Explore BrainMass

Explore BrainMass

    Constructing a control chart using excel

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    The funds-transfer department of a bank is concerned with turnaround time for investigations of funds-transfer payments. A payment may involve the bank as a remitter of funds, a beneficiary of funds, or an intermediary in the payment. An investigation is initiated by a payment inquiry or a query by a party involved in the payment or any department affected by the flow of funds. When a query is received, an investigator reconstructs the transaction trail of the payment and verifies that the information is correct and that the proper payment is transmitted. The investigator then reports the results of the investigation, and the transaction is considered closed. It is important that investigations be closed rapidly, preferably within the same day. The number of new investigations and the number of proportion closed on the same day that the inquiry was made are stored in FundTran.
    a. Construct a control chart for these data.
    b. Is the process in a state of statistical control? Explain
    c. Based on the results of (a) and (b), what should management do next to improve the process?

    A branch manager of a brokerage company is concerned with the number of undesirable trades made by her sales staff. A trade is considered undesirable if there is an error on the trade ticket. Trades with errors are canceled and resubmitted. The cost of correcting errors is billed to the brokerage company. The branch manager wants to know whether the proportion of undesirable trades is in a state of statistical control so she can plan the next step in a quality improvement process. Data were collected for a 30day period and stored in Trade.
    a. Construct a control chart for these data.
    b. Is the process in control? Explain.
    c. Based on the results of (a) and (b), what should the manager do next to improve the process?

    © BrainMass Inc. brainmass.com March 7, 2023, 5:29 pm ad1c9bdddf


    Solution Summary

    The solution gives detailed steps on constructing control charts for given data using Excel and performs a short analysis. Two questions are answered in two excel files.