Expected value of the monthly demand, Basic Statistics

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Expected value of the monthly demand

The demand for a product of Carolina Industries varies greatly from month to month. Based on the past 2 years of data, the following probability distribution shows the company's monthly demand.

Unit Demand Probability

300 0.20
400 0.30
500 0.35
600 0.15

If the company places monthly orders equal to the expected value of the monthly demand, what should Carolina's monthly order quantity be for this product?

A. 500

B. any between 300 and 600

C. 445

D. 450

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Basic Statistics: Expected value of the monthly demand

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Basic Statistics: Expected value of the monthly demand

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