Question

#19 consider this scenario: a branch manager at a wells fargo bank wants to know the average amount of time that her customers have to wait in line for a teller. so she polls 300 of her customers and asks them how long they had to wait in line. then she calculates the average wait time for these 300 customers. in this scenario, what is the parameter ?
(a) all of the customers at her wells fargo branch
(b) only the 300 bank customers who were polled
(c) the average wait time for the 300 customers polled
(d) the average wait time for all of her bank customers
(e) none of the above

#20 referring to the scenario in question #19 above, what is the statistic ?
(a) all of the customers at her wells fargo branch
(b) only the 300 bank customers who were polled
(c) the average wait time for the 300 customers polled
(d) the average wait time for all of her bank customers
(e) none of the above

Explanation:

Question [#19]

A parameter is a characteristic of the entire population. Here, the population is all customers at the Wells Fargo branch, and the parameter would be the average wait time for all these customers. Option A is the population (not a parameter, just the group), Option B is the sample, Option C is a statistic (from the sample), Option D is the average of the entire population (the parameter).

A statistic is a characteristic of a sample. The sample here is the 300 polled customers, so the statistic is the average wait time of these 300 customers. Option A is the population, Option B is the sample (not a statistic, just the group), Option C is the average of the sample (the statistic), Option D is the population parameter.

Answer:

D. The average wait time for all of her bank customers

Question [#20]