Estimate the standard deviation of the daily demand

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Reference no: EM13767577

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 23 days has a sample mean of 120 orders for this antibiotic with a standard deviation of 10.1 orders. Find a 95% confidence interval for the population standard deviation of the daily demand for this antibiotic.

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 95% confidence interval?

2. What is the upper limit of the 95% confidence interval?

Reference no: EM13767577

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