Question

Bank A has a mean of 47.5 with a standard deviation of 1.01 minute. Bank B has a mean of 46.2 with a standard deviation of 2.52. Which bank is less consistent?

1) Bank A
2) Bank B

Answer 1

Bank B is less consistent than Bank A as it has a higher standard deviation, indicating more variation in customer wait times.

Step-by-step explanation:

The consistency of service at both Bank A and Bank B is determined by looking at their standard deviations. The standard deviation is a measure of how spread out numbers are in a dataset. A lower standard deviation means that the data points tend to be closer to the mean (average), indicating a more consistent performance.

For Bank A, the mean is 47.5 minutes with a standard deviation of 1.01 minutes. For Bank B, the mean is 46.2 minutes with a standard deviation of 2.52 minutes. Since Bank B has a higher standard deviation, it shows more variation in wait times. Therefore, Bank B is less consistent than Bank A in terms of customer wait times.

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