 18 19 13 7 7 5 20 15 13 MacBook Pro Click the icon to view the table of factors for calculating three-sigma limits for the x-chart and R-chart. a. Construct the control charts for the mean and the range, using the original 15 samples. Set up the R-chart by specifying the center line and three-sigma control…
Problem 1: Auto pistons at Wemming Chung’s plant in Shanghai are produced in a forging process, and the diameter is a critical factor that must be controlled. From sample sizes of 10 pistons produced each day, the mean and the range of this diameter have been as follows: Day Mean (mm) Range (mm) 1 156.9 4.2 2 153.2 4.6 3 153.6 4.1 4 155.5 5.0 5 156.6 4.5 a) What are the UCL x (line on top of x, counldn't find the button to do it) and LCL x (line on top of x) , using 3σ? Plot the data. b) What are the UCL R and LCL R , using 3σ? Plot the data. c) Is the Process in Control? (Please screen shot the EXCEl if its in excel) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
In hydraulic fracture test, an induced fracture was created at 12.8 MPa. The fracture was reopened in three subsequent cycles. The reopening pressure at third cycle was found to be 6.4 MPa. If the tensile strength of rock is 6.3 MPa, and the pore water pressure is negligible. Determine the maximum and minimum principle stresses if the shut - in pressure was found to be 5.9 MPa
Quality Control of Doughnuts: The Hudson Valley Bakery makes doughnuts that are packaged in boxes with labels stating that there are 12 doughnuts weighing a total of 42 oz. If the variation among the doughnuts is too large, some boxes will be underweight (cheating consumers) and others will be overweight (lowering profit). A consumer would not be happy with a doughnut so small that it can be seen only with an electron microscope, nor would a consumer be happy with a doughnut so large that it resembles a tractor tire. The quality-control supervisor has found that he can stay out of trouble if the doughnuts have a mean of 3.50 oz. and a standard deviation of 0.06 oz. or less. Twelve doughnuts are randomly selected from the production line and weighed, with the result given here (in ounces). 3.43 3.37 3.58 3.50 3.68 3.61 3.42 3.52 3.66 3.50 3.36 3.42 Construct a 95% confidence interval for σ, and then determine whether the quality-control…
Q1: Identify the sampling technique used in the above scenarios. B puts students' names in a hat and then selects his sample by picking 5 names, from his hat. B wants to check the airport security and for that he choose the first 50people to pass through a checkpoint. B wants to check the food quality of the products and for that he selects every 10thitems as her sample. B want to analyze the job satisfaction level among employees. He divided employees on the basis of “managers” and “non-managerial employees” and then randomly select 10 persons from each group. B want to study on gambling addiction and realized that it is difficult to get in contact with gambling addictive. He had however been in contact with one individual gambler in the initial phase of the study. When he interviewed him he asked if he had knowledge of other gamblers. The gambler gave references for two persons. When these two persons were interviewed, one gambler give reference…
Peter Nygard owns a large estate in the Bahamas that is used to entertain. In oneexample of goal setting “Nygard style,” the CBC reported that Nygard had asked thatgroundskeepers ensure mosquitos were controlled in the resort through fogging and otherchemical controls. The tennis courts were especially prone to mosquitos, and Peter hadinstituted a simple system: Every time a guest was bitten by a mosquito while playing tennis he would fine the groundkeeper on shift at the time. Fines ranged from $5 to $15 perincident. This incentive system was ultimately deemed illegal, because multiple finesmight easily result in employees making little to nothing for their work. In interviews collected by the CBC, some employees commented that the complex system of fines (ofwhich the mosquito fines were just one example), combined with the vulnerability of theworkers and Peter’s frequent rages and abusive behaviour, created working conditionscomparable to slavery. Discussion Questions1. Using…
The chart below is a summary of the main results of a test data set representing the population observed purchasing a virtual digital assistant. What does the accuracy rate indicate? Metrics Metric Value Accuracy (#correct) 178 Accuracy (%correct) 85.6 Specificity 0.88219 Sensitivity (Recall) 0.6 Precision 0.82400 F1 Score 0.88213 Success Class 1 Success Probability 0.4 Multiple Choice 85.6% of the population has purchased a virtual assistant. 60% of the observations are correctly classified. 85.6% of the observations are correctly classified. 14.4% of the observations are correctly classified. Explain all the incorrect answers also

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