Business Statistics

MAT 510 – Homework Assignment

Week 7 Data Models

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.

Please complete the calculations in excel or use a program of your choice and answer the following 14 questions in the assignment tab for this week. As always please watch the review videos provided in the media gallery.

 

            Table: Insurance Claim Approval Times (days)