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Case Study- Mortgage Approval Time Study
Strayer University
MAT 510 – Business Statistics
Case Study- Mortgage Approval Time Study
Question 1
The DOE that will be performed for this contextualized study is the one-factor-at-a-time
experiment (Durivage, 2016). Every factor in this experiment is examined independently by
, 2
changing one variable whereas distinct factors remain fixed (Hoerl & Snee, 2012). There are
three-factors to evaluate using circumstances and logical findings in this experiment. From the
cause and effect diagram, we will identify the main drivers of the different amount of time
needed for the mortgage to be endorsed. The probable main drivers of this process are the
computation of down reimbursements, attainment of evidence of income, history of employment,
financing statements, accommodation history (Mass & Garillot, 2019).Let us observe the effects
of these different small departures from the outcome of each test.The main experiment is using
the data from the graph and obtaining normal loan approval time.
It is noticeable that the computed effect factor for every experiment (series 1 to 5) cluster.
Nevertheless, we have an outlier in series 2. It is brought forth when the effect factor is
computed within section and experiment 2. This means that the section has a significant impact
on the amount of time needed to get a mortgage endorsed. It is noticeable that lower amount,
great credit score, and the Eastern areas of the U.S produces the most appropriate combination to
get the mortgage endorsed as soon as possible. This is characterized by many distinct
descriptions. First, credit scores display the reliability of an individual to the financial
Case Study- Mortgage Approval Time Study
Strayer University
MAT 510 – Business Statistics
Case Study- Mortgage Approval Time Study
Question 1
The DOE that will be performed for this contextualized study is the one-factor-at-a-time
experiment (Durivage, 2016). Every factor in this experiment is examined independently by
, 2
changing one variable whereas distinct factors remain fixed (Hoerl & Snee, 2012). There are
three-factors to evaluate using circumstances and logical findings in this experiment. From the
cause and effect diagram, we will identify the main drivers of the different amount of time
needed for the mortgage to be endorsed. The probable main drivers of this process are the
computation of down reimbursements, attainment of evidence of income, history of employment,
financing statements, accommodation history (Mass & Garillot, 2019).Let us observe the effects
of these different small departures from the outcome of each test.The main experiment is using
the data from the graph and obtaining normal loan approval time.
It is noticeable that the computed effect factor for every experiment (series 1 to 5) cluster.
Nevertheless, we have an outlier in series 2. It is brought forth when the effect factor is
computed within section and experiment 2. This means that the section has a significant impact
on the amount of time needed to get a mortgage endorsed. It is noticeable that lower amount,
great credit score, and the Eastern areas of the U.S produces the most appropriate combination to
get the mortgage endorsed as soon as possible. This is characterized by many distinct
descriptions. First, credit scores display the reliability of an individual to the financial
