Business, 24.05.2021 14:00 Lolag4996

The executives at the ABC Bank want to improve the process to approve small business loan. Six samples of eight observations each have been taken. For each sample, the average processing time (in hours) and the range (in hours) are as follows: Sample Mean Range
1 15 1.4
2 12.1 3.6
3 9.9 0.4
4 11.2 1.6
5 12.5 2.6
6 13.5 2.4

Required:
a. Use the data above to setup the appropriate initial upper and lower control limits for the X-bar and R charts.
b. You have been using the charts from part (a) to monitor this process. One day, you took a sample of twelve new loan applications and you get an average processing time of 13.9 hours with a range of 5.2 hours. Based on the data from this new sample, is the process in control? Briefly justify.

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The executives at the ABC Bank want to improve the process to approve small business loan. Six sampl...

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