What is the probability of accepting a shipment containing 8% defectives? 2.Anticipated weekly demand for a particular brand of washing powder is represented by a normal distribution with mean 720 units, and standard deviation 72 units. (1) What is the probability that demand will be less than 650 units? (2)What is the probability that demand will be between 650 and 750 units? (3) How many units should be stocked to ensure that the probability of finishing the week with unsold stock is 0.
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
1.The following acceptance rule is being considered for determining whether to take delivery of a large
shipment of components:
A random sample of 60 components is checked, and the shipment is accepted if no more than three
of them is defective.
What is the probability of accepting a shipment containing 8% defectives?
2.Anticipated weekly demand for a particular brand of washing powder is represented by a
distribution
(1) What is the probability that demand will be less than 650 units?
(2)What is the probability that demand will be between 650 and 750 units?
(3) How many units should be stocked to ensure that the probability of finishing the week with
unsold stock is 0.1?
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