There are four estimates made for the anticipated cycle time to produce a subcomponent. The estimates, in seconds, are 10, 20, 30, and 70. If the first two estimates have equal weights, which total 70%, and the last two are weighted equally with the remaining 30%, what is the expected time?
What will be an ideal response?
E(time) = (0.35)(10 + 20) + 0.15(30 + 70) = 25.5 seconds
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