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In Text Citations in APA Format
Suppose that the demand for a company’s
product in weeks 1, 2, and 3 are each normally distributed and the mean demand
during each of these three weeks is 50, 45, and 65, respectively. Suppose the
standard deviation of the demand during each of these three weeks is known to
be 10, 5, and 15, respectively. It turns out that if we can assume that these
three demands are probabilistically independent then the total demand for the
three week period is also normally distributed. And, the mean demand for the
entire three week period is the sum of the individual means. Likewise, the
variance of the demand for the entire three week period is the sum of the individual
weekly variances. But be careful! The standard deviation of the demand for the
entire 3 week period is not the sum of the individual standard deviations.
Square roots don’t work that way!
Now, suppose that the company currently has 180 units in stock, and it will not
be receiving any further shipments from its supplier for at least 3 weeks. What
is the probability that the company will run out of units?
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