1-Match correct sequence. Select A,B,C,D, or E
1. Your company is bidding to supply towels to a government agency where the supplier with the lowest bid will win the contract. The cost of the contract is estimated to be $136,000, which the company increases by 15% to provide for profit.
You have estimated that the competitor's bids are equally likely to be above or between $160,000. Furthermore you think that approximately 2/3rds of the bids will be between $150,000 and $170,000 and that the bids will be approximately normally distributed.
What is the probability of winning the contract?
2. Demand for a product is estimated to be normally distributed with a mean of 1200 units per month and a standard deviation of 100 per month. What monthly inventory level would satisfy demand at approximately a 95% service level?
3. Demand for a product is known to be normally distributed with a mean of 750 units per week and a standard deviation of 80 units. What is the approximate standard deviation for annual sales (consider 52 weeks/year)?
(need answers to the 4 attached math problems)
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Correct Answers are provided. Work also shown.