A leading cell phone company forecasts that it will sell 3 million units
Question # 00004784
Posted By:
Updated on: 12/06/2013 10:29 AM Due on: 12/06/2013
(Making Probability Statements from Forecasts)
A leading cell phone company forecasts that it will sell 3 million units next year of its best selling phone. In the past, actual sales have been unbiased with forecast errors having a standard deviation equal to 10 percent of forecasted sales. What are the chances that less than 2.5 million phones will be sold next year.
-
Rating:
/5
Solution: A leading cell phone company forecasts that it will sell 3 million units