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CMA Final · Strategic Cost Management · Introduction to Tools for Data Analytics

A Jaipur manufacturer's analyst finds that a series of delivery times (days) has mean 10 and standard deviation 2, approximately normally distributed. Using the empirical rule, roughly what percentage of deliveries are expected to take between 6 and 14 days?

About 95% of deliveries. The range 6 to 14 days is the mean of 10 plus or minus two standard deviations of 2 days each, and under the empirical rule for a normal distribution roughly 95% of values fall within two standard deviations.

  1. A68%
  2. B99.7%
  3. C95%Correct
  4. D50%

Explanation

6 and 14 are mean minus 2 and plus 2 standard deviations (10 ± 4). The empirical rule says about 95% of observations lie within two standard deviations. 68% applies to ±1 SD (8 to 12) and 99.7% to ±3 SD (4 to 16).

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