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Mean number of days his customers wait for an hdtv repair

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Question: Marque Electronics is a family-owned electronics repair business in Kansas City. The owner has read an advertisement from a local competitor that guarantees all high-definition television (HDTV) repairs within four days. Based on his company's experience, he wants to know if he can offer a similar guarantee. His past service records are used to determine the following probability distribution:

Number of days             Probability

1                                   0.15

2                                   0.25

3                                   0.30

4                                   0.18

5                                   0.12

a. Calculate the mean number of days his customers wait for an HDTV repair.

b. Also calculate the variance and standard deviation.

c. Based on the calculations in parts a and b, what conclusion should the manager reach regarding his company's repair times?

Reference no: EM131651690

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