Compute the mean production time, Business Management

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Compute the mean production time

The production rate in an industrial process is dependent on many factors and varies according to the following distribution.

Minutes Relative Frequency

3 .14

4 .30

5 .27

6 .18

7 .11

a. Compute the mean production time. What does this represent?

b. Using these random numbers, simulate the production time for 12 processes.

.33 .09 .19 .81 .12 .88 .53 .95 .77 .61 .91 .47

c. What is the average production time for the 10 processes you simulated?

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Business Management: Compute the mean production time

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Business Management: Compute the mean production time

Reference No:- TGS085221

Have a Question? (oR Write a Review)

Recent Questions Asked Business Management

Q : What is the probability that second item will be defective

Q : Initial carrying value of the bonds payable

Q : What would mobile''s total contribution margin

Q : What might you suggest to the firms

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Request for Solution File

Ask an Expert for Answer!!

Business Management: Compute the mean production time

Reference No:- TGS085221

Recent Questions Asked Business Management

Q : What is the probability that second item will be defective

Q : Initial carrying value of the bonds payable

Q : What would mobile''s total contribution margin

Q : What might you suggest to the firms

Q : Compute the mean production time

Q : What is the operating income of both divisions together

Q : Using the installment-sales method

Q : What is the total budgeted selling expenses

Q : Which was the cost of insurance

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