Project #7905 - statistics

 

1.     The time it takes to complete a MLB game is normally distributed with mean 2 hours 52 minutes and standard deviation 14 minutes.  A random sample of 20 games from 2010 is examined.

a.     What is the probability that at least 12 games in the sample lasted longer than 3 hours?

b.     What is the probability that more than 5 games last less than 2.5 hours?

 

2.      The annual demand for a certain item is N(600,52).  Suppose the annual stock level is 600.  If demand is less than 600, the annual holding cost of the leftover items is $165 per item.  If the demand is greater than 600, then the loss of good will is $300 per item.

a.      Determine the expected annual cost of shortages or surpluses of this product.

b.     Compute the standard deviation of costs.

c.     Find two values for which 95% of costs are between those two costs

d.     Comment on the stock level of 300.  Can you determine the appropriate stock level that minimizes expected cost?

 

Subject Mathematics
Due By (Pacific Time) 06/17/2013 01:00 pm
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