Historical Records on a Certain Product Indicate the Following Behavior

question 68

Essay

Historical records on a certain product indicate the following behavior for demand. The data represent the number days that the business was open during 2019 (note that it is possible to have more than 365 days as there are multiple store locations). Convert these data into random number intervals.
$$\begin{array} { | r | r | } \hline \text { Demand } & \text { Frequency } \\\hline 43 & 51 \\\hline 44 & 82 \\\hline 45 & 111 \\\hline 46 & 99 \\\hline 47 & 74 \\\hline\end{array}$$

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Definitions:

Normal Conditions

Usual or expected conditions under which a company operates, reflecting a standard or average level of activity.

Variable Budget

A budget that adjusts in response to changes in activity levels or other factors, as opposed to a fixed budget.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity, allowing for more accurate forecasting and analysis.

Static Budget

A fixed budget that remains unchanged over a period, regardless of variations in actual sales volume, production levels, or other operating factors.