The Population of Lengths of Aluminum-Coated Steel Sheets Is Normally

question 61

Essay

The population of lengths of aluminum-coated steel sheets is normally distributed with a mean of 30.05 cm and a standard deviation of 0.2 cm.
-Suppose the standard deviation increases to 0.3 cm.What is the probability that average length of a steel sheet from a sample of 9 units is more than 29.95 cm long?

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Definitions:

Credit Policy

Guidelines that a company follows to determine credit terms for customers, which can affect the company's cash flow and bad debt levels.

Reorder Point

The inventory level at which a new order should be placed to replenish stock before it becomes too low, calculated based on lead time and sales velocity.

Safety Stock

Extra inventory held to guard against shortages due to fluctuations in demand or supply.

Manufacturing Process

Encompasses the procedures and methods used to turn raw materials into finished goods through various phases of production.