For a randomly selected day, let X represent the difference between the number of items in stock and demand for a specific product your company sells When X is zero, the supply matches the demand. Negative and positive X values indicate under-stocked and overstocked days, respectively. The pmf for X is: x -2 -1 0 1 2 p(x) .10 .15 .45 .10 .20 a) Find the probability you are under-stocked on a given day b) Management wants supply to equal demand (exactly) on more than 50% of the days. Is your company meeting that challenge? Explain. c) Find the expected difference between the number of items in stock and the demand for the product.
For a randomly selected day, let X represent the difference between the number of items in stock and demand for a specific product your company sells When X is zero, the supply matches the demand. Negative and positive X values indicate under-stocked and overstocked days, respectively. The pmf for X is: x -2 -1 0 1 2 p(x) .10 .15 .45 .10 .20 a) Find the probability you are under-stocked on a given day b) Management wants supply to equal demand (exactly) on more than 50% of the days. Is your company meeting that challenge? Explain. c) Find the expected difference between the number of items in stock and the demand for the product.
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter14: Counting And Probability
Section14.2: Probability
Problem 3E: The conditional probability of E given that F occurs is P(EF)=___________. So in rolling a die the...
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For a randomly selected day, let X represent the difference between the number of items in stock and demand for a specific product your company sells When X is zero, the supply matches the demand. Negative and positive X values indicate under-stocked and overstocked days, respectively.
The pmf for X is:
x | -2 | -1 | 0 | 1 | 2 |
p(x) | .10 | .15 | .45 | .10 | .20 |
a) Find the probability you are under-stocked on a given day
b) Management wants supply to equal demand (exactly) on more than 50% of the days. Is your company meeting that challenge? Explain.
c) Find the expected difference between the number of items in stock and the demand for the product.
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