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Author Question: For a given mean and standard deviation, the ____________ function in Excel is used to generate a ... (Read 102 times)

NClaborn

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on: Jun 24, 2018
For a given mean and standard deviation, the ____________ function in Excel is used to generate a value for the random variable characterized by a normal distribution.
 a. NORM.INV
  b. RAND
  c. VLOOKUP
  d. FREQUENCY

Question 2

The weekly demand for an item in a retail store follows a uniform distribution over the range 70 to 83 . What would be the weekly demand if its corresponding computer-generated value is 0.5?
 a. 90.1 b. 83
  c. 76.5 d. 50.85


sailorcrescent

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Reply #1 on: Jun 24, 2018
Answer to Question 1

a
RATIONALE: For a given mean and standard deviation, the NORM.INV function in Excel is used to generate a value for the random variable characterized by a normal distribution.

Answer to Question 2

c
RATIONALE: To generate a value for a random variable characterized by a continuous uniform distribution, the following Excel formula is used: Value of uniform random variable = lower bound + (upper bound  lower bound)  RAND(). Upon substituting the given values, the weekly demand is obtained as 76.5.


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