Lockheed Martin, the defense contractor designs and build communication satellite systems to be used by the U.S. military. Because of the very high cost the company performs numerous test on every component. These test tend to extend the component assembly time. Suppose the time required to construct and test (called build time) a particular component is thought to be normally distributed, with a mean equal to 15 hours and a standard deviation equal to 2.25 hours. To keep the assembly flow moving on schedule, this component needs to have a build time between 12.5 and 18 hours. Find the probability that the build time will be such that assembly will stay on schedule.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
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