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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Management Posted 07 Feb 2018 My Price 7.00

statistical procedures

1.55 As the situation of Exercise 1.53 might suggest, statistical procedures are often used for control of qual- ity (i.e., industrial quality control). At times,  the weight of a product is an important variable to con- trol. Specifications are given for the weight of a certain packaged product, and a package is rejected if it is ei- ther too light or too heavy.  Historical data suggest that

0.95 is the probability that the product meets weight specifications whereas 0.002 is the probability that the product is too light. For each single packaged product, the manufacturer invests $20.00 in production and  the

 

 

purchase price for the consumer is  $25.00.

(a)   What is the probability that a package chosen ran- domly from the production line is too heavy?

(b)   For each 10,000 packages sold, what profit is re- ceived by the manufacturer if all packages meet weight specification?

(c)   Assuming that all defective packages are rejected and rendered worthless, how much is the profit re- duced on 10,000 packages due to failure to meet weight specification?

 

 

 

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Maurice Tutor
(5)
Status NEW Posted 07 Feb 2018 08:02 PM My Price 7.00

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