Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

22. You are trying to get an important new customer to buy a product that you produce. Their decision to buy the product from you

22. You are trying to get an important new customer to buy a product that you produce. Their decision to buy the product from you will depend primarily on the speed with which you can produce the product once they have placed an order. Currently, it takes you 70 hours on average to produce the product with a standard deviation of 8 hours. From historical data, you have determined that actual production time follows a normal distribution.

a. What percent of the time can you produce the product within 80 hours? B. You want to promise that 95% of the time you will deliver the product in under (?) hours. What number should you put in the blank? C. Assuming standard deviation stays the same, how much do you have to reduce your average production time so that 95% of the time you can deliver the product in under 75 hours?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

High School Math 2012 Common-core Algebra 2 Grade 10/11

Authors: Savvas Learning Co

Student Edition

9780133186024, 0133186024

More Books

Students also viewed these Mathematics questions