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Demand Uncertainty
You own two gas stations that have different levels of demand. Below are the gallons of gas each station has sold over the last 5 weeks.
Week
Good Hope Rd
Capitol Drive
12/1
7958
2265
12/8
8625
4299
12/15
12325
4523
12/22
12632
3305
12/29
9985
3165
a) Determine the average and standard deviation of demand for gas for each station. If you use Excel, be sure to use the STDEV() or STDEV.S() formula for standard deviation.
b) Calculate the coefficient of variation for each station and state which station has the most predictable demand.
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