A factory manager is considering whether to replace a temperamental machine A review of past records indicates the following probability distribution for the number of breakdowns of this machine in a week a Find the mean and standard deviation of the number of weekly breakdowns b It is estimated th...

a 182 breakdowns 10276 10137 breakdowns Breakdowns Px Mean Variance Cost Px Mea ...

A factory manager is considering whether to replace a temperamental machine. A review of past records indicates

Question:

A factory manager is considering whether to replace a temperamental machine. A review of past records indicates the following probability for the number of breakdowns of this machine in a week.

a. Find the mean and standard deviation of the number of weekly breakdowns.
b. It is estimated that each breakdown costs the company $1,500 in lost output. Find the mean and standard deviation of the weekly cost to the company from breakdowns of this machine.

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...