MAT510 Study Conducted by an Insurance Company

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!!!!AN EXCEL SPREADSHEET SHOULD ALSO ACCOMPANY THE ANSWERS!!!!

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.

	Table: Insurance Claim Approval Times (days)     Old Process			  New Process	  Week	Elapsed Time		 Week	Elapsed Time 1	31.7		13	24 2	27		14	25.8 3	33.8		15	31 4	30		16	23.5 5	32.5		17	28.5 6	33.5		18	25.6 7	38.2		19	28.7 8	37.5		20	27.4 9	29		21	28.5 10	31.3		22	25.2 11	38.6		23	24.5 12	39.3		24	23.5

Use the date in table above and answer the following questions in the space provided below:

  1. What was the average effect of the process change? Did the process average increase or decrease and by how much?
  2. Analyze the data using the regression model y = b0 + b1x, where y = time to approve and mail a claim (weekly average), x = 0 for the old process, and x = 1 for the new process.
  3. How does this model measure the effect of the process change?
  4. 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.)

MAT 510 – Homework Assignment Homework Assignment 6 Due in Week 7 and worth 30 points 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. Table: Insurance Claim Approval Times (days) Old Process New Process Elapsed Time Week Elapsed Time Week 1 31.7 13 24 2 27 14 25.8 3 33.8 15 31 4 30 16 23.5 5 32.5 17 28.5 6 33.5 18 25.6 7 38.2 19 28.7 8 37.5 20 27.4 9 29 21 28.5 10 31.3 22 25.2 11 38.6 23 24.5 12 39.3 24 23.5 Use the date in table above and answer the following questions in the space provided below: 1. What was the average effect of the process change? Did the process average increase or decrease and by how much? 2. Analyze the data using the regression model y = b0 + b1x, where y = time to approve and mail a claim (weekly average), x = 0 for the old process, and x = 1 for the new process. 3. How does this model measure the effect of the process change? 4. 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.) Type your answers below and submit this file in Week 7 of the online course shell: MAT 510 – Homework Assignment

Tutor Answer

FelixBrato
School: Boston College

Attached.

Old Process
Week
Elapsed Time
1
31.7
2
27
3
33.8
4
30
5
32.5
6
33.5
7
38.2
8
37.5
9
29
10
31.3
11
38.6
12
39.3
Average
33.53

x
0
0
0
0
0
0
0
0
0
0
0
0

New Process
Week
Elapsed Time
13
24
14
25.8
15
31
16
23.5
17
28.5
18
25.6
19
28.7
20
27.4
21
28.5
22
25.2
23
24.5
24
23.5
Average
26.35

x
1
1
1
1
1
1
1
1
1
1
1
1

Regression Statistics

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.746136076
R Square
0.556719044
Adjusted R Square
0.536569909
Standard Error
3.347432304
Observations
24
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

SS
309.6016667
246.5166667
225.1183333

MS
309.6017
11.2053

Coefficients
Standard Error
33.53333333
0.966320471
7.183333333
1.366583516

t Stat
34.70208
-5.25642

1
22
23

F
Significance F
27.62992
2.84E-01

P-value
1.05E-20
2.84E-05

Lower 95%
31.52930733
10.01745408

Upper 95%
35.53735933
4.349212585


MAT 510 – Homework Assignment
Homework Assignment 6
Due in Week 7 and worth 30 points
The data in the t...

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Review

Anonymous
Tutor went the extra mile to help me with this essay. Citations were a bit shaky but I appreciated how well he handled APA styles and how ok he was to change them even though I didnt specify. Got a B+ which is believable and acceptable.

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