What does the standard deviation measure represents? Why is it important? Give an example of a real life data set where the stdev is high and it is advantageous and one that is not.
Question 2 – In this question below, FIND THE MEAN AND MEDIAN for each of the two samples; then compare the two sets of results:
CUSTOMER WAITING TIMES – Waiting times (in minutes) of customers at the Jefferson Valley Bank (where all customers enter a single waiting line) and the Bank of Providence (where customers wait in individual lines at three different teller windows) are listed below. Determine whether there is a difference between the two data sets that is not apparent from a comparison of the measures of center. If so, what is it?
Jefferson Valley (single line):
6.56.66.76.87.17.37.47.77.77.7
Providence (individual lines):
4.25.45.86.26.77.77.78.59.310.0
THE COMPLETE RESULTS MUST BE INDICATED.
Note: The amount of pages really does not matter. What matters is that both questions are completely answered.
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