My instructor gave us these questions for practice and I need to be walked through them because I am lost and need to be assisted once again to make sue I know what I am doing. Okay, here they are:
Problem A: To revise an existing inventory system, a company needs to know something about the lead time for orders it places for a critical part. The company looks at the last 20 orders placed and finds that the lead time in days are: 1,4,6,7,4,5,6,8,4,5,7,8,4,6,7,10,4,6,7,11.
a-What is the mean lead time for an order?
b-What is the median lead time for an order?
c-What is the mode lead time for an order?
d-What statistic or statistics do you think represents a typical lead time and why?
Prob. B A normal population has a mean of 20.0 and a standard deviation of 4.0.
a-Compute the z-value associated with 25.
b-Compute the z-value associated with 18.
Thanks for all your help!!