Homework assignment 6( business statistics)
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MAT 510 – Homework Assignment |
Homework Assignment 6
Due in Week 7 and worth 30 points
The data in the table below is from a study conducted by an insurance company to determine the effect of changing the process by which insurance claims are approved. The goal was to improve policyholder satisfaction by speeding up the process and eliminating some non-value-added approval steps in the process. The response measured was the average time required to approve and mail all claims initiated in a week. The new procedure was tested for 12 weeks, and the results were compared to the process performance for the 12 weeks prior to instituting the change.
Table: Insurance Claim Approval Times (days)
|
Old Process |
|
|
New Process |
|
|
Week |
Elapsed Time |
|
Week |
Elapsed Time |
|
1 |
31.7 |
|
13 |
24 |
|
2 |
27 |
|
14 |
25.8 |
|
3 |
33.8 |
|
15 |
31 |
|
4 |
30 |
|
16 |
23.5 |
|
5 |
32.5 |
|
17 |
28.5 |
|
6 |
33.5 |
|
18 |
25.6 |
|
7 |
38.2 |
|
19 |
28.7 |
|
8 |
37.5 |
|
20 |
27.4 |
|
9 |
29 |
|
21 |
28.5 |
|
10 |
31.3 |
|
22 |
25.2 |
|
11 |
38.6 |
|
23 |
24.5 |
|
12 |
39.3 |
|
24 |
23.5 |
Use the date in table above and answer the following questions in the space provided below:
1. What was the average effect of the process change? Did the process average increase or decrease and by how much?
2. Analyze the data using the regression model y = b0 + b1x, where y = time to approve and mail a claim (weekly average), x = 0 for the old process, and x = 1 for the new process.
3. How does this model measure the effect of the process change?
4. How much did the process performance change on the average? (Hint: Compare the values of b1 and the average of new process performance minus the average of the performance of the old process.)
Type your answers below and submit this file in Week 7 of the online course shell:
MAT 510
–
Homework Assignment
Homework A
ssignment
6
Due in
Week
7 and worth 30 points
The data in the
t
able
below is
from a study conducted by an insurance company to determine the effect of
changing the process by which insurance claims are approved. The goal was to improve policyholder
satisfaction by speeding up the process and eliminati
ng some non
-
value
-
added approval steps in the
process. The response measured was the average time required to approve and mail all claims initiated
in a week. The new procedure was tested for 12 weeks, and the results were compared to the process
performan
ce for the 12 weeks prior to instituting the change.
Table: Insurance Claim Approval Times (days)
Old
Process
New
Process
Week
Elapsed
Time
Week
Elapsed
Time
1
31.7
13
24
2
27
14
25.8
3
33.8
15
31
4
30
16
23.5
5
32.5
17
28.5
6
33.5
18
25.6
7
38.2
19
28.7
8
37.5
20
27.4
9
29
21
28.5
10
31.3
22
25.2
11
38.6
23
24.5
12
39.3
24
23.5
Use the date in table
above
and answer the following questions
in the space provided below:
1.
What was the average effect of the process
change? Did the process average increase or
decrease and by how much?
2.
Analyze the data using the regression model
y
=
b
0 +
b
1
x
, where
y
= time to approve and
mail a claim (weekly average),
x
= 0 for the old process, and
x
= 1 for the new process.
3.
How does
this model measure the effect of the process change?
4.
How much did the process performance change on the average? (Hint: Compare the values
of
b
1 and the average of new process performance minus the average of the performance of
the old process.)
Type your answers below and submit this file
in Week 7 of
the online course shell:
MAT 510 – Homework Assignment
Homework Assignment 6
Due in Week 7 and worth 30 points
The data in the table below is from a study conducted by an insurance company to determine the effect of
changing the process by which insurance claims are approved. The goal was to improve policyholder
satisfaction by speeding up the process and eliminating some non-value-added approval steps in the
process. The response measured was the average time required to approve and mail all claims initiated
in a week. The new procedure was tested for 12 weeks, and the results were compared to the process
performance for the 12 weeks prior to instituting the change.
Table: Insurance Claim Approval Times (days)
Old
Process
New
Process
Week
Elapsed Time
Week
Elapsed Time
1 31.7 13 24
2 27 14 25.8
3 33.8 15 31
4 30 16 23.5
5 32.5 17 28.5
6 33.5 18 25.6
7 38.2 19 28.7
8 37.5 20 27.4
9 29 21 28.5
10 31.3 22 25.2
11 38.6 23 24.5
12 39.3 24 23.5
Use the date in table above and answer the following questions in the space provided below:
1. What was the average effect of the process change? Did the process average increase or
decrease and by how much?
2. Analyze the data using the regression model y = b0 + b1x, where y = time to approve and
mail a claim (weekly average), x = 0 for the old process, and x = 1 for the new process.
3. How does this model measure the effect of the process change?
4. How much did the process performance change on the average? (Hint: Compare the values
of b1 and the average of new process performance minus the average of the performance of
the old process.)
Type your answers below and submit this file in Week 7 of the online course shell: