Demand Uncertainty
You own two gas stations that have different levels of demand. Below are the gallons of gas each station has sold over the last 5 weeks.
|
Week
|
Good Hope Rd
|
Capitol Drive
|
|
12/1
|
7958
|
2265
|
|
12/8
|
8625
|
4299
|
|
12/15
|
12325
|
4523
|
|
12/22
|
12632
|
3305
|
|
12/29
|
9985
|
3165
|
a) Determine the average and standard deviation of demand for gas for each station. If you use Excel, be sure to use the STDEV() or STDEV.S() formula for standard deviation.
b) Calculate the coefficient of variation for each station and state which station has the most predictable demand.