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You are trying to get an important new customer to buy a product that you produce. Their decision to buy the product from you will depend primarily upon the speed at which you can produce the product once they have placed an order. Currently it takes you 70 hours to produce the product with a standard deviation of 8 hours. Production times follow a normal distribution. a.) What % of the time can you produce the product within 80 hours? b.)you want to promise that 95% of the time you can deliver the product in under ____ hours. What number should you put in the blank? Assuming the standard deviation stays the same, how much do you have to reduce your average production time so that 95% of the time you can deliver the product in under 75 hours?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
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