Question
(1) Stoves. Suppose a retail manager (e.g. Sears), Jessica, is considering a policy about inventory & is initially focused on one product -- a stove.
(1) Stoves. Suppose a retail manager (e.g. Sears), Jessica, is considering a policy about inventory & is initially focused on one product -- a stove. Of course, to set inventory policy she needs to know about the customer demand or stoves sold. Thus first, Jessica want to know about stoves sold in one day. Jessica gathered recent sales data for what she believes are a representative 25 days -- as shown in this table. She wants to use this data to characterize sales/day. She wants you to do some analysis that will give her a good understanding of stove sales for one day -- average, stdev, and 95%tile. The 95%tile gives the level of demand in a day that is exceeded only about 5% of the time. With all this, she will then consider inventory decisions. Number of stoves sold for a sample of 25 days*.
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