A garage requires 100 tires daily with standard deviation of 30 units. Inventories are reviewed and...

A garage requires 100 tires daily with standard deviation of 30 units. Inventories are reviewed and orders are placed daily. lead time for order is 1 day. The holding cost per day is $0.05. The garage wishes to operate with 0.9987 in-stock probability. How many tires are on order ? on hand ?

Expert Solution

keosha answered 7 months ago

Daily demand for a product is 100 units, with a standard deviation of 35 units. The...

Daily demand for a product is 100 units, with a standard deviation of 35 units. The review period is 10 days and the lead time is 5 days. At the time of review there are 40 units in stock. If 95 percent service probability is desired, how many units should be ordered? (Use Excel's NORMSINV() function to find the correct critical value for the given α-level. Do not round intermediate calculations. Round "z" value to 2 decimal places and final...

Daily demand for a product is 90 units, with a standard deviation of 20 units. The...

Daily demand for a product is 90 units, with a standard deviation of 20 units. The review period is 10 days and the lead time is 8 days. At the time of review there are 70 units in stock. If 99 percent service probability is desired, how many units should be ordered? (Use Excel's NORMSINV() function to find the correct critical value for the given ?-level. Do not round intermediate calculations. Round "z" value to 2 decimal places and final...

A random sample of n=100 observations produced a mean of x⎯⎯=30 with a standard deviation of...

A random sample of n=100 observations produced a mean of x⎯⎯=30 with a standard deviation of s=5. (a) Find a 99% confidence interval for μ Lower-bound: Upper-bound: (b) Find a 95% confidence interval for μ Lower-bound: Upper-bound: (c) Find a 90% confidence interval for μ Lower-bound: Upper-bound:

Calculate true standard deviation of the diameter of a large batch of tires to a confidence...

Calculate true standard deviation of the diameter of a large batch of tires to a confidence level of 99% if the measured standard deviation in the diameter for a sample of 30 tires is 0.0795 cm.

suppose that a garage samples 20 customer they find that the standard deviation is 1234. Find...

suppose that a garage samples 20 customer they find that the standard deviation is 1234. Find a 90% confidence interval of true standard deviation. Which formula wold you use for X2 Left & X2 Right.

The lifetime of Brand A tires are distributed with mean 45,000 miles and standard deviation 4900...

The lifetime of Brand A tires are distributed with mean 45,000 miles and standard deviation 4900 miles, while Brand B tiees last for only 36,000 miles on the average(mean) with standard deviation of 2010 miles. Niccoles Brand A tires lasted 37,000 miles and Yvettes Brand B tires lasted 35,000 miles. Relatively speaking, within their own brands, which driver fot the better wear?

A tire company claims that the lifetimes of its tires average 49750 miles. The standard deviation...

A tire company claims that the lifetimes of its tires average 49750 miles. The standard deviation of tire lifetimes is known to be 4750 miles. You sample 75 tires and will test the hypothesis that the mean tire lifetime is at least 49750 miles against the alternative that it is less. Assume, in fact, that the true mean lifetime is 49250 miles. It is decided to reject H0 if the sample mean is less than 49150. Find the level and...

the lifetimes of its tires follow a normal distribution with mean 48,000 miles and standard deviation...

the lifetimes of its tires follow a normal distribution with mean 48,000 miles and standard deviation 5,000 miles. ·a well-labeled sketch of this normal distribution ·the z-score corresponding to 55,000 miles ·the probability that a randomly selected tire lasts for more than 55,000 miles ·the manufacturer wants to issue a guarantee so that 99% of its tires last for longer than the guaranteed lifetime, what z-score should it use to determine that guaranteed lifetime ·the manufacturer wants to issue a...

calculate the mean daily return, Variance and standard deviation for each stock?

BAFB-0.01209-0.009810.002052-0.00471-0.0050.0151010.0039630.0063530.0034920.0008790.003253-0.00160.005702-0.001440.0054430.000160.000752-0.000160.01172-0.007850.002525-0.00484-0.002070.0086780.002078-0.0037-0.00415-0.002820.0040910.004775-0.00630.001772-0.00634-0.00716-0.002330.00332-0.005640.0086370.0050670.012644-0.01573-0.00553-0.01040.0022250.0034760.0003960.00970.0026950.0139520.025452-0.002630.0101750.00196-0.00595-0.03288-0.024330.0123710.01251-0.01045-0.0115-0.008470.0044020.0007830.004539-0.008370.005610.006156-0.003250.002432-7.8E-050.0216760.0101060.0100340.001077-0.00068-0.0163-0.00918-0.005080.0057440.010840.006930.004196-0.00908-0.008820.0054190.0014050.0048580.003898-0.00098-0.00450.0182230.002184-0.001780.002102-0.004240.0019420.0148670.009691-0.01546-0.01044-0.004340.0013190.001652-0.009530.00090.0004690.003745-0.002660.0082090.0080760.0079940.011978-0.0025-0.00085-0.001550.0159230.0134190.0091620.011422-0.007430.0469-0.00945-0.01532-0.0103-0.002090.012337-0.00406-0.00228calculate the mean daily return, Variance and standard deviation for each stock?

The union for a particular industry has determined that the standard deviation of the daily wages...

The union for a particular industry has determined that the standard deviation of the daily wages of its workers is $19. A random sample of 70 workers in this industry has a mean daily wage of $117. Find a 90% confidence interval for the true mean daily wage of all union workers in the industry. Then complete the table below. Carry your intermediate computations to at least three decimal places. Round your answers to one decimal place.

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