Consider the Following Data Set $$\begin{array} { l l l l l l l l } 2 & 2 & 2 & 3 & 4 & 7 & 7 & 9 \\16 & 17 & 19 & 22 & 22 & 23 & 23 & 47\end{array}$$

question 22

Short Answer

Consider the following data set: $$\begin{array} { l l l l l l l l } 2 & 2 & 2 & 3 & 4 & 7 & 7 & 9 \\16 & 17 & 19 & 22 & 22 & 23 & 23 & 47\end{array}$$ Calculate the twenty-fifth,fiftieth,and seventy-fifth percentiles:
25th percentile = ____________________
50th percentile = ____________________
75th percentile = ____________________

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Definitions:

Monte Carlo Simulation

A computational technique used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables.

Standard Distribution

Often refers to a probability distribution that is used to represent the dispersion of a set of data around its mean, typically assumed to be a normal distribution.

Monte Carlo Simulation

A computational algorithm that uses repeated random sampling to obtain numerical results, often used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables.

Demand During Lead Time

The total customer demand for a product during the period it takes to reorder and receive a new supply.