The standard deviation of the daily demand for a product is an important factor for inventory control for the product….

The standard deviation of the daily demand for a product is an important factor for inventory control for the product. Suppose that a pharmacy wants to estimate the standard deviation of the daily demand for a certain antibiotic. It is known that the daily demand for this antibiotic follows an approximately normal distribution. A random sample of 15 days has a sample mean of 121 orders for this antibiotic with a standard deviation of 10.5 orders. Find a 90% confidence interval for the population standard deviation of the daily demand for this antibiotic. Then complete the table below.Carry your intermediate computations to at least three decimal places. Round your answers to at least two decimal places..

 

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