Final answer:
The lead time is calculated by dividing the number of quotes in progress by the number of quotes Bartlett Insurance company can process per day. With 16 quotes in progress and the ability to process 4 quotes per day, the lead time is 4 days.
Step-by-step explanation:
The question asks about calculating the lead time for a quote to be processed by Bartlett Insurance company. To find the lead time, we use the formula of dividing the number of quotes in various stages by the number of quotes the company can complete per day. given that Bartlett Insurance company can complete 4 quotes per day and on average there are 16 quotes in various stages, the lead time would be the total quotes in progress divided by the number of quotes processed per day.
The calculation would therefore be: Lead time = Total quotes in progress / Quotes processed per day. plugging in the values we get: Lead time = 16 quotes / 4 quotes per day, which results in a lead time of 4 days for a quote to flow through the quotation department process.
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