A Company Is About to Develop and Then Market a New

question 13

Essay

A company is about to develop and then market a new product. It wants to build a simulation model for the entire process, and one key uncertain input is the development time, which is measured in an integer number of months. For each of the scenarios in the questions below, choose an "appropriate" distribution, together with its parameters, and explain your choice.
-Company experts believe the development time will be from 5 to 9 months. They believe that 7 months is twice as likely as either 6 months or 8 months and that either of these latter possibilities is three times as likely as either 5 months or 9 months.

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Definitions:

Sudan IV

A lysochrome (fat-soluble dye) used in histology to stain lipids, triglycerides, and lipoproteins in cells and tissues.

Colorimetric PH Indicator

A chemical compound that changes color in response to changes in pH, used to determine the acidity or alkalinity of a solution.

Neutral Substance

A chemical compound that is neither acidic nor basic in nature, often having a pH level of around 7.

Acidic Substance

A substance with a pH less than 7, which donates hydrogen ions when dissolved in water.