A bank manager is reviewing the services of the customer hotline. From past records, the mean and the standard deviation of the waiting times are 2 min and 0.5 min, respectively. Assume that the waiting time is normally distributed. 11. Find the probability that a caller has to wait more than 3 min before the call is answered. 12. The bank improves the hotline service by reducing the mean waiting time to 1.5 min and the standard deviation to 0.3 min. The bank claims that over 85% of the customers will wait less than 100s for the service. Do you agree with the claim? Briefly explain vour answer.
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
Step by step
Solved in 2 steps
