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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)
See attachment and answer correctly the questions
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)
11/11/2018 Take Test: Week 7 Linear Regression – MAT510076VA016-…
https://blackboard.strayer.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_1039127_1&course_id=_235379_1&content_id=_2638… 1/3
Test Information Description Instructions Multiple Attempts This test allows 5 attempts. This is attempt number 1. Force Completion This test can be saved and resumed later.
Question Completion Status:
What is the linear regression equation for the old process? Round the intercept to one decimal place and the slope to three decimal places.
29.3 x + .514
.293 – .514x
y = 29.3 + .514x
y = 29.3% + 51.4%x
QUESTION 1 2 points Save AnswerSave Answer
What is the linear regression equation for the new process? Round the intercept to one decimal and the slope to three decimal places.
30.3% – 0.57%X
Y = 30.3 – 0.57X
-.57 +30.3X
Y= -30.3 + 0.57X
QUESTION 2 2 points Save AnswerSave Answer
Interpret what the slope given the linear equation predicted y = 29.3 +0.514x in this equation means?
For every increase of one in the independent variable x there is an increase of 0.514 in predicted y.
For every increase of one in the independent variable x there is an decrease of 0.514 in predicted x.
For every increase of one in the dependent variable x there is an increase of 0.514 in predicted y.
For every increase of one in the independent variable x there is an decrease of 0.514 in predicted y.
QUESTION 3 2 points Save AnswerSave Answer
Interpret the slope for the equation y = 30.3 – 0.57x
For every increase of one in the independent variable x there is an increase of 0.57 in predicted x.
For every increase of one in the independent variable x there is an decrease of 0.57 in predicted x.
For every increase of one in the independent variable x there is an increase of 0.57 in predicted y.
For every increase of one in the independent variable x there is an decrease of 0.57 in predicted y.
QUESTION 4 2 points Save AnswerSave Answer
What is the interpretation of the y-intercept in the liner regression equation?
Given: y = 29.3 + 0.514x
The interpretation of the y-intercept is the value for predicted y given the absence of explanatory variable x.
The interpretation of the y-intercept is the value for y given the absence of response variable y.
The interpretation of the y-intercept is the value for x given the absence of explanatory variable y.
The interpretation of the y-intercept is the value for predicted y given the absence of response variable x.
QUESTION 5 2 points Save AnswerSave Answer
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WEEK 7 WEEK 7 HOMEWORK ASSIGNMENT 6 TAKE TEST: WEEK 7 LINEAR REGRESSIONH
11/11/2018 Take Test: Week 7 Linear Regression – MAT510076VA016-…
https://blackboard.strayer.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_1039127_1&course_id=_235379_1&content_id=_2638… 2/3
p y p p y g p
What is the interpretation of predicted y given the absence of explanatory variable x given the equation 30.3 – 0.57x?
The interpretation of the y-intercept is the value for predicted y given the absence of explanatory variable x. In this case, predicted y is 30.3 given the absence of x.
The interpretation of the y-intercept is the value for predicted y given the absence of response variable x. In this case, predicted y is 30.3 given the absence of x.
The interpretation of the y-intercept is the value for predicted x given the absence of explanatory variable x. In this case, predicted y is 30.3 given the absence of x.
The interpretation of the y-intercept is the value for predicted y given the absence of explanatory variable x. In this case, predicted y is 30.3 given the absence of y.
QUESTION 6 2 points Save AnswerSave Answer
Comparing the old process to the new process was there an increase or decrease relative to the time spent?
No change
Increase
Decrease
Unable to determine
QUESTION 7 2 points Save AnswerSave Answer
What is the correlation coefficient for the old process? Round your answer to three decimals.
r = 0.481
r(squared) = 0.481
r = -0.481
r = 48.1%
QUESTION 8 2 points Save AnswerSave Answer
What is the correlation coefficient for the new process? Round your answer to three decimals.
r ( squared) = 0.603
r = -0.603
r = 0.603
r^2 = 0.603
QUESTION 9 2 points Save AnswerSave Answer
What is the value of the coefficient of variation for the old process?
R2=0.231
R = 0.231
23.1
23.1%
QUESTION 10 2 points Save AnswerSave Answer
What is the value of the coefficient of variation for the NEW process?
R2 = 0.363
R = 0.363
36
QUESTION 11 2 points Save AnswerSave Answer
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WEEK 7 WEEK 7 HOMEWORK ASSIGNMENT 6 TAKE TEST: WEEK 7 LINEAR REGRESSION
11/11/2018 Take Test: Week 7 Linear Regression – MAT510076VA016-…
https://blackboard.strayer.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_1039127_1&course_id=_235379_1&content_id=_2638… 3/3
36
36%
Interpret the coefficient of determination for the old process. Round your answer to one decimal.
23.1% of the variability present in predicted y can be explained by variability present in the model.
23.1% of the variability present in predicted y can be explained by variability present y.
We do not have enough data to interpret this model.
23.1% of the variability present in the model can be explained by variability present in y.
QUESTION 12 2 points Save AnswerSave Answer
Interpret the coefficient of variation in the new process. Round your answer to one decimal.
36.3% of the variability present in predicted y can be explained by variability present in the model.
36.3% of the variability present in predicted x can be explained by variability present in the response variable.
36.3 is the variability present in x and can be explained by variability present in the model.
No conclusion can be drawn as we do not have enough information.
QUESTION 13 2 points Save AnswerSave Answer
What was the average effect of the process change? Did the process average increase or decrease and by how much?
The new process has a positive effect on improving policy holder satisfaction. The new process improves the average elapsed time from 33.5 days to 26.35 days
The new process has a negative effect on improving policy holder satisfaction. The new process improves the average elapsed time from 33.5 days to 26.35 days
The new process has a positive effect on improving policy holder satisfaction. The new process remains the same the average elapsed time from 33.5 days to 26.35 days
The new process has a neutral effect on improving policy holder satisfaction. The new process improves the average elapsed time from 33.5 days to 26.35 days
QUESTION 14 2 points Save AnswerSave Answer
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.)
The new process reduces the claim time by 7.839 days. It reduces the elapsed time from 29.32 days to 37.16 days. As a result, the new process reduces claim process time and eliminates work load accumulations
The new process increases the claim time by 7.839 days. It reduces the elapsed time from 29.32 days to 37.16 days. As a result, the new process reduces claim process time and eliminates work load accumulations
The new process negatively affects the claim time by 7.839 days. It reduces the elapsed time from 29.32 days to 37.16 days. As a result, the new process reduces claim process time and eliminates work load accumulations
The new process reduces the claim time by 7.839 days. It reduces the elapsed time from 37.16 days to 29.32 days. As a result, the new process increass claim process time and eliminates work load accumulations
QUESTION 15 2 points Save AnswerSave Answer
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WEEK 7 WEEK 7 HOMEWORK ASSIGNMENT 6 TAKE TEST: WEEK 7 LINEAR REGRESSION
