While waiting for an order to arrive from its supplier (known as the lead time), the golf department manager at a local Dick’s Sporting Goods store will sell an average of 60 boxes of Titleist golf balls. Assume the demand during the lead time for the balls follows a normal distribution with a standard deviation of 12 boxes. Determine the reorder point that will ensure the store a 95% probability that it will have enough inventory of golf balls until the next order arrives.
Answer to relevant QuestionsAccording to a recent survey by Smith Travel Research, the average daily rate for a luxury hotel in the United States is $ 237.22. Assume the daily rate follows a normal probability distribution with a standard deviation of ...According to the National Association of Theater Owners, the average price for a movie in the United States in 2012 was $ 7.96. Assume the population standard deviation is $ 0.50 and that a sample of 30 theaters was randomly ...The weight of NFL players has increased steadily, gaining up to 1.5 lbs per year since 1942. According to ESPN, the average weight of a National Football League (NFL) player is now 252.8 lbs. Assume the population standard ...A sample of 125 is drawn from a population with a proportion equal to 0.65. Determine the probability of observing a. 80 or fewer successes. b. 82 or fewer successes. c. 75 or more successes. According to the National Retail Federation, 36% of taxpayers used computer software to do their taxes for the 2012 tax year. A sample of 125 taxpayers was selected. a. Calculate the standard error of the proportion. b. ...
Post your question