Use the table below to answer the following question(s) .
Below is the spreadsheet for an economic order quantity model.
Assume that the distribution of demand is normal with a mean of 20,000 and standard deviation of 2,000.
-What is the value of standard deviation obtained from the simulation results?
Definitions:
Expected Values
The predicted average of all possible outcomes of a random variable, weighted by their probabilities.
Weighted Average
A calculation that takes into account the varying degrees of importance of the numbers in a data set.
Mean Values
Statistical measures representing the average value in a set of data, calculated by summing all observations and dividing by the number of observations.
Individual
A single human being as distinct from a group, class, or family.
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