Chapter 12, Problem 43P

a)

Summary Introduction

To determine: The mean ${\mu }_{LD}$ and standard deviation ${\sigma }_{LD}$ when L is $\frac{3}{52}$.

Inventory and supply chain models:

The functions of inventory and supply chain are one of the most important business decision areas for an organization. The first important aspect of these concepts is to have adequate inventory on hand. The second important aspect is to carry a little amount of inventory as possible.

b)

Summary Introduction

To determine: The mean ${\mu }_{LD}$ and standard deviation ${\sigma }_{LD}$ when Lis uncertain with mean as $\frac{3}{52}$ and standard deviation as $\frac{1}{52}$.