Calculating the expected number of days

Reference no: EM1316685

Q1) Point out if the given statements are true or false.

i) A time series graph is helpful for detecting long term trends over period of time.

ii) A stem and leaf plot is data plot which utilizes part of data value as stem and part of data value as leaf to form groups or classes.

iii) Mode of set of data can be calculated only when data is numeric.

iv) Median can be more suitable measure of central tendency if distribution of the data is much skewed.

v) Coefficient of variation is mean divided by standard deviation expressed as a percentage.

Q2) Market in Boston orders oranges from Florida. Oranges are shipped to Boston from Florida by either railroad, truck, or airplane; order can take 1,2,3, or 4 days to arrive in Boston once it is placed. Following probabilities have been assigned to number of days it takes to get the order once it is placed (referred to as lead time):

Lead time	Probability
1	0.20
2	0.50
3	0.20
4	0.10
Total	1

Calculate the expected number of days it takes to get the order and standard deviation.

Reference no: EM1316685

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