A family of mutual funds maintains a service that allows clients to switch money among accounts through a telephone call. It was estimated that 3.2% of callers either get a busy signal or are kept on hold so long that they may hang up. Fund management assesses any failure of this sort as a $10 goodwill loss. Suppose that 2,000 calls are attempted over a particular period. a. Find the mean and standard deviation of the number of callers who will either get a busy signal or may hang up after being kept on hold. b. Find the mean and standard deviation of the total goodwill loss to the mutual fund company from these 2,000 calls.
A family of mutual funds maintains a service that allows clients to switch money among accounts through a telephone call. It was estimated that 3.2% of callers either get a busy signal or are kept on hold so long that they may hang up. Fund management assesses any failure of this sort as a $10 goodwill loss. Suppose that 2,000 calls are attempted over a particular period. a. Find the mean and standard deviation of the number of callers who will either get a busy signal or may hang up after being kept on hold. b. Find the mean and standard deviation of the total goodwill loss to the mutual fund company from these 2,000 calls.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
Related questions
Question
A family of mutual funds maintains a service that allows clients to switch money among accounts through a telephone call. It was estimated that 3.2% of callers either get a busy signal or are kept on hold so long that they may hang up. Fund management assesses any failure of this sort as a $10 goodwill loss. Suppose that 2,000 calls are attempted over a particular period.
a. Find the mean and standard deviation of the number of callers who will either get a busy signal or may hang up after being kept on hold.
b. Find the mean and standard deviation of the total goodwill loss to the mutual fund company from these 2,000 calls.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.