Homework Help is Here – Start Your Trial Now!
Math
Statistics
Sales delay is the elapsed time between the manufacture of a product and Its sale. According an article it is quite common for Investigators to model sales delay using a lognormal distribution. For a particular product, the cited article proposes this distribution with parameter values μ = 2.02 and o2 = 0.05 (here the unit for delay is months). USE SALT (a) What are the variance and standard deviation of delay time? (Round your answers to two decimal places.) variance 3.06 ✓months² standard deviation 1.75 ✔ months (b) What is the probability that delay time exceeds 12 months? (Round your answer to four decimal places.) 0.0188 (c) What 0.1024 the probability that delay time is within one standard deviation of its mean value? (Round your answer to four decimal places.) x

Sales delay is the elapsed time between the manufacture of a product and Its sale. According an article it is quite common for Investigators to model sales delay using a lognormal distribution. For a particular product, the cited article proposes this distribution with parameter values μ = 2.02 and o2 = 0.05 (here the unit for delay is months). USE SALT (a) What are the variance and standard deviation of delay time? (Round your answers to two decimal places.) variance 3.06 ✓months² standard deviation 1.75 ✔ months (b) What is the probability that delay time exceeds 12 months? (Round your answer to four decimal places.) 0.0188 (c) What 0.1024 the probability that delay time is within one standard deviation of its mean value? (Round your answer to four decimal places.) x

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
Sales delay is the elapsed time between the manufacture of a product and its sale. According an article it is quite common for investigators to model sales delay using a lognormal distribution. For a particular product, the cited article proposes this distribution with parameter values μ = 2.02 and o2 = 0.05 (here the unit for delay is months). USE SALT (a) What are the variance and standard deviation of delay time? (Round your answers to two decimal places.) months2 variance 3.06 standard deviation 1.75 ✔ months (b) What is the probability that delay time exceeds 12 months? (Round your answer to four decimal places.) 0.0188 (c) What is the probability that delay time is within one standard deviation of its mean value? (Round your answer to four decimal places.) 0.1024 x (d) What is the median of the delay time distribution? (Round your answer to two decimal places.) 7.54 months (e) What is the 99th percentile of the delay time distribution? (Round your answer to two decimal places.) 12.69 months. (f) Among 10 randomly selected such items, how many would you expect to have a delay time exceeding 6 months? (Round your answer to three decimal places.) 1.341 x items You may need to use the appropriate table in the Appendix of Tables to answer this question.
Transcribed Image Text:Sales delay is the elapsed time between the manufacture of a product and its sale. According an article it is quite common for investigators to model sales delay using a lognormal distribution. For a particular product, the cited article proposes this distribution with parameter values μ = 2.02 and o2 = 0.05 (here the unit for delay is months). USE SALT (a) What are the variance and standard deviation of delay time? (Round your answers to two decimal places.) months2 variance 3.06 standard deviation 1.75 ✔ months (b) What is the probability that delay time exceeds 12 months? (Round your answer to four decimal places.) 0.0188 (c) What is the probability that delay time is within one standard deviation of its mean value? (Round your answer to four decimal places.) 0.1024 x (d) What is the median of the delay time distribution? (Round your answer to two decimal places.) 7.54 months (e) What is the 99th percentile of the delay time distribution? (Round your answer to two decimal places.) 12.69 months. (f) Among 10 randomly selected such items, how many would you expect to have a delay time exceeding 6 months? (Round your answer to three decimal places.) 1.341 x items You may need to use the appropriate table in the Appendix of Tables to answer this question.
Expert Solution
steps

Step by step

Solved in 5 steps with 18 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS