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Published in:
1972 | OriginalPaper | Chapter
The importance of mathematical statistics
Authors : R. N. van Hees, W. Monhemius
Published in: Production and Inventory Control: Theory and Practice
Publisher: Macmillan Education UK
Included in: Professional Book Archive
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We have shown in ‘An Introduction to Production and Inventory Control’ how important it is to acquire a proper understanding of probability theory and a knowledge of statistical laws as applied to production and inventory control. Natural laws were discussed in Chapter 3 of that book, the cumulation of deviations was covered whilst the terms ‘standard deviation’ and ‘fluctuations’ were defined in connection with the re-order level.