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You are attempting to get the significant new customer to purchase the product which you produce. Their decision to purchase product from you will depend primarily on speed with which you can produce product once they have placed an order. Presently, it takes you 70 hours on average to produce product with standard deviation of 8 hours. From historical data, you have determined that actual production times follow normal distribution.
(a) What percent of time can you make product within 80 hours?
(b) You wish to promise that 95% of time you will deliver product in under _____ hours. What number must you put in the blank?
(c) Suppose standard deviation stays same, how much do you have to decrease your average production time so that 95% of time you can deliver product in under 75 hours?
A newspaper ad for a manager trainee position contained the statement "Our manager trainees have a first-year earnings average of $20,000 to $24,000." Do you think that the ad is describing a confidence interval? Explain your answer.
Using Non-parametric test, whether there is significant difference in the motor coordination skills.
Explain a scenario associated to final project in which you would utilize repeated-measures ANOVA. Explain a scenario associated to final project in which you would use MANOVA.
What are examples from the workplace related to how data are collected and displayed to facilitate the determination of probability in the resolution of business-related and marketing problems?
Using the probabilities above what is the expected size of family you draw?
The weekly output of a steel mill is a uniformly distributed random variable that lies between 110 and 175 metric tons. Compute the probability that the steel mill will produce more than 150 metric tons next week.
The average stock price for companies making up the S&P 500 is $40, and the standard deviation is $10. Assume the stock prices are normally distributed. What is the probability a company will have a stock price less than $33.
University officials at a major university would like to use three -term moving averages to examine enrollment. Enrollment data (in thousands of students) for the 12 most recent terms are shown in middle column of the table below.
Find out the probability that a student from the whole school system, chosen at random, has passed?
Critically discuss understanding the normal distribution and the factors that affect its shape important in solving business and marketing-related questions?
If the basket ball player is a 74% free throw shooter, then, on average, how many free throws will he or she make in a game with eight free throw attempts?
The sample mean is 2.59 and the sample standard deviation is .66. Conduct the following test using 95% level of confidence.
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