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Control the probability of stock out

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To manage perishable items at the storages, local grocers decide on the number of items to keep in stock on weekly basis. Suppose that the weekly demand for the item is normally distributed with a mean of 70 units and a standard deviation of 10 units. If the grocer wants to control the probability of stock out of the item to no more than 6% in a week, how many units of the item should be kept in the storage?

Reference no: EM132679371

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