We use inventory for cell phones and accessories in the store I work in. Basically we order the cell phones that are popular to have on-hand in the store for immediate purchase. To be able to offer accessories for those on-hand cell phones, we order various colors and brands of accessories. We keep track of the date’s arrival, as well as the prices and available Mail-in-Rebates offers. We stay in contact with corporate Verizon to stay abreast of price changes, and we use spreadsheets to keep track of our inventory and prices. If the on-hand phone or accessories get low, we order more.

Variation exists in virtually all parts of our lives. We often see variation in results in what we spend (utility costs each month, food costs, business supplies, etc.). Consider the measures and data you use (in either your personal or job activities). When are differences (between one time period and another, between different production lines, etc.) between average or actual results important? How can you or your department decide whether or not the variation is important? How could using a mean difference test help?

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Variation exists in almost all parts of lives but if we compare these variation with our needs and w... View the full answer