The Drying Rate in an Industrial Process Is Dependent on Many

question 15

Essay

The drying rate in an industrial process is dependent on many factors and varies according to the following distribution. $$\begin{array} { c c } \text { Minutes } & \text { Relative Frequency } \\\hline 3 & .14 \\4 & .30 \\5 & .27 \\6 & .18 \\7 & .11\end{array}$$
a.Compute the mean drying time.
b.Using these random numbers, simulate the drying time for 12 processes..33
.09
.19
.81
.12
.88
.53
.95
.77
.61
.91
.47
c.What is the average drying time for the 10 processes you simulated?

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Definitions:

Default Rate

The frequency at which borrowers fail to make scheduled payments on loans or securities.

Credit Policy

A set of guidelines that a company uses to determine the credit terms and conditions for its customers.

Economic Order Quantity

is a formula used by businesses to determine the optimal amount of inventory to order at one time, aiming to minimize holding and ordering costs.

Variable Cost

Costs that vary directly with the level of production or service delivery.