Followup to my mortgage procedures survey
Posted by Jacques Chester on Friday, June 12, 2009
As I promised a few weeks ago, I have a brief report outlining the results from the survey I conducted comparing two different mortgage calculation procedures. For the truly curious, here it is.
This entry was posted on Friday, June 12th, 2009 at 1:40 PM and filed under Blegs, IT and Internet.
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Just a note about your data — higher error rates with faster responses is a really common pattern. However, it’s not necessarily task related. It may simply be that one group feels more pressured to respond faster than another, and that may just be bad luck in terms of sampling.
Posted on 13-Jun-09 at 3:19 pm | PermalinkJacques, you say: “Poor procedure quality. Procedure B was hastily compiled. Initially it contained a mistake in the formula and did not include the Interest and Terms for participants.”
This is incorrect. The problem wasn’t just with Procedure B, it was with both A and B. As I said back then:
“Procedure A omits the required values for principal, term and interest rate. Procedure B has the wrong formula – you cant just plug the value 6 into the calculator as the interest rate. It needs to be divided by 100.”
After this, you corrected both mistakes (so you said, but I didn’t check).
You said that you excluded the results from Procedure A prior to the correction, but you really should have excluded the results from both Procedures A and B.
Posted on 14-Jun-09 at 9:53 pm | Permalink