How much to decrease average production time-deliver product

Reference no: EM13108831

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?

Reference no: EM13108831

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