CCT226H5 Lecture Notes - Lecture 6: Random Variable, Motor Oil, List Of Auto Parts
10 May 2020
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Continuous probability distributions: continuous random variable can assume any value in an interval on the real line or in a collection of intervals. It is not possible to talk about the probability of the random variable assuming a particular (specific) value. True: a continuous random variable can assume any value in an interval on the real line or in a collection of intervals. N(0,1: mean is met with 0 and standard deviation (area between mapped points) is 1, ex. having 3 standard deviations above the mean gives a z-score of +3, ex. Standard normal probability distribution, pep zone sells auto parts and supplies including a popular multi-grade motor oil. When the stock of this oil drops to 20 gallons, a replenishment order is placed. Store manager is concerned that sales are being lost due to stockouts while waiting for an order.
