SCENARIO 5-8 Two Different Designs on a New Line of Winter Jackets

question 115

Short Answer

SCENARIO 5-8
Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table.

-Referring to Scenario 5-8,what is the total standard deviation of the profit if you add more shifts to your production lines and choose to produce both designs?

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Definitions:

Inclusive Range

Refers to the span of values from the minimum to maximum in a set, including both endpoints.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much individual values deviate from the mean.

Represent

To depict or stand in for something in a particular manner, often used in the context of data approximation or symbolization.

Exclusive Range

A statistical range that does not include the endpoint values, denoting the variability within which certain data points fall.