Answered: Times for a surgical procedure are…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Times for a surgical procedure are normally distributed. There are two methods.
Method A has a mean of 28 minutes and a standard deviation of 6 minutes, while
method B has a mean of 32 minutes and a standard deviation of 4 minutes. (a)
Which procedure is preferred if the procedure must be completed within 28
minutes? (b) Thirty-eight minutes? (c) Thirty-six minutes? Explain your reasoning
fully.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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