Qnt/561 Assignment Superfun Toys Case Study Team Project

SuperFun Toys Case Study Team projectQNT/561TutorAugust 30, 2018SuperFun Toys Case StudyThe Normal Distribution approximates the behavior of most of real life situations. This makes the Normal distribution the most important distribution as it describes well the random variables that arise in business CITATION Ham79 \l 7177 (Hamburg, 1979).The demand for SuperFun’s Weather Teddy bear toy will consist of a large sum of small random variables which are independent of each other. This condition often results in normally distributed data with the following characteristics CITATION Bla11 \l 7177 (Black, 2011):The mean and mode of the distribution are equal and coincide with the median at the center.The curve of the distribution is bell-shaped and symmetrical Around the meanThe total area under the curve is 1.Half of the values are to the left of the center and the other half to the rightA random variable such as sale of the Weather Teddy Bear toy is describes as following the normal distribution if the probability density is 1 and the distribution can be completely described by two parameters of mean and standard