Question

In: Statistics and Probability

You are working with the marketing team for a FMCG firm that produces shaving cream. The...

You are working with the marketing team for a FMCG firm that produces shaving cream. The team believes that sales of some of the products are closely related to sales of other products. They want you to explore this in a little more depth for two products, SKU 123 and SKU 456. Unfortunately, all of the base sales data for these products has been destroyed. All that you have is the weekly summary data:

Data
Mean
Standard Deviation
SKU123
885
123
SKU456
952
227

1. Now the marketing team wants to understand the potential weekly sales for these two products. Let the sales price for the two SKUs be 12.50, 7.75, respectively.

What is the expected weekly revenue?

2. What is the standard deviation of the weekly revenue?

3. Assuming the joint distribution is normal, and the marketing team’s correlation of 0.81 is correct. What is the probability that weekly sales will be between 10,000 and 20,000 dollars?

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Expert Solution

orchestra answered 2 years ago
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