Question

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Calculate the average daily inventory holding cost during Pre- and Post- COVID-19 X1& X2? Explain whether this average is considered as population parameters or sample statistics? Justify your answer?

Date	Pre-COVID-19		Date	Post-COVID-19
	Y1	X1		Y2	X2
1-Nov-2019	4365.5	7.0	1-Apr-2020	3612.2	11.9
2-Nov-2019	4365.8	7.1	2-Apr-2020	3617.0	8.6
3-Nov-2019	4366.3	7.2	3-Apr-2020	3614.9	7.9
4-Nov-2019	4365.9	7.7	4-Apr-2020	3612.3	11.4
5-Nov-2019	4365.7	7.3	5-Apr-2020	3617.5	8.1

Answer 1

Date	Pre-COVID-19	Date	Post-COVID-19
	Y1	X1		Y2	X2
01-Nov-19	4365.5	7	01-Apr-20	3612.2	11.9
02-Nov-19	4365.8	7.1	02-Apr-20	3617	8.6
03-Nov-19	4366.3	7.2	03-Apr-20	3614.9	7.9
04-Nov-19	4365.9	7.7	04-Apr-20	3612.3	11.4
05-Nov-19	4365.7	7.3	05-Apr-20	3617.5	8.1
	Average	7.26			9.58

The average daily inventory holding cost during Pre- COVID-19 is 7.26

The average daily inventory holding cost during Post- COVID-19 is 9.58.

Parameter: Mathematically summarization and description of collections of population data.

Statistic: Mathematically summarization and description of collections of sample data.

These means are the sample statistics because the data is for only 5 days each.