Assignment:
Mr.jassica, Manager of appliances for midtown department store feels that her inventory levels of stoves have been running higher than necessary. Before revising the inventory policy for stoves she records the number sold each day over a period of 25 days as summarized below.
|
Number of Sold
|
2
|
3
|
4
|
5
|
6
|
|
Number of days
|
4
|
7
|
8
|
5
|
1
|
(a) Use the data to estimate the probability distribution of the daily sales.
(b) Calculate the mean of distribution obtained in part (a)
(c) Describe how uniform random numbers can be used to simulate daily sales.
(d) Use uniform random numbers 0.4476, 0.9713, and 0.0629 to simulate daily sales over 3 days. Compare the average with the mean obtained in part (b)
Formulate a spread sheet model for performing a simulation of daily sales perform 300 replications and obtain the average of the sales over the 300 simulated days.
Provide complete and step by step solution for the question and show calculations and use formulas.