How to Identify a Log-Normal Distribution and use Its Mean & Standard Deviation for Safety Stock cal

How to Identify a Log-Normal Distribution and Calculate Its Mean & Standard Deviation for safety stock calculation to optimise the inventory by time horizon?

In this video, we dive into the fascinating world of log-normal distributions! 🌟 Learn how to identify if your data is log-normally distributed using simple techniques like histogram analysis, log-transformation, and normality tests. We'll also walk you through calculating the mean and standard deviation for both the underlying normal distribution and the log-normal distribution itself.

🔍 What you'll learn:

What is a log-normal distribution?
How to identify a log-normal distribution in your data.
Steps to calculate the mean and standard deviation of log-normal data.
Understanding the relationship between the log-normal distribution and its corresponding normal distribution.

📊 Whether you're a data science enthusiast, student, or professional, this video will help you master these essential concepts with ease!

Chapters:
0:00 - Introduction
0:30 - What is a Log-Normal Distribution?
1:15 - Identifying Log-Normal Distribution
3:00 - Calculating Mean & Standard Deviation of Log-Normal Data
5:30 - Summary & Closing Remarks

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Tags: #DataScience #LogNormalDistribution #Statistics #MeanAndStandardDeviation #NormalDistribution #DataAnalysis #MachineLearning