Federal Income Tax Returns. The Wall Street Journal reports that 33% of taxpayers with adjusted gross incomes between$30,000and$60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was$16,642.  Assume the standard deviation is σ=$2400.   What is the probability that a sample of taxpayers from this in-come group who have itemized deductions will show a sample mean within$200 of the population mean for sample sizes 30?

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.