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 revising the inventory policy for stoves, she records the number sold each day over a period of 25 days, as summarized below.
(a) Use these data to estimate the probability distribution of daily sales.
(b) Calculate the mean of the distribution obtained in part (a).
(c) Describe how uniform random numbers can be used to simulate daily sales.
(d) Use the 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).
(e) Formulate a spreadsheet model for performing a simulation of the daily sales. Perform 300 replications and obtain the average of the sales over the 300 simulated days.