QUESTION 24 Omni Company reorders inventory when the inventory quantity falls below a certain point (called a “reorder p

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QUESTION 24
Omni Company reorders inventory when the inventory quantity
falls below a certain point (called a “reorder point”). Any order
involves “lead time,” the time it takes to get the order once it’s
placed. Suppose that demand for a product during lead time is
normal with a mean of 281 and a standard deviation of 11. Omni
wants no more than a 5% chance of a
shortage (that is, running out of inventory) during this time. Find
the reorder point, y, to the nearest whole
number.
Hint: You will need to first find a z-score associated
with the probability in the question, and then solve the z-score
formula to find the y associated with that
probability.
QUESTION 28
A certain type of IQ score has a mean of 100 and a standard
deviation of 10. Find the IQ score that is in the top 25% of IQ
scores. Round your answer to the nearest whole point.
124
93
107
190
128