Although the Binomial Distribution Is Discrete and the Normal Distribution

question 52

True/False

Although the binomial distribution is discrete and the normal distribution is continuous,the normal distribution is a good approximation for the binomial whenever nP(1 - P)> 9 where n = number of trials,and P = the probability of success in any given trial.

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Definitions:

Lean Manufacturing

A systematic approach to manufacturing that focuses on minimizing waste within manufacturing systems while simultaneously maximizing productivity.

Nonfinancial Measure

Quantitative measures that are not expressed in monetary units but are used to gauge a company’s performance or status, like customer satisfaction or employee turnover.

Lead Time

The period between the initiation of a process and its completion, often used in manufacturing and supply chain management to describe the time taken from ordering to receiving a product.

Setup Times

The duration required to prepare or configure equipment or processes before the commencement of production or service delivery.