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The Truly Canadian Restaurant stocks a private red table wine that it purchases from a local winery in the Niagara Falls region. The daily demand for the wine at the restaurant is normally distributed with a mean of 18 bottles and a standard deviation of 4 bottles. The winery sends a representative to check the restaurant's wine cellar every 30 days, and during a recent visit there were 25 bottles in stock. The lead time to receive an order is two days. Can you help the restaurant manager to determine the optimal order size that will enable him to limit the probability of a stockout to 5%?
The Harmonic Mean is based on the reciprocals of numbers averaged. It is defined as the reciprocal of the arithmetic mean of the reciprocal of the given individual observations. Th
Level of Significance: α The main purpose of hypothesis testing is not to question the computed value of the sample statistic, but to make judgment about the difference between
Circles or Pie Diagram: Circles or pie diagrams are alternative to squares. These are used for the same purpose i.e. when the values are differing widely in their magnitude
differance b/w big M mathod and two phase mathod
Agency revenues. An economic consultant was retained by a large employment agency in a metropolitan area to develop a regression model for predicting monthly agency revenues ( y ).
What is a null hypothesis? ..
Classification of Universe The universe may be classified either on the basis of number of units and on the basis of existence of units as is clear from the following chart :
1 A penny is tossed 5 times. a. Find the chance that the 5th toss is a head b. Find the chance that the 5th toss is a head, given the first 4 are tails.
Multivariate analysis involves a set of techniques to analyse data sets on more than one variable. Many of these techniques are modern and often involve quite sophisticated use of
Scenario: To fundraise for middle school camp the year 3 and 4 syndicate designed and produced chocolate treats to sell to the year 1 and 2, and year 5 and 6 students at morning te
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