A Catalog Company Administered a Survey to Determine How Long

question 15

Multiple Choice

A catalog company administered a survey to determine how long customers were willing to wait on hold before ordering a product.The length of time was found to be a random variable best approximated by an exponential distribution with a mean equal to 3.5 minutes.What proportion of customers having to hold more than 5.0 minutes will hang up before placing an order?

• A)0.2397
• B)0.5714
• C)0.4286
• D)0.7603

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Definitions:

Exit Strategy

Determining in advance how to get out of a bad decision, such as having joined a failing family business.

Problem-solving

The process of identifying solutions to specific challenges or obstacles, typically involving analytical or creative thinking.

Emotional Intelligence

The ability to understand and manage one's own emotions, as well as the emotions of others, in interpersonal relationships.

Decision Making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.