Eddie's Bicycle Shop has a thriving business repairing bicycles. Trisha runs the reception area where customers check
Question:
a. Simulate the service times for five customers by using the following five random numbers: 0.6505, 0.0740, 0.8443, 0.4975, 0.8178.
b. Calculate the average of the five service times and compare it to the mean of the service-time distribution.
c. Use Excel to generate 500 random observations and calculate the average. Compare this average to the mean of the service-time distribution?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For
Introduction to Management Science A Modeling and Cases Studies Approach with Spreadsheets
ISBN: 978-0078024061
5th edition
Authors: Frederick S. Hillier, Mark S. Hillier
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