Answered: ne production run of 500 eighty-unit…

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Probability

ne production run of 500 eighty-unit lots, how much would be the loss if the cost to manufacture one unit is ₱ 335.75

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

A manufacturing company implemented a new production process to reduce defective fuses. From the old process, it was computed that at least 1 defect costs the company an average of ₱6,500,000.00 per production run. After implementing the new process, suppose a large lot contains 10% defective fuses and four fuses are randomly sampled from the lot. Find the probability that at least one fuse in the sample of four is defective. (Continuing from result in item a) in one production run of 500 eighty-unit lots, how much would be the loss if the cost to manufacture one unit is ₱ 335.75? How much is the difference from the old process? Did the new process effectively reduce the company’s losses?

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