A lawn and garden retailer operates 4 stores in the city. One of its most popular items is a lawn tractor. Weekly customer demand is distributed N(10,52) at each store. Each store replenishes its stock to 15 lawn tractors at the start of each week. Note: Assume that weekly demands at each store are independent. a. Consider just one store. In excel-What is the probability of a stockout in that store? b. In EXCEL-What is the probability of a stockout in at least one of the four stores? c.Suppose that the four stores decide to pool their stock. Specifically, they decide to pool their weekly allocations (4 x 15 = 60) in a centrally located warehouse and draw from it as needed to satisfy their demand. In EXCEL-How often will a store experience a stockout now? *note, show steps and EXCEL functions used for each part in EXCEL
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A lawn and garden retailer operates 4 stores in the city. One of its most popular items is a lawn tractor. Weekly customer demand is distributed N(10,52) at each store. Each store replenishes its stock to 15 lawn tractors at the start of each week. Note: Assume that weekly demands at each store are independent.
a. Consider just one store. In excel-What is the
b. In EXCEL-What is the probability of a stockout in at least one of the four stores?
c.Suppose that the four stores decide to pool their stock. Specifically, they decide to pool their weekly allocations (4 x 15 = 60) in a
*note, show steps and EXCEL
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
