Use the Given Values of N and P to Find $$\mathrm { n } = 2428 , \mathrm { p } = 0.577 \text { Round your answers to the nearest thousandth. }$$

question 60

Multiple Choice

Use the given values of n and p to find the minimum usual value µ - 2? and the maximum usual value µ + 2?. Round your answer to the nearest hundredth unless otherwise noted.
- $$\mathrm { n } = 2428 , \mathrm { p } = 0.577 \text { Round your answers to the nearest thousandth. }$$

• A) Minimum: 1352.269; maximum: 1449.643
• B) Minimum: 1366.529; maximum: 1435.383
• C) Minimum: 1449.643; maximum: 1352.269
• D) Minimum: 1376.613; maximum: 1425.299

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Definitions:

Safety Stock Inventory

A quantity of inventory kept on hand as a buffer against fluctuations in demand or supply.

Inventory Model

An analytical approach or mathematical formula used to manage and control stock levels, optimizing inventory costs and meeting demand.

Ordering Cost

The cost of the ordering process.

Carrying Cost

Carrying cost refers to the total cost of holding inventory, including storage, insurance, spoilage, and opportunity costs.