Consider the following partial MPS record. Beginning inventory is 70 units. The firm uses an order quantity of POQ = 2 periods. Fill out the last two rows of the table.
Definitions:
Type I Error Probability
The probability of incorrectly rejecting the null hypothesis when it is true, often denoted by alpha.
Reject
In statistical analysis, it refers to the decision to not accept the null hypothesis based on the results of the test.
Wilcoxon Rank Sum Test
A nonparametric statistical test used to compare two independent samples, assessing whether their populations have the same median.
Rank Order
A method of organizing items in a list based on their value or importance, typically from highest to lowest.
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