Re: Participatory Learning Activity 5 Normal Distribution

by Yiwei Huang - Monday, 1 November 2021, 11:42 PM

The normal distribution is a continuous distribution of random variables. Because the research object is homogenous, it is characterized by convergence. However, due to the existence of individual outliers, these features are not completely consistent and will fluctuate up and down in a certain range on the baseline, and finally form a dense feature in the middle and sparse on both sides (Holmes et al., 2018b). As a business analyst of Costco, what I need to do is to analyze the supply-demand of enterprises by using the existing data and combining it with normal distribution. To ensure the freshness of food materials, I need to collect data on which time of day customers have the greatest demand for fresh agricultural products and ensure sufficient supply. First of all, I will collect data for at least two weeks, and make statistics on which day of a week has the most people flow, which period of a day has the most consumers, and which time has the largest purchase volume of agricultural products. That measure includes all types of produce -- meat, vegetables, eggs -- and excludes frozen products. After collecting the data, I will analyze it. For example, if the data shows that the flow of people is the most on Sunday, especially Sunday afternoon, then we need to prepare fresh and sufficient supplies on Sunday. Not only will consumers get the freshest product, but Costco's damage rate will also be reduced. The Bell Shape of the normal distribution is used to analyze and calculate a 95% confidence interval, to get the optimal time of stocking and stocking (Tong, 2012). According to the weekly sales of goods to estimate the late weekly inventory.

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Reference

Holmes, A., Illowsky, B., Dean, S., & Openstax College. (2018b). Introductory business statistics. Openstax College, Rice University.

Tong, Y. L. (2012). Multivariate normal distribution. Springer.