1. A study shows that the mean ATM transaction takes 74 seconds, the median is 6
ID: 1217484 • Letter: 1
Question
1. A study shows that the mean ATM transaction takes 74 seconds, the median is 63 seconds and the mode is 51 seconds.
How could this data be collected? (or How was this data collected?) What shape is the distribution of the data?
What factors at the ATM might cause the distribution (high and low numbers) to be like this?
How can bank executives use this data to improve the customer experience?
2. The mean time that a book is checked out is 13 days, the median is 10 days and the mode is 7 days.
How could this data be collected? What shape is the distribution?
What factors in the person's life might cause the low numbers and high number of check out days?
How can library staff use this information to improve the book borrower's experience.
Explanation / Answer
1) Mean is nothing but the average of the transactions, It is calculated by adding up all the trasaction times and substrating it by number of transactions
Median is calculated by summing up the numbers from lowest time taken to trasact and keep on adding transaction times in ascending order, The middle number will become median, If you have even numbers of samples then 2 numbers that come in the middle, you just average them by adding them and substracting by 2
Mode is nothing but the most shown transaction time in the ATM, Most people might take 10 seconds to operate so mode is 10 seconds
Some users in the ATM would not be so fast so they take their own sweet time to transact which will result in slowing down.
Bank executives will be able to avoid queing in the ATM;s by improving number of machiens that are available.
2)
This data suggests that many people read the book very fast at 7 days so mode is shown,
The next one is median which is ascending order arranged and the middle number is median
Average time taken by all users is 13
If the person has no other work and he reads the book then certainly he can finish it very fast, So Mode is just 7 days and other people infact take double the time
Library staffers can take the mean average so most people would be able to finish the book in that time,.
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