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Fast Facts Financial (FFF), Inc. provides credit reports to lending institutions which are evaluating applicants for home...

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Question

Statistics

Fast Facts Financial (FFF), Inc. provides credit reports tolending institutions which are

evaluating applicants for home mortgages, vehicle, home equity,and other loans.

A pressure faced by FFF Inc. is that several competing creditreporting companies are

able to provide reports in about the same average amount oftime, but are able to promise

a lower time than FFF Inc - the reason being that the variationin time required to

compile and summarize credit data is smaller than the timerequired by FFF.

FFF has identified & implemented procedures which theybelieve will reduce this

variation. If the historic standard deviation is 2.3 days, andthe standard deviation for a

sample of 25 credit reports under the new procedures is 1.8days, then test the appropriate

hypothesis at the alpha = .05 level of significance.

Hint: Use chi-square distribution, assume measured trait isnormal, and evidence should be insufficient for rejecting nullhypothesis.

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