Answered: You can use Excel functions to find the…

Essentials Of Business Analytics

1st Edition

ISBN:9781285187273

Author:Camm, Jeff.

Publisher:Camm, Jeff.

Chapter6: Data Mining

Section: Chapter Questions

Problem 20P

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Question

You can use Excel functions to find the answers for the following question (round off the values to 4 decimal places):

a. Supplier on-time delivery performance is critical to enabling the buyer’s organization to meet its customer service commitments. Therefore, monitoring supplier delivery times is critical. Based on a great deal of historical data, a manufacturer of personal computers finds for one of its just-in-time suppliers that the delivery times are random and well approximated by the Normal distribution with mean 51.7 minutes and standard deviation 9.5 minutes.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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