The Following Probability Distribution Represents the Number of Grievances Filed $$\begin{array} { l l } x&fx)\\0&0.04\\1&0.36\\2&0.50\\3&0.08\\4&0.02\end{array}$$

question 24

Short Answer

The following probability distribution represents the number of grievances filed per month with the MNM. Corporation.
$$\begin{array} { l l } x&fx)\\0&0.04\\1&0.36\\2&0.50\\3&0.08\\4&0.02\end{array}$$
a. Determine the expected value of the number of grievances in a month.
b. Determine the variance.
c. Compute the standard deviation.

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Definitions:

Economic Order Quantity

The optimal quantity of stock to order at one time, considering holding costs and ordering costs, to minimize total inventory costs.

Safety Stock

Additional inventory kept on hand to prevent stockouts caused by fluctuations in demand or supply delays.

Lead Time

The amount of time it takes for a process to go from the initiation phase to its completion.

Monthly Usage

The total amount of a resource or input consumed within a month, often tracked for budgeting and planning purposes.