International Business QNM222 Study Guide - Probability Distribution, Random Variable, Standard Deviation
12 Mar 2014
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The normal distribution is described by two parameters, and . So we need a separate table for normal probability for a selected set of values of and . Probability table) by standardizing the random variable, and use the following formula: Suppose that the daily demand for regular gasoline is normally distributed with a mean of 1,000 gallons and a standard deviation of 100 gallons. The station manager has just opened the station for business and notes that there is exactly 1,100 gallons of regular gasoline in storage. The next delivery is scheduled later today at the close of business. The manager would like to know the probability that he will have enough regular gasoline to satisfy today"s demands.
