Describe a general procedure for generating normally distributed random numbers with a mean of 450 and standard deviation of 50 using Excel functions
What will be an ideal response?
Use the RAND() function to generate random numbers on the 0-1 interval. Using these numbers as the input, use the NORM.INV function to generate the inverse of the normal cumulative distribution with a specified mean and standard deviation. In a single cell in Excel, this could be accomplished by NORM.INV(RAND(),450,50).
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Historical data used to predict the average or trend of actual demand are based on which of the following assumptions?
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Fill in the blank(s) with correct word
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