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By law, a box of cereal labeled as containing 36 ounces must contain at least 36 ounces of cereal. The machine filling the boxes produces a distribution of fill weights with a mean equal to the setting on the machine and with a standard deviation equal to 0.02 ounce. To ensure that most of the boxes contain at least 36 ounces, the machine is set so that the mean fill per box is 36.06 ounces.
Assuming nothing is known about the shape of the distribution, what can be said about the proportion of cereal boxes that contain less than 36 ounces.
Benchmarking
The practice of comparing business processes and performance metrics to industry standards and best practices from other companies.
Limitations
Constraints or restrictions that impact the scope, effectiveness, or outcome of an activity, study, or project.
Balanced Scorecard
A strategic planning and management system that organizations use to communicate what they are trying to accomplish, align daily work with strategy, prioritize projects, products, and services, and measure and monitor progress towards strategic targets.
Profit
The financial gain made in a transaction, calculated as the difference between revenue and expenses.
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