Find the Value of a Normal Random Variable

question 47

Short Answer

Find the Value of a Normal Random Variable
-The board of examiners that administers the real estate broker s examination in a certain state found that the mean score on the test was 451 and the standard deviation was 72. If the board wants to set the passing score so that only the best 80% of all applicants pass, what is the passing score Assume that the scores are normally distributed.

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Definitions:

JIT Processing

Just-In-Time (JIT) processing is a management strategy that aligns raw-material orders from suppliers directly with production schedules to reduce inventory costs.

Inventories

Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of services.

"Push" Approach

A marketing strategy where products are "pushed" through distribution channels to the consumers, typically involving significant promotion and sales efforts.

Process Cost System

An accounting method used to track costs in environments where goods are produced in continuous processes, such as refineries and manufacturing plants.