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19. North Dakota Mining (NDM) describes its estimate of the amount of oil it will produce...

19. North Dakota Mining (NDM) describes its estimate of the amount of oil it will produce next year from its western North Dakota operations with a normal distribution. The distribution is centered on 5.2 million barrels and has a standard deviation of .7 million barrels. According to this distribution, how likely is it that NDM’s production will be less than 4.5 million barrels?

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Answer #1

North Dakota Mining (NDM) describes its estimate of the amount of oil it will produce next year from its western North Dakota operations with a normal distribution. The distribution is centered on 5.2 million barrels and has a standard deviation of .7 million barrels.

So, if X denotes the amount of oil NDM will produce next year and X~N(5.2,0.72)

To find out how likely it is that NDM’s production will be less than 4.5 million barrels

= P[ X < 4.5]

So there is a 15.86% chance that NDM's production will be less than 4.5 million barrels.

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