A consumer electronics and housewares store wants a 90% in-stock probability for all garden equipment over...
A consumer electronics and housewares store wants a 90% in-stock probability for all garden equipment over the summer season. It knows that demand for lawnmowers is normally distributed with a mean of 300 and a standard deviation of 30.
Using the standard normal table, what is the z-statistic that corresponds to an in-stock probability of 90%?
Homework Answers
Answer: 1.28
In-stock probability is also known as the Service level.
So, Service level in this case = 90%
The Z-statistic or Z-score corresponding to the Service level of 90% is 1.28 as per the Standard Normal Table.
The Z-statistic or Z-score can also be calculated using the NORM.S.INV function in MS Excel.
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