Read the following case study:
A major financial services company wishes to better understand its mortgage approval process. In particular, the company is interested in learning about the effects of good versus fair credit history, the size of the mortgage (less than $500,000 versus greater than $500,000), and the region of the United States (western versus eastern) on the time it takes to get a mortgage approved. The database of mortgages approved in the last year is accessed, and a random sample of five approved mortgages is chosen for each of the eight combinations of the three variables. The data are shown in the table.
Mortgage Approval Time Study
Credit History Mortgage Size Region Approval Times (days) Approval Times (days) Approval Times (days) Approval Times (days) Approval Times (days)
Good <$500,000 Western 59 50 64 62 47 Fair <$500,000 Western 81 58 69 65 74 Good >$500,000 Western 38 52 58 60 65
Fair >$500,000 Western 146 159 133 143 129
Good <$500,000 Eastern 28 26 38 41 21 Fair <$500,000 Eastern 42 53 40 50 64 Good >$500,000 Eastern 49 31 49 42 38
Fair >$500,000 Eastern 106 115 126 118 138
First, conduct an analysis using the following steps:
Use the data shown in the table to conduct a design of experiment (DOE) in Microsoft Excel to determine the nature and magnitude of the effects of the three variables on mortgage approval times. Identify the key drivers of this process.
Determine the graphical display tool (Interaction Effects Chart, Scatter Chart, et cetera) that you would use to present the results of the DOE you conducted in Question 1. Provide a rationale for your response.
Assess the data sampling method:
Determine if the sample size is sufficient.
Identify circumstances under which would it have been appropriate to select a larger sample. Determine whether a sample of five mortgages is adequate to access the relative magnitudes of the effects of the variables.
Recommend a sample size for future study and discuss what analysis can be made with a larger sample size. (Hint: Look back at Chapters 2, 3, 5, and 6 for discussion of sampling.)
Provide other variable responses that might be of interest to measure and study. (Hint: If you were getting a mortgage or a loan, what are the two most important measures of the process you would have to go through?)
Propose one overall recommendation to the financial services company based on the DOE that could help reduce mortgage approval times.
Use Basic Search: Strayer University Online Library to identify at least two quality references to support your discussion. Note: Wikipedia and other websites do not qualify as academic resources.
Second, create a PowerPoint presentation to communicate the data analysis you completed. Your submission must meet these requirements:
A PowerPoint presentation with at least 10 content slides that include the answers to questions 1 through 5.
A reference slide and cover slide with the title of the assignment, your name, the professor’s name, the course title, and the date.
Note: The cover and reference slides are not included in the required number of slides.
Formatting of the slides should be consistent and easy to read
Sample Solution
how inject mercury to samples and calculating the bulk volume of the sample using Archimedes law, CT scan which include several software�s for making videos of core sample to analyze the fractures and how it will affect the value of porosity and permeability, Formation Resistivity Factor ( capillary pressure) (appendix 2), permeability of fluids, flush cleaning using different solvents, and finally the dean stark which is about extraction of oil and water. Consequently, the first week of training was about introduction to the company programs and services as well as the devices and process used in the laboratory. Second week I started with the first task in CCA section which required the measurement of porosity by using DHP device (figure1). This task contain all the impotent measurements and calculation in porosity by using Boyle�s law (appendix, 1), also exporting the data in excel sheet to determine the capacity of core to hold fluids, and analyze the graphs with different behaviors (figure 1, appendix 2). Besides that, I also get a chance to use the VINCI device (figure 2) which is used for unsteady state process to get knowledge in how to determine several parameters in more accurate way such as porosity, permeability, pore volume, and bulk volume by sitting the pressure Moreover, the instrument calculate the pore volume and porosity by using the ideal gas law, also the pressure applied to the core is generated by high accurate hydraulic pump. Nevertheless, in the same week I worked using DGP device (figure 3) which is specific for permeability measurement. The main factor of permeability is Darcy law (appendix 1), the important parameters of lectures are presented in white bored without any other materials which could help the person to understand in better way. I have found during the lecture that some workers found difficulties in understanding the main idea of the topic. In my point of view, the lectures could be presented in an interesting way if the presenter use some other materials behind white bored for example pictures, power point, graphs, and videos related to the topics. 5.3 Radiation test of CT scan Radiation test of CT scan is performed to determine the amount of radioactive waves emitted from CT scan. This test is an essential for all the workers inside the laboratory due to the harmful emitted waves. The test done by the lab engineer using a special device that measures the emission of radiation waves. Recommendations I have noted during the test that some works do not have enough idea about the risks of radiation waves and they do not wear a special lab costume that prevent them. My own feeling on the subject is that there should be some rules and actions taken by the responsible person in order to maintain the safety of employees also educate the staffs about the risks of radiation waves. 5.4 Oil spill The department safety manager performed a task of Oil spill, the oil was spilled on the ground without informing any of the workers in order to test the ability of employees in dealing with various safety situations.What�s more, the manager discus around the safety issues as well as the accidents that can be cussed by oil spill and the correct way of how to deal with similar situations in future. Recommendations>
how inject mercury to samples and calculating the bulk volume of the sample using Archimedes law, CT scan which include several software�s for making videos of core sample to analyze the fractures and how it will affect the value of porosity and permeability, Formation Resistivity Factor ( capillary pressure) (appendix 2), permeability of fluids, flush cleaning using different solvents, and finally the dean stark which is about extraction of oil and water. Consequently, the first week of training was about introduction to the company programs and services as well as the devices and process used in the laboratory. Second week I started with the first task in CCA section which required the measurement of porosity by using DHP device (figure1). This task contain all the impotent measurements and calculation in porosity by using Boyle�s law (appendix, 1), also exporting the data in excel sheet to determine the capacity of core to hold fluids, and analyze the graphs with different behaviors (figure 1, appendix 2). Besides that, I also get a chance to use the VINCI device (figure 2) which is used for unsteady state process to get knowledge in how to determine several parameters in more accurate way such as porosity, permeability, pore volume, and bulk volume by sitting the pressure Moreover, the instrument calculate the pore volume and porosity by using the ideal gas law, also the pressure applied to the core is generated by high accurate hydraulic pump. Nevertheless, in the same week I worked using DGP device (figure 3) which is specific for permeability measurement. The main factor of permeability is Darcy law (appendix 1), the important parameters of lectures are presented in white bored without any other materials which could help the person to understand in better way. I have found during the lecture that some workers found difficulties in understanding the main idea of the topic. In my point of view, the lectures could be presented in an interesting way if the presenter use some other materials behind white bored for example pictures, power point, graphs, and videos related to the topics. 5.3 Radiation test of CT scan Radiation test of CT scan is performed to determine the amount of radioactive waves emitted from CT scan. This test is an essential for all the workers inside the laboratory due to the harmful emitted waves. The test done by the lab engineer using a special device that measures the emission of radiation waves. Recommendations I have noted during the test that some works do not have enough idea about the risks of radiation waves and they do not wear a special lab costume that prevent them. My own feeling on the subject is that there should be some rules and actions taken by the responsible person in order to maintain the safety of employees also educate the staffs about the risks of radiation waves. 5.4 Oil spill The department safety manager performed a task of Oil spill, the oil was spilled on the ground without informing any of the workers in order to test the ability of employees in dealing with various safety situations.What�s more, the manager discus around the safety issues as well as the accidents that can be cussed by oil spill and the correct way of how to deal with similar situations in future. Recommendations>
