Consider the following data: Monthly Profit of an Auto Repair Shop Month Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Profit ($) 15,204 15,354 14,155 16,208 17,863 17,120 19,150 18,369 20,146 Step 1 of 4 : Determine the three-period moving average for the next time period. If necessary, round your answer to one decimal place.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Monthly Profit of an Auto Repair Shop
| Month | Jan-14 | Feb-14 | Mar-14 | Apr-14 | May-14 | Jun-14 | Jul-14 | Aug-14 | Sep-14 |
|---|---|---|---|---|---|---|---|---|---|
| Profit ($) | 15,204 | 15,354 | 14,155 | 16,208 | 17,863 | 17,120 | 19,150 | 18,369 | 20,146 |
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