Guide to Using Excel 2007 For Basic Statistical

Guide to Using Excel 2007 For Basic Statistical Applications To Accompany Business Statistics: A Decision Making Approach, 8 th Ed. Chapter 7: Introduction to Sampling Distributions By Groebner, Shannon, Fry, & Smith Prentice-Hall Publishing Company Copyright, 2011

Chapter 7 Excel Examples n Sampling Distributions Aims Investment Company

Sampling Distributions Aims Investment Company Issue: We wish to develop a sampling distribution for the sample mean for the number of mutual fund accounts owned by each customer. Objective: Use Excel 2007 to select a random sample of size 10 from the data and develop a sampling distribution. The data file is Aims. xls

Sampling Distributions – Aims Investment Company • Open file Aims. xls • File contains data for 200 customers last row is 201

Sampling Distributions – Aims Investment Company • Select the Data Tab • Select Data Analysis • Select Sampling

Sampling Distributions – Aims Investment Company • Set input range to the data to be sampled • Select Random – 10 samples • Place the output at Cell D 2

Sampling Distributions – Aims Investment Company Sample of n=10 values number of mutual fund accounts owned by each customer

Sampling Distributions – Aims Investment Company • Sample mean = 2. 9 • Repeat this process 100 times storing the results in a column

Sampling Distributions – Aims Investment Company Now, develop a histogram for the sample means using Excel default group widths

Sampling Distributions – Aims Investment Company • Select the Input Range • Leaving Bin Range blank forces default values

Sampling Distributions – Aims Investment Company • Producing – • Now format the Histogram

Sampling Distributions – Aims Investment Company • Sampling Distribution. • Somewhat normally distributed?