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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 following are the various types of common averages used in statistical analysis given in the form of a chart. Figure 1
Calculation for Discrete Series or Ungrouped Data The formula for computing mean is = where, f = fr
Statistical Process Control The variability present in manufacturing process can either be eliminated completely or minimized to the extent possible. Eliminating the variabilit
There are two diagnostic tests for a disease. Among those who have the disease, 10% give negative results on the first test, and independently of this, 5% give negative results on
Correlation The board of directors of Bata Company is faced with the problem of estimating what the annual sales might be in a shop to be opened in Bagpur where Bata has not op
Quota sampling Under this method enumerators shall select the respondents in place of those not available, as per the quota fixed according to guide lines provided to them.
How do you change the base of the index
You are going to purchase a part from a specialty vendor. Your company needs a C p of at least 1.67 on a critical dimension of the part. The dimensional specification for this p
Stratified Random Sampling: This method of sampling is used when the population is comprised of natural subdivision of units, The method consist in classifying the population u
As one of the oldest multivariate statistical methods of data reduction, Principal Component Analysis (PCA)simplifies a dataset by producing a small number of derived
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