The random variable X has a uniform distribution with values between the interval 37 to 41. What is the mean and standard deviation of X?

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Q: What is NOT true about normal distribution? We can expect approximately 99.7% of the possible…

A: Solution: OPTION (e) IS THE CORRECT OPTION.

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A:

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Q: What is a random variable? Give an example of an experiment and its associated random variable.

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Q: The state of California has a mean annual rainfall of 22 inches, whereas the states of New York has…

A:

Q: Prime Metal & Alloy Industries manufactures parts for an aircraft company. It uses a computerized…

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Q: A manufacturing company produces steel rods. The length of these rods is critical to their…

A: Let me state the given data,

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.