The level should it maintain its daily inventory. Suppose that the electrical supplies distributor in Example 6 wants to reduce its daily inventory but wants to limit to 5% the number of days it will have an insufficient inventory of 48-in. fluorescent lightbulbs to meet daily demand. The daily demand over the past year had a mean of 432 and a standard deviation of 86.1.

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Answer 1

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8.4, Problem 42E

To determine

To calculate: The level should it maintain its daily inventory. Suppose that the electrical supplies distributor in Example 6 wants to reduce its daily inventory but wants to limit to 5% the number of days it will have an insufficient inventory of 48-in. fluorescent lightbulbs to meet daily demand. The daily demand over the past year had a mean of 432 and a standard deviation of 86.1.

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Answer 2

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8.4, Problem 42E

To determine

To calculate: The level should it maintain its daily inventory. Suppose that the electrical supplies distributor in Example 6 wants to reduce its daily inventory but wants to limit to 5% the number of days it will have an insufficient inventory of 48-in. fluorescent lightbulbs to meet daily demand. The daily demand over the past year had a mean of 432 and a standard deviation of 86.1.

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Check out a sample textbook solution

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Answer 3

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8.4, Problem 42E

To determine

To calculate: The level should it maintain its daily inventory. Suppose that the electrical supplies distributor in Example 6 wants to reduce its daily inventory but wants to limit to 5% the number of days it will have an insufficient inventory of 48-in. fluorescent lightbulbs to meet daily demand. The daily demand over the past year had a mean of 432 and a standard deviation of 86.1.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8.4, Problem 42E

To determine