topic Calculate the probability of obtaining sales in Discussions

Calculate the probability of obtaining sales

Marco1 — Sat, 10 Jun 2023 20:42:40 GMT

I am pleased to greet you, some questions ... what would be the procedure in JMP Pro 14 for: 1. Calculate the probability of obtaining sales ..... for example less than US $ 500 or between US $ 500 and US $ 1,000 or more than US $ from US $ 1,000 2. How to pose and solve the classic problem of the "newspaper seller 3. How can you optimize the uncertainty or risk of selling products? Cheers,

Re: Calculate the probability of obtaining sales

David_Burnham — Tue, 26 Jan 2021 12:55:11 GMT

On Wiki there is the following example:

This is the associated JSL code:

mu = 50;
sd = 20;
retailPrice = 7;
purchasePrice = 5;
quantity = normal quantile( (retailPrice-purchasePrice)/retailPrice, mu, sd);

This is the calculation for optimal quantity, not probability which is what you asked for, but maybe points you in the right direction.

Re: Calculate the probability of obtaining sales

Marco1 — Thu, 28 Jan 2021 00:40:28 GMT

Hello David.

I am pleased to greet you, the question was like using JMP to know or calculate the probability of selling less than US $ 500 or between US $ 500 and US $ 1,000 or more than US $ of US $ 1,000 Thank you!