Period Actual Deviation Deviation Demand Squared 1 1700 2 2100 3 1900 2200 2000 1800 7 2100 8. 2300 9 2100 10 1800 Total 2.1% 2.1% 34.1% 34.1% .2% 13.6% 13.6% -2 -1 +1 +2 +3 Standard Deviation FIGURE 11.4 Normal distribution.
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.
Given the following data, calculate the average demand and the standard deviation.
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