Sales delay is the elapsed time between the manufacture of a product and its sale. according to the article “warranty claims data analysis considering sales delay” (quality and reliability engr. intl.

Sales delay is the elapsed time between the manufacture of a product and its sale. according to the article “warranty claims data analysis considering sales delay” (quality and reliability engr. intl., 2013: 113–123), it is quite common for investigators to model sales delay using a lognormal distribution. for a particular product, the cited article proposes this distribution with parameter values μ¼2.05 and σ2¼.06 (here the unit for delay is months). (a) what are the variance and standard deviation of delay time? (b) what is the probability that delay time exceeds 12 months?