Standard Normal and Truncated Normal Distributions

Nick T. Thomopoulos ()
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Nick T. Thomopoulos: Illinois Institute of Technology

Chapter 10 in Demand Forecasting for Inventory Control, 2015, pp 137-148 from Springer

Abstract: Abstract The normal distribution is perhaps the most commonly used probability distribution in materials management as well as in many other scientific developments. This chapter shows how the variable x, from the normal, is related to the standard normal distribution with variable z. A portion of the standard normal contains all values of (z > k) where k is a specific value of z. Of particular interest in subsequent use is the partial mean and partial standard deviation of the measure (z-k) from this portion of the standard normal. Another useful distribution is the truncated normal that also is defined with a parameter k. This distribution has many shapes and a measure of interest is the coefficient of variation, cov, that helps to identify the shape of the distribution. The two distributions, standard normal and truncated normal, have applications in inventory control and examples on how they are used appears in Chap. 11 and 12.

Keywords: Standard Normal Distribution; Partial Standard Deviation; Meaningful Part; Inventory Control; Materials Management (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-11976-2_10

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DOI: 10.1007/978-3-319-11976-2_10

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