Guide to Using Excel For Basic Statistical Applications
Guide to Using Excel For Basic Statistical Applications To Accompany Business Statistics: A Decision Making Approach, 6 th Ed. Chapter 6: Introduction to Sampling Distributions By Groebner, Shannon, Fry, & Smith Prentice-Hall Publishing Company Copyright, 2005
Chapter 6 Excel Examples ® 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 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 Click on Tools – then Data Analysis – then select Sampling
Sampling Distributions – Aims Investment Company Complete information to select a random sample of 10 members (column B)
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. 2 Repeat this process 100 times – Store the sample mean 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 Click on Tools – then Data Analysis – then select Histogram
Sampling Distributions – Aims Investment Company When Bin Range is left blank, Excel will select default class widths Supply data range – check Chart Output
Sampling Distributions – Aims Investment Company Excel default Histogram See the Capital Credit Union Example in Chapter 2 for specific steps to reformat the histogram
Sampling Distributions – Aims Investment Company Sampling Distribution – approximately normally distributed.
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