Not what you're looking for?
The standard deviation of the daily demand for a product is an important factor for inventory control for the product. Suppose that a pharmacy wants to estimate the standard deviation of the daily demand for a certain antibiotic. It is known that the daily demand for this antibiotic follows an approximately normal distribution. A random sample of days has a sample mean of orders for this antibiotic with a standard deviation of orders. Find a confidence interval for the population standard deviation of the daily demand for this antibiotic. Then complete the table below.
Carry your intermediate computations to at least three decimal places. Round your answers to at least two decimal places.
1. What is the lower limit of the 99% confidence interval? ___
2. What is the upper limit of the 99% confidence interval? ___
Purchase this Solution
The lower and upper limit of the 99% confidence interval. Intermediate computations for three decimal places are given.
Please see the attached file.
The standard deviation of the daily demand for a product is an important factor for inventory control for the product. Suppose that a pharmacy wants to estimate the standard deviation of the daily demand for a certain antibiotic. It is ...
- BSc , Wuhan Univ. China
- MA, Shandong Univ.
- "Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
- "excellent work"
- "Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
- "Thank you"
- "Thank you very much for your valuable time and assistance!"
Purchase this Solution
Free BrainMass Quizzes
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.
This quiz covers basic terms and definitions of statistics.