SOLUTION: 5. One important factor in inventory control is the variance of the daily demand for a product. Management believes that demand is normally distributed with the variance equal to 2
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Question 1060301: 5. One important factor in inventory control is the variance of the daily demand for a product. Management believes that demand is normally distributed with the variance equal to 250. In an experiment to test this belief about , the daily demand was recorded for 25 days. The data has been summarized as follows:
Do the data provide sufficient evidence to show that management’s belief about the variance is untrue? (Use ).
