Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Operations and production managers often use the normal distribution as a probability model to forecast demand in order to determine inventory levels, manage the supply

Operations and production managers often use the normal distribution as a probability model to forecast demand in order to determine inventory levels, manage the supply chain, control production and service processes, and perform quality assurance checks on products and services.The information gained from such statistical analyses help managers optimize resource allocation and reduce process time, which in turn often improves profit margins and customer satisfaction.

Based on your understanding of the characteristics of the normal distribution, examine the chart below.Process Astandard deviation is .9, Process B standard deviation is 1.4, and the mean of both processes is 12.

image text in transcribed
Employing the Normal Distribution 0.5 0.45 Process A 0.4 0.35 0.3 Probability Density 0.25 0.2 0.15 0.1 Process B 0.05 6 8 10 12 14 16 18 Product

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

Statistical Inference

Authors: George Casella, Roger L. Berger

2nd edition

0534243126, 978-0534243128

More Books

Students also viewed these Mathematics questions