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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 times follow 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 the 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?
At the 5 percent level of significance, can we conclude that the mean weight is greater than 16 ounces? Determine the p- value.
Do you think this statement has any merit? Why or why not? Explain why the manager may have said it and then further substantiate his argument or compose a rebuttal.
She is interested in testing the null hypothesis that the mean SAT score is the same for each type of schooling using the one-way ANOVA. Some summary statistics for the three groups are given below, followed by the one-way ANOVA table.
Findout the normal model for the given proportions. The professor has every student toss a coin 50 times also calculated the proportion
You have been asked to help plan a data collection process to answer the two problem areas. Briefly outline a plan to: Collect qualitative data about how the current services are delivered
Using the original data, estimate the population standard deviation with 90% probability.
A game involving a pair of dice pays you 3 with probability 17/36, costs you 2 with probability 14/36, and costs you 4 with probability 5/36. What is your probability of losing money in one play of the game?
The firm examined 35 randomly chosen fax transmissions during the next year, yielding a sample mean of 14.44 with a standard deviation of 4.45 pages. (a) At the .01 level of significance, is the true mean greater than 10? (b) Use Excel to find the..
LINEAR PROGRAMMING MODELS
Hypothesis test for the difference between two means - To make the data comparable, certain features, such as the deductible amount and limits of liability, are standardized.
Testing for equality of variances - Independent random samples were taken from normal distributions of the yearly production of ships built by the International Ship Building Company under
Conduct a marketing experiment in which students are to taste one of two different brands of soft drink
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