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What are the mean and standard deviation values

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Reference no: EM132208347

Question: Suppose that you are creating a model to manage uncertainty and one of those uncertain variables in your model is X. You know the distribution of X is normal and 92%confidence interval (CI) is (1000, 5000). That is to say the lower bound is 1000 and the upper bound is 5000 for X. You need to calculate the mean and an estimation for standard deviation of X to use in your Monte Carlo simulation model. What are the mean and standard deviation values to be used in your model? Calculate them.

Reference no: EM132208347

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