Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Normal Distribution: Inventory volume levels of a warehouse are found to be normally distributed over time, with an average of 670,000 cases and a standard
Normal Distribution:
Inventory volume levels of a warehouse are found to be normally distributed over time, with an average of 670,000 cases and a standard deviation of 130,000 cases. The warehouse's capacity is 750,000.
a.) What is the probability that the capacity will be insufficient (i.e. inventory volume > capacity)?
b.) If the capacity would be expanded by 20% of the current, what would now be the probability of insufficiency?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started