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Probability that the actual costs will exceed the budget

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Reference no: EM132167019

The weekly amount spent for maintenance and repairs in a certain company was observed over a long period of time. This weekly amount was normally distributed with a mean of $400 and a standard deviation of $50.

a) If $320 is budgeted for next week, what is the probability that the actual costs will exceed the budget?

b) If $375 is budgeted for next week, what is the probability that the actual costs will be less than the budget?

c) If the weekly budget was between $350 and $375, what is the probability that the actual costs will be within the budget?

Reference no: EM132167019

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