The Time Required to Set Up Lighting for a Portrait

question 11

Essay

The time required to set up lighting for a portrait studio is uniformly distributed between 12 and 20 minutes. Use the following random numbers to generate the setup time for 10 customers.
.27
.53
.06
.92
.16
.74
.06
.29
.82
.23

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Definitions:

Operating Lease

A lease agreement for the use of an asset without ownership, typically with shorter terms than a finance lease.

Lessor

An entity or individual who leases or rents out an asset to another, known as the lessee, under a lease agreement.

Lease Period

The specified duration for which a lease agreement is effective, giving the lessee the right to use an asset.

Financial Lease Arrangement

A type of lease where the lessee pays for the use of an asset for most of its useful life and has rights similar to ownership.