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A factory manager must decide whether to stock a particular spare part. The part is absolutely essential to the operation of certain machines in the plant. Stocking the part costs $10 per day in storage and cost of capital. If the part is in stock, a broken machine can be repaired immediately, but if the part is not in stock, it takes one day to get the part from the distributor, during which time the broken machine sits idle. The cost of idling one machine for a day is $65. There are 50 machines in the plant that require this particular part. The probability that any one of them will break and require the part to be replaced on any one day is only 0.004 (regardless of how much time has elapsed since the part was previously replaced). The machines break down independently of one another.
a. If you wanted to use a probability distribution for the number of machines that break down on a given day, would you use the binomial or Poisson distribution? Why? (Hint: Either distribution can be chosen as long as you can provide supportive reasons.)
b. Whichever theoretical distribution you chose in part a, what are the appropriate parameters? That is, if you chose the binomial, what are the values for
a standardized third grade reading test called the we can read test has a mean of 50 with a standard deviation of 10. a
the following three questions i.e. questions 1-3 refer to the following informationthe random variable x representing
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Using the menu systems, request descriptive statistics (mean, s.d. and variance) for both your original variables
Shoppers enter Hamilton Place Mall at an average of 120 per hour, and the number and shoppers is Poisson distributed. What is the probability that at least 5 shoppers will enter the mall between 5:00 and 5:05 p.m.?
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Surveys have been widely used by politicians around the world as a way of monitoring the opinions of the electorate. Six months ago, a survey was undertaken to determine the degree of support for national party leader.
Find the probability that the roots are real. - Find the probability that the roots are complex. - Find the probability that the roots are equal.
A newspaper reports that the governor s approval rating stands at 65%. The article adds that the poll is based on a random sample of 972 adults and has a margin of error of 2.5%. What level of confidence did the pollsters use?
a certain brand of candies have a mean weight of .8592 g and a standard deviation of .052 based on a sample of a
Find the probability that a water specimen collected from the river has an alkalinity level exceeding 45 milligrams per liter.
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