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Case Study 2: Mortgage Approval Time StudyRead 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 credit history (good versus fair), the size of the mortgage (<$500,000 versus >$500,000), and the region of the United States (western versus eastern) on the amount of 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 selected for each of the eight combinations of the three variables. The data are shown in the tableMortgage Approval Time StudyCredit HistoryMortgage SizeRegionApproval Times (days)Approval Times (days)Approval Times (days)Approval Times (days)Approval Times (days)Good<$500,000Western5950646247Fair<$500,000Western8158696574Good>$500,000Western3852586065Fair>$500,000Western146159133143129Good<$500,000Eastern2826384121Fair<$500,000Eastern4253405064Good>$500,000Eastern4931494238Fair>$500,000Eastern106115126118138First, conduct an analysis using the following steps:Use the data shown in the table to conduct a design of experiment (DOE) in Microsoft Excel in order determine the nature and magnitude of the effects of the three variables on mortgage approval times. What are the key drivers of this process?Determine the graphical display tool (e.g., Interaction Effects Chart, Scatter Chart, et cetera) that you would use to present the results of the DOE that you conducted in Question 1. Provide a rationale for your response.Assess the data sampling method. Our sample contained only five mortgages per combination. Under what circumstances would it have been appropriate to select a larger sample? Is a sample of five mortgages adequate to access the relative magnitudes of the effects of the variables? What sample size would you recommend? What could you learn from a larger sample size? (Hint: Look back at chapter 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 PPT presentation to communicate the data analysis you completed. Your presentation must follow these formatting requirements:A PPT presentation with at least 10 slides that include the answers to questions 1 through 5.A reference slide which follows APA format. Check with your professor for any additional instructions.Formatting of the slides should be consistent and easy to read.Cover slide containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date.Note: The cover slides and the reference slides are not included in the required assignment slides length.The specific course learning outcome associated with this assignment is:Develop recommendations to improve business processes, using statistical tools and analysis.By submitting this paper, you agree: (1) that you are submitting your paper to be used and stored as part of the SafeAssign™ services in accordance with the Blackboard Privacy Policy; (2) that your institution may use your paper in accordance with your institution’s policies; and (3) that your use of SafeAssign will be without recourse against Blackboard Inc. and its affiliates.
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