Assessing Normal Distribution in Sample Data
A sample of 50 measurements from a manufacturing process is analyzed. The sample has a mean of 100 and a standard deviation of 5. Explain how you would assess whether the data is approximately normally distributed. Provide at least one numerical method in your explanation.
Business Sales Forecasting Using Confidence Intervals
A company wants to forecast its sales for the next quarter based on a sample of past monthly sales data. The data collected reflect the variability of past sales. (a) Describe the methods you would use to model the past monthly sales data, ensuring the dataset is clean, representative, and normally distributed. (b) Outline the […]