Two products, product A and product B, have the same prices, costs and salvage values. The demands for both products are normally distributed with the same mean. However, the standard deviation of product A's demand is greater than the standard deviation of product B's demand. For which product, the value of a crystal ball (the perfect forecasting system) is higher?

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tazfan2051 tazfan2051

22-02-2022
Business

contestada

Two products, product A and product B, have the same prices, costs and salvage values. The demands for both products are normally distributed with the same mean. However, the standard deviation of product A's demand is greater than the standard deviation of product B's demand. For which product, the value of a crystal ball (the perfect forecasting system) is higher?

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anthougo anthougo · Answer 1 · 2022-02-24T11:27:55+01:00

Because the standard deviation of product A's demand is greater than the standard deviation of product B's demand, the value of product B is higher than product A.

What is a standard deviation?

The standard deviation is the measure of the amount of variation or dispersion of a set of values. The standard deviation shows how spread out the values of a variable are, especially when compared with the values of another variable.

Thus, based on the greater standard deviation of product A's demand, the value of product B is higher than product A.

Learn more about standard deviation at https://brainly.com/question/475676