Guide to Using Excel 2007 or 2010 For Basic Statistical Applications To Accompany Business Statistics: A Decision Making Approach, 7th Ed. Chapter 7: Introduction to Sampling Distributions By Groebner, Shannon, Fry, & Smith Prentice-Hall Publishing Company Copyright, 2008

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 2007 or 2010 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 D2

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 Somewhat normally distributed?