PROBABILITY AND STATISTIC

The Normal distribution is one of the most useful distributions that has applications in many business settings.

Assume you are a business analyst in a Local big wholesaler store, and you want to re-evaluate the replenishment order point to efficiently plan the inventory of fresh produce imported from the USA to satisfy customers' demand while supplying fresh produce. Assuming the daily demand follows a normal distribution,

• discuss how you would approach this task.
• What data do you need to collect?
• what measures do you need to find? (Hint: think about the probability of stockout during replenishment time.)
• Example calculation, formula required.