Use the Excel file M$03$ Business Application $-$ CPR Download M$03$ Business Application $-$ CPR

Part $1$: The Cell Phone Refurbish Company $($CPR for short$)$ has several operations that need some analysis. Let$$s start with purchasing. The lead time is the period between the placement of an order and its receipt. Using historical records, the firm has developed the following probability distribution for its lead time $($in weeks$)$ from a key supplier of bottles. You will find this data in the tab labeled $$Lead Time$$ in the Excel file.

$1.$ Calculate the expected lead time

$2.$ Calculate the variance and standard deviation

$3.$ Calculate the coefficient of variation for the lead time

$4.$ How might the firm use this information in its decision making?