Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. Just-in-time ordering. A factory has a just-in-time ordering policy for an important component in the product it manufactures and its supplier guarantees delivery of

. Just-in-time ordering. A factory has a "just-in-time" ordering policy for an important component in the product it manufactures and its supplier guarantees delivery of ordered components within 30 days. Historical data shows that components arrive on average within 24 days from ordering, the

standard deviation is 4 days, and delivery times follow a normal curve closely.

(a) What percent of components are received within 30 days of ordering?

(b) Orders are "flagged" for special monitoring on the 24th day after

ordering if they haven't yet arrived. What percent of these flagged

orders arrive within 30 days of ordering? What percent of these

flagged orders arrive more than 30 days after ordering?

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

Step: 3

blur-text-image

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

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant M. Datar, Madhav V. Rajan

17th Edition

0135628474, 9780135628478

More Books

Students also viewed these Accounting questions