Question
LetXbe the number of weeks required to complete the development of product specifications, and letYbe the number of weeks required to complete the design of
LetXbe the number of weeks required to complete the development of product specifications, and letYbe the number of weeks required to complete the design of the manufacturing process. Based on experience, you estimate the following probability distribution for the first step:
Weeks(X) 1 2 3
Probability 0.3 0.5 0.2
For the second step, your estimated distribution is
Weeks(Y) 1 2 3 4 5
Probability 0.1 0.15 0.4 0.3 0.05
The cost per week for developing product specifications is$8000,while the cost per week for designing the manufacturing processis $30,000.
Calculate the standard deviation of the cost for each of the two activities using the rules for variances. The standard deviation foris0.7and for is 1.0235.
Round to two decimal places when necessary.
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