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What is Drug Demand Probability Analysis about?

A drug company expects annual demand for a drug to follow a normal distribution with a mean of 900 pounds and standard deviation of 60 pounds. The company will produce 1000 pounds of the drug this year. To calculate the chance the company will run out, we find the z-score of 1000 pounds compared to the mean and standard deviation is 1.66. Looking at the normal distribution, the area above 1.66 is 0.04846, so there is a 4.85% chance demand will exceed production of 1000 pounds.

Author

lapogk

Language

EN