Replacement Times for TV Sets Are Normally Distributed with a Mean

question 125

Short Answer

Replacement times for TV sets are normally distributed with a mean of 8.2 years and a standard deviation of 1.1 years, (based on data from "Getting Things Fixed," Consumer Reports).

-If you want to provide a warranty so that only 3% of the TV sets will be replaced before the warranty expires, the length of warranty you would recommend would be _____years.

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Definitions:

Seasonal Goods

Products whose demand or availability fluctuates with the seasons of the year, such as winter coats or sunblock.

CPFR System

Collaborative Planning, Forecasting, and Replenishment system designed to enhance supply chain integration by supporting and assisting joint practices.

Cross Functional

Involving or encouraging cooperation among various departments or disciplines within an organization.

Retail Event Collaboration

Coordination between retailers and other partners to organize promotional or special events aimed at boosting sales and customer engagement.