Solve: 95th Percentile of a Normal Distribution
Question: The monthly sales of mufflers in the Richmond, VA area follow the normal distribution with a mean of 1200 and a standard deviation of 225. The manufacturer would like to establish inventory levels such that there is only a 5 percent chance of running out of stock. Where should the manufacturer set the inventory levels?
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Active since 2004
BSc, University of Florida
MSc, University of Florida
Responses 631 | eBooks 1
"Thanks a lot for the detailed explanation! Regards, Rogel"
"One of the best explanations ive seen, thank you much.."
"Dear Timothy, Thank you so much for solving the problem. I have few questions and I hope you answer them , please. 1) Could you please send me the Excel sheet? 2) In the Correlation Matrix table, how did you get the critical values? or they come with the table by Excel? why is it two tail, and not one tail? you stated that "The test to evaluate if the slope of the relationship differs significantly from zero has a test statistic value of F = 221.03 and a corresponding p-value of .0000. We can therefore reject the null hypothesis that the slope equals zero and conclude the alternative hypothesis: the slope of the linear relationship differs from zero." 3) So what ? could you please explain more? 4) What is the null hypothesis? 5) What is the alternative hypothesis? 6) Why did you use the ANOVA test? or when you use the Regression Analyze, Excel provides the ANOVA table? 7) Can we use other tests such as t-test to analyze the data? (Yes, No) 8) why did you choose to analyze the data by Regression Analysis? I Look forward to hearing from you. Have a great day! Massad abo-turki98@hotmail.com"
"thank you"
"How can you justify the solution in (ii)?"