Develop a probability distribution of daily sales

Assignment Help Basic Statistics

Reference no: EM133932159

Assignment:

Jessica Williams, manager of Kitchen Appliances for the Midtown

Department Store, feels that her inventory levels of stoves have been running higher than necessary. Before revisiting the inventory policy for stoves, she records the number sold each day over a period of 25 days, as summarized below.

Number sold 2 3 4 5 6

Number of days 4 7 8 5 1

(a) Use these data to develop a probability distribution of daily sales, i.e., to associate a probability to each number of stoves sold daily.

(b) Calculate the expected value of the number of stoves sold daily.

(c) Based upon the above probability distribution, develop a mapping to associate generated random numbers with the states of nature corresponding to the number of stoves sold daily.

(d) Use the pseudo random variables 0.4476, 0.9713, 0.01, 0.64, and 0.75 to simulate daily sales over 5 days.

Reference no: EM133932159

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