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According to internal testing done by the Get-A-Grip tire company, the mean lifetime of tires sold on new cars is 23,000 miles, with a standard deviation of 2500 miles.
c)If the distribution of tire life is approximately normal, what is the probability that the mean of a random sample of size n = 4 of tire lifetimes will be less than 20,000 miles?
Exponential Smoothing Constant
A parameter in exponential smoothing methods for forecasting that controls the degree to which recent observations are weighted more heavily than older observations.
Exponential Smoothing Model
A time series forecasting method that applies weighted averages of past observations, giving greater weight to more recent data, to predict future values.
Mean Absolute Percentage Error
A measure used to evaluate the accuracy of forecasting models, expressing the average absolute percent error between predicted and observed values.
Sales Details
Specific pieces of information related to the transactions of sales, including quantities sold, prices, dates, and customer data.
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